As the digital world continues to progress, businesses continue to embrace technological advancements and changes. One such change particularly ripe with disruptive potential is blockchain technology; which has forever changed the internet as we know it.
DataBlockChain is utilizing the superior technological advancements of blockchain technology, combined with other tech which aids with the functioning of the platform. The Smart Indexing Engine (SIE) is a powerful resource which indexes all data sources and assigns confidence scores to each source. The Ethereum blockchain and its integrated smart contract features provide the DataBlockChain platform a superior payment solution in terms of security, efficiency and transparency (every transaction can be audited, being on the blockchain of course). Furthermore, the DBC wallet makes the traditionally complex process of purchasing and utilizing tokens easy with the browser add-on. All of these tech features of the DataBlockChain solution will be analysed in the Tech Insight DataBlockChain In Spotlight article.
This article will focus more specifically on Blockchain technology, and how DataBlockChain intend to utilize the revolutionary benefits of blockchain to combat the issues of the traditional big data space.
Blockchain’s humble beginnings lay in its integrated use with the pioneer cryptocurrency, Bitcoin, and subsequent altcoins. However, it did not take long before the Tech community realized the revolutionary potential that blockchain technology held. Blockchain has given birth to the grand concept of a new type of decentralized, secure, transparent internet.
Basically, Blockchain technology allows information to be distributed in digital form in a way that cannot be duplicated. The distribution of the information is carried out in a public forum, legitimizing the transfer. Moreover, the distribution and transfer of information between or among the parties involved are highly secure. This means huge potential for disruption in the big data space, promising advancement in many areas.
The growing need for transparent and reliable data access continues to increase. In the wake of this, Blockchain’s inherent qualities of security, transparency and efficiency make it an effective solution, and DataBlockChain are looking to capitalize on this fact with their innovative solution.
Regardless of the benefits that come with the digital industry, businesses are still faced with certain flaws that need to be tackled. Big data, as useful as it can be, comes its own set of challenges. Additionally, the lack of transparency in business transactions, as well as poor quality data sources, can potentially affect the smooth operations of a business.
In a bid to remain financially viable and independent, businesses are shifting towards this new technology. However, the lack of resources and the fear of insecurity and accountability is a present and real barrier to potential adoption.
Big data, once gathered, needs to be stored, cleaned and maintained for effective use. Trusting another company, let alone a single individual, with such information can often present a risk. Not only do company's fear the loss of already gathered data, but the abuse of it. In other words, with a central company being in custody of data, this data is at risk of being stolen through hacking etc. (as illustrated by the frequent email list leaks even on the corporate level).
So exactly how does DataBlockChain intend to use cutting edge tech to solve these issues?
Blockchain’s inherent security and utility features make it an excellent solution to may of big data’s traditional problems. Forget the risk of server hacks and subsequent data leaks- using a decentralized ledger system means that records stored are immutable and cannot be hacked. The smart contracts feature inherent in the Ethereum blockchain open up brand new utility features for payments (such as automated fund release), which DataBlockChain are looking to support for transactions, payments and auditing. Furthermore, transactions via blockchain will not only allow for a more efficient solution but will also provide a transactional history which includes data sources used, records obtained from each source, and payments made to these data sources; every transaction can be easily audited.
DataBlockChain are looking to utilize the superior benefits of blockchain to disrupt the big data industry, and combined with other cutting edge tech such as their Smart Indexing Engine and DBC wallet (all explored in the upcoming Tech Insights installment of the DataBlockChain In Spotlight article series) are envisioning a platform which could offer a more secure, efficient and potentially game-changing solution in the big data space.
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Disclaimer: this is not financial advice, just my personal opinion and findings based upon research.
