Blockchain technology has gained massive traction over the past couple of years due to its performance-driven applications and state-of-the-art security architecture. This newest advancement is fast, secure, and more trustworthy as compared to traditional databases.
With overgrowing digital transformation trends and Industry 4.0 disruption across multiple domains, efficiency has become a significant necessity. Blockchain technology offers a cutting-edge speed that is hard to match using traditional databases.
Blockchain is available in private, public, and hybrid architectures, and it caters to all bespoke requirements of businesses. Due to the broad scope for customization and the entire peer-to-peer system, it is the future of data management and transactions.
Most companies wonder if blockchain is the following door database. However, it's more than the traditional architecture and offers immense security and productivity options. If you wonder about what sets blockchain apart from traditional databases, we have you covered.
Why is Blockchain the future of transformation?
Blockchain is opening doors to opportunities that were not able to be accessed using traditional technologies. Be it faster anonymous transactions, NFTs, data security using smart contracts — the scope of blockchain is endless. This technology has gone beyond the minting of cryptocurrencies or deployment of a crypto wallet.
Now, most business operations are easier to automate using this technology, helping companies save both resources and time. In these challenging times where companies need to work with limited resources, blockchain can scale the business.
The blockchain database is far more accessible, robust, and secure than the centralized, traditional data management system. Whether you are a startup or a small-scale business owner, it is the right time to switch to a blockchain database because:
Blockchain has multiple data architecture models, and all offer streamlined peer-to-peer network accessibility to authorized entities. In a traditional database, the data architecture is quite asymmetric, which makes computation slow. With a decentralized architecture, each node is equally superior and faster to process the data.
As it is a peer-to-peer and a distributed network, the chances of data manipulation and forgery come down to zero. As each node verifies the new changes done in the database, it's impossible to feed falsified data. As blockchain nodes keep up the verification process round the clock, there remains no window open for any cyber threats. Each layer of data in the decentralized structure has some verification that ensures data integrity.
Blockchain advancement distributes the administration power among all the entities of the ecosystem. This simple approach makes managing the data on blockchain easier, faster, and most importantly, transparent. As the blockchain data structure incorporates the same management level among all participants, the chances of data alteration are zero.
With smart contracts, the verification and validation process is easier to automate, and it saves a lot of resources and time. However, using the traditional database becomes cumbersome over some time due to a large number of data sets.
Higher fault tolerance
Unlike a traditional database, the blockchain database is distributed among hundreds and thousands of independent nodes. Due to this, the chances of any fault in the system become negligible. For making changes even in a single node, the whole network permission is required. Regardless of how big the network becomes, data manipulation is impossible in the blockchain. The fault tolerance is much higher as they are thousands of nodes that verify the same data.
Traditional databases are only available to expand up to a specific limit. However, blockchain is entirely decentralized, and it eliminates the chance of a data breach in the system.
In this era of growing digitization, having a transparent system must acquire more customers and grow business. When companies leverage blockchain for their database, it helps them establish trust among the customers and the partnership chain. As every customer and business partner knows how a company is managing its data, the customer retention rate improves.
Get started with Seven Bits for blockchain development
SevenBits is a leading blockchain development company that offers a complete range of development services across multiple domains. Be it smart contracts development, legacy database migration, cryptocurrency wallet development, or NFT implementation; we have you covered. Our team ensures seamless database migration from the legacy system to provide you with cutting-edge performance across all touchpoints.
Our Blockchain Center of Excellence team brings in multiple public and private frameworks to cater to all the business requirements. Make your business future-driven and scalable with Sevenbits; contact us at firstname.lastname@example.org to explore futuristic growth opportunities.