Modern blockchain and distributed ledger technology have proven to be invaluable to companies. It guarantees consistent and complete data sharing in real time anywhere. These technologies can minimize the risk of out-of-date, incomplete, or partially incorrect data negatively impacting business transactions.
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Problems and potentials with Blockchain and distributed ledger technologies
A recent article published by The Newstack reflected on the failure of enterprise blockchain as well as the future of business blockchain.
For those interested in the long version, you can find it here.
Let me give you the shorter version though. The article argues that blockchain technology was originally powerful and desirable for most businesses, particularly in supply chains and the financial sector. It has currently not lived up to this expectation, though and the reasons for that are very straightforward:
- No support for files or data models: Public and private first-generation blockchains ignore data types and files, making the transfer, representation, management, and access of business data very complicated and inefficient.
- No SaaS offering or horizontal scaling: First-generation blockchain was never truly deployed in a software-as-a-service style, complicating the setup for infrastructure, support, and staffing. Additionally, the inefficient manner in which those blockchains use the various parts of a computer increases the number of computational resources used by the database. This issue is only amplified by blockchains never discarding information, requiring expensive, enterprise-grade hardware to counter those shortcomings.
- No cloud integration: First-generation blockchains avoided any use of cloud services, further complicating integration, increasing cost and complexity, and reducing user-friendliness.
All of those points would make the implementation of a typical blockchain project in your business troublesome and inefficient. The downsides of using that blockchain technology multiply once you take the costs and complexity of the deployment and upkeep into consideration. Those are, among others, providing the necessary manpower and time to adjust your existing data and files to your new storage system, getting your employees adjusted to using the technology in day-to-day operations and continuously keeping up with the needs of hardware and energy that only increase with further usage of the technology and wear of your hardware.
All of those reasons show why first-generation blockchain is not ready to be used in corporate environments.
The bright light in all of this is that next-gen blockchains and distributed ledger technologies have learned from those failures and weaknesses. Running on public clouds, using data models, treating files as first-class entities, offering solutions as low-code SaaS services and having compliance programs built into the core of the platform are all improvements from lessons learned from the first generation.
Why you should use immudb
immudb is an open-source ledger database that you should implement in your company, that learned from all the mistakes of blockchain projects. Use cases are, but are not limited to, DevOps, the financial sector, IoT, the medical sector, and eCommerce.
The speed and performance of the immudb database are unmatched, being able to handle millions of transactions a second. It is easy to set up, reliable, and immutable, providing you with cryptographic proof of data inclusion to ensure historical consistency in real-time. Data ownership is externally verifiable and the existing data is never overwritten. You can even sign your data using public-key cryptography.
You can run immudb on Linux, FreeBSD, Microsoft Windows, z/OS, and macOS, as well as systems derived from them like Docker or Kubernetes.
Join many others by using the fastest-growing open-source project, chosen by Ross Index.
The enterprise generation of blockchain may have been a disappointment, but the immudb team has learned from those shortcomings. immudb can provide you with the ledger database that is a very viable alternative for your projects aiming to store data immutable.