It is hard to imagine a world without the internet. Almost every aspect of our lives is deeply intertwined with it in one form or another.
The web has been evolving since it started, and some say we are in the 3rd iteration of the internet currently.
All of this growth and activity is of course built on top of one of the most basic fundamentals of the web: data.
Blockchains are the New Database
The complex network of servers and data centers allowing us to instantaneously transfer data and communicate with anyone, anywhere in the world is profound – but it poses risks.
Never forget that every website you go to, every account you create is fallible.
Understanding this axiom, blockchain technology represents a fundamental shift, and an obvious step forward in protecting data.
The unique value of blockchain networks for many enterprise companies is improved security and data integrity. Data that needs to remain private, but requires audibility for compliance can benefit from private blockchains.
The Internet is Broken
Imagine you are making a spreadsheet in Excel or Google Sheets.
This spreadsheet holds a record of all the emails you have sent and received to your customers, with some of their sensitive purchase information in it.
Now imagine that the email service provider you use gets hacked, because an employee overlooked some security protocols in the data center where it was hosted.
In this scenario, there is no way to take control of your data and safeguard it from hackers. There are opt-ins and opt-outs, but you have no direct tangible control over who accesses your data.
You are beholden to the email service provider.
That’s a good approximation of the internet in its current state. It can be compared to locking your data in a box and giving a copy of the key to someone else – they can take and use your data, and if they do not take good care of the key, your data can be exposed.
Most server technology relies on rewritable database structures and requires a hosting company to maintain it.
Immutability Scales Trust
Now imagine another Excel spreadsheet, one where you can only add to it, but can never alter an entry once you’ve made one, although you can add a new version of your entry.
Everyone on the network is able to write to this database, but only you can see your entries, because they require a special key to unlock.
There’s no central company governing it, and each user manages their own transactions, meaning you are the only one with access to your data. In addition, you no longer need to rely on a central entity to host your data.
Data is stored by everyone, making data loss a problem of the past. This is blockchain. It is immutable, unhackable, and secure. It is a simple yet powerful idea which will transform business.
The usage of blockchain technology provides many fundamental advantages over traditional database technologies, to name a few:
- Improved Security
While there is no shortage of solutions on the market, we are confident the enterprise blockchain platform Europechain provides can do things no other blockchain software can do.
We’ve built our business on it.