The Importance of Blockchain for All Data
In terms of the mutual interests of security, clarity and progress, data is continuously changing. More importantly, it is not only the data that’s changing – it is also the management and analysis, as well as the corresponding technology. One of the latter that is on the rise as of late is blockchain, which is predicted to possibly become the new basis for a big chunk of data infrastructure.
Initially blockchain came to exist in 2008 for bitcoin purposes. Like a virtual ledger, it holds the data for all transactions that happen in any of its components, i.e. the nodes. All the nodes are interconnected and distributed among the intended group, for example a division of a company, such as a board of directors. When transactions occur, before they can be updated into the ledger, the majority of the nodes’ owners approve their validity and each action leaves a unique digital signature. This system ensures security among the participants and common ownership without one central authority.
Whilst blockchain was created specifically for bitcoin, the modern technology has found new applications. As transparency is a rising value among companies big and small, bitcoin is the near-ideal platform to simplify communication between companies working together or teams with members across multiple locations. Blockchains would create independent databases useful in situations where an external partner is recruited for consultancy or audit purposes, and a node can be added and distributed to them safely. Furthermore, as we previously reported (link: X) blockchain is an aid to decentralising data that often centres in one location.
We believe blockchain reflects the values of today’s data and its users. Particularly as there have been plans to create a blockchain-based offline communication network for IoT devices; an area that we are very heavily invested in. Dashboard has always shown its support for pioneers of technology and promising innovation, and although Blockchain may no longer be a brand-new technology, in this specific application it is a fresh approach and we believe its time has come.