Will Blockchain be the Future of Databases?
Blockchain: The Future of Databases
The first true application of blockchain technology was originally introduced back in 2008 by Satoshi Nakamoto, the pseudonymous creator(s) of Bitcoin. Its use allowed for the exchange of digital funds without the need for a central bank. Since then, blockchain has most often been associated with cryptocurrencies and NFTs, however, there are far more areas utilizing its technology than just these two examples.
But what exactly is a blockchain? In simple terms, blockchain can be defined as an open distributed digital ledger that stores packets of information in blocks of data that are chained together. It’s primarily used for recording and tracking transactions and assets in a network. A major benefit of utilizing blockchain technology is that records cannot be altered or changed once recorded, making them immutable. Today blockchains are primarily used in the recordkeeping of transactions within different cryptocurrencies, though its use is slowly being adopted into a wide array of different sectors.
The massive global tech company IBM has their own internal blockchain platform that they provide as a service to other companies and lists a handful of real-world examples of how blockchain technology can be applied to different applications including consumer goods supply chain management, transparency, and quality assurance, shipping logistics and inventory, secure and traceable medical health records, entertainment ticket distribution, and much more.
As a permanent and noneditable collection of information, blockchains are in essence a form of database, so why isn’t every company using their technology? As with any newer tech, its success is contingent on widespread adoption. Its use is still fairly sparse, though that may change in the next few years. The Internet is slowly but surely evolving into its next iteration, colloquially known as Web3. In this exciting new digital frontier, web pages and organizations are moving away from centralization and becoming more decentralized and secure in the process. Metaverses and new types of existing products and services that integrate blockchain, as well as new types of experiences that aren’t yet around could soon become a reality thanks to its underlying technology.
All in all, blockchain could very well become the dominant technology used in the recordkeeping and transactional data coverage of companies worldwide in the not-too-distant future, and would help alleviate many issues plaguing traditional manual ledgers and bookkeeping solutions.
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