Blockchain Makes Its Way Into Enterprise Data

NEW YORK, NY / ACCESSWIRE / January 9, 2019 / Increasingly diverse sets of data are being regularly collected through a wide variety of platforms and enterprises. Blockchain technology emphasizes security and storage of data, providing a solid foundational infrastructure for enterprises when it comes to data management.

Blockchain’s role in maintaining data integrity

Data has grown more difficult and complex to analyze as more has been collected by a greater range of enterprises. There are certain fields in which collecting this data is particularly challenging (i.e. the Internet of Things).

Companies need to use the data they are analyzing to make solid predictions about the future. Artificial Intelligence creates the algorithms necessary to make these predictions, and blockchains are particularly likely to provide the necessary insight to ensure that
data maintains its integrity.
Blockchain is innovative in that it uses such aspects as timestamps and transaction data to create transparency.

Sasha Ivanov, the Russian Physicist
and CEO of the Waves platform and Vostok, believes that blockchain is only one part in an entire infrastructure meant to maintain the security of data. Enterprises should not adopt blockchain on its own, but along with other technologies such as IoT: “They have to implement all to work in tandem,” Ivanov told Nasdaq, “one technology without the other does not solve anything.”

Ultimately, given the large influxes of data that businesses currently need to handle, they need to shift their data management capacities to cloud-based platforms. Or, they will be forced to make costly upgrades with high levels of risk in order to adapt.

Blockchain and the future of decentralization

Due to blockchain decentralized nature, it poses several advantages that other data security solutions do not. The problems with data silos can largely be prevented through the successful integration of blockchain, making the system far more fair and secure. Because of the lack of a central authority, blockchain has the capacity to record data in a way that is incorruptible.

While Ivanov believes that the decentralized capacity of blockchain will ultimately be cheaper and far more effective than centralized solutions, he has claimed that the current technological landscape is far from accepting complete decentralization. “It won’t prevail until it becomes more cost effective than centralized solutions,” he said.

Of course, there are steps enterprises can take to encourage decentralization, such as incentivizing the shared ownership of data amongst peers working within a company.

Another benefit of blockchain is that it distributes data across various nodes, thereby removing the central points of failure from those inherent within legacy systems. Additionally, confirmed data within the blockchain can never be removed or changed, making the record completely traceable and fully secure. The networks can also be broken apart and separated based on their geographical location. This process is called “swarming,” and it offers another solution to the problems posed by larger data sets.

In what situations is the use of blockchain justified?

The use of blockchain can be justified when there are various data sources across many locations. In such a scenario the risk of data discrepancy is prominent, and blockchain can solve this problem. The degree of transparency with blockchain is very high, implying that the same information will be visible across locations all at the same time. As another benefit, the risk of data loss is low, as is the risk of attack.

The potential for blockchain integration is high. “We have hit the point at which we can see blockchain adoption going mainstream in the coming years,” claimed Ivanov, “the technology is more and more mature, the economic circumstances are right.”

The future of blockchain and legacy databases

While blockchain has clear benefits over legacy databases, none of this implies that legacy databases must be fully replaced. It is more realistic, and perhaps more effective, to integrate blockchain systems into the already existing technological landscape.

“It is imperative to move away from dangerous technological nihilism when everything that was before is bad,” Ivanov stated. “This is an incorrect approach that always leads to a dead end.”

Focusing on an entirely new system that will remove all that was bad and emphasize only all that is good is an unrealistic solution that will not lead to an improved technological climate. This will be fruitless. We can, however, witness a successful integration of blockchain into our already existing IT systems.

This poses several benefits. For one, we can implement this now and use it to improve existing systems within the current moment. In addition, we can do so without creating conflict with our current systems and with those who implement them. With this integration, enterprise data operations can continue to improve and successfully update.

Media Contact:

Energent Media
Jennifer Spencer, 301-675-7848
jennifer@jenniferspencer.co

SOURCE: Energent Media

ReleaseID: 532260