Data: The new currency
The increasing internet use, information, and data generation presents a serious case for effective data management and storage. Information should not just be generated but should also be retrieved and localized easily. With the projected report of over 20 billion devices in a foreseeable future, a case for who manages and stores best should be on everyone’s lips.
In 2015, for instance, hackers obtained personal details, Social Security numbers, fingerprints, employment history, and financial information for about 20 million individuals who had been subject to a background check by the US government. Encryption methods can never be 100 percent safe, but blockchain technology can make similar breaches a great deal more difficult to achieve.
While blockchain has been rumored as having great potentials for effective data management, several of its different types have not lived up to this standard. Business leaders have longed for a more comprehensive architecture; a framework that can drive more effective data management and storage.
To get there, enterprise architects need to design an agile technical architecture that can scale automatically with capabilities, such as databases, that are always available to support new initiatives. It takes enormous time, effort, and coordination to provision new databases today because of a lack of resources to meet the administrative challenges of rolling out complex clustered systems.
The need for data security
The protective measures used in securing data is of utmost importance. A lot of Information technology firms have spent millions of resources to develop and incorporate data security features and it is always devastating when these structures are bypassed. Data encryption, tokenization, and management practices help to secure the information being generated in any system and you would agree with me that these features are a core area in blockchain technology.
Data security is essential because it helps safeguard assets, information, and resources from criminals. Basically, organizations are focused on protecting three common elements namely people, processes, and technology. This inwardly protects intellectual capital, critical infrastructure, customer information, brand, and much more. Data security is not just important for organizations.
Normally, remote devices such as personal computers, tablets, and mobile devices that connect with an organization get targeted by attackers to tap the sensitive information. This is where the endpoint protection, endpoint security comes into play, it helps to protect and maintain the devices connecting the network.
Data breaches and cyber-attacks are anticipated to increase in the due course of time as the computer networks expand. It is important to have the right Data Security Solutions in place to meet the challenging threats.
Why Blockchain is best suited for Data Storage
Decentralization of Blockchain
The decentralization feature of the blockchain makes it an important tool in data storage. This is because blockchain breaks data and everything into small chunks, distributing it across a network of computers. That is why it is called a digital ledger and with this feature, there is no central control or authority. The middle man feature is eliminated and you can completely not fear of data loss.
Encryption and validation
Encryption simply refers to the conversion of information into a secret code that hides the information's true meaning. The science of encrypting and decrypting information is called cryptography and every great blockchain technology is built using this feature.
If any alteration is made on the distributed ledger, then the information is clearly rendered useless.
With this encryption feature, you can easily verify that data you backed up and stored in the cloud with third-party vendors has gone completely unchanged even weeks, months, or years later. Nobody can deny that blockchain offers reliable, independent data verification.
Hard to Hack
Hackers in the past have penetrated several centralized and traditional networks, carting away tons of information and assets. In blockchain technology, data is decentralized and you cannot confirm using just one network but a cross-chain of networks. This makes it hard to hack and steal away resources.
The distribution across chains makes it hard to hack and even if you are to hack, then you have to simultaneously hack multiple chains, which in fact is impossible to do.
Meet a Blockchain-Based Data Management Platform
Bluzelle is a blockchain-based data management platform that provides a more secure way of storing and managing users' information through building decentralized database systems. It provides data storage fields & management systems. These systems are needed by DApp developers because they are flexible enough for fast and simple data queries providing them with a full range of services on the decentralized internet. These services are a major solution the bluzelle blockchain addresses
Use Cases of the Bluzelle Blockchain
Predictions Markets
In ethereum, there is the presence of decentralized prediction markets, and these prediction markets require effective management and storage of lots of data for it to function. Some of these include.
- Questions asked
- The different possible outcomes
- The predictions being made.
- The sourced information for the actual events.
Having fast and reliable access to data is important for the success of the predictions market to garner new customers and participation. For these causes, historical data stored on Bluzelle will add a new category of predictions that can reduce human speculation by using past events to make before predictions.
Currency Exchange Protocols
"A key part of a currency exchange protocol is the presence of relayers, who enable makers and takers to connect via off-chain order books. The underlying order-books must be fast, efficient, reliable, and easy to supply, by the relayers. A pain point is relayers are responsible to store these order-books each in their own way. By using a decentralized database like Bluzelle, currency exchange protocols can provide relayers with a standard, consistent, ubiquitous, database that would be available with no effort. This reduction in friction maximizes the service level and quality as the network would now still be powered by relayers."
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References and Additional Information.
Bluzelle Website
Bluzelle Blog
Bluzelle Twitter
Bluzelle Github
Bluzelle Telegram
Bluzelle Reddit
Bluzelle Whitepaper