Storing database and registries using blockchain technology to improve data management process AVADA-MEDIA
Blockchain is one of the most revolutionary technologies that has impacted the business world in the past decade. Along with cloud computing, artificial intelligence (AI) and robotic process automation (RPA), blockchain is transforming business operations and challenging traditional practices around the world. For those considering expanding their business, blockchain may hold great promise.
Benefits of blockchain for data management AVADA-MEDIA
Much of the appeal comes from the unique qualities of the technology. A blockchain is a series of blocks, each with a cryptographic hash of the previous block, linking them into a chain. Each block contains a time stamp and transactional data. The blockchain cannot be hacked except with the consent of the network. This means that it is completely safe and cannot be changed. Blockchain is also unique in that it is completely decentralized, so there is no single body regulating its use. Blockchain networks can be public or private. The latter can only be joined with the permission of the network.
Here are the 5 main data management benefits that blockchain provides:
Given the high number of data breaches in recent years, we all have good reasons to be concerned about the misuse of our personal data. Every year, as a result of hacker attacks, the personal data of millions of people are leaked into the network. This problem applies not only to large businesses, attacks on small businesses are no less frequent.
While common security methods such as encryption are useful in combating data leaks, they cannot provide complete protection. There are many cases when even the systems of organizations with the highest security level have been compromised. However, blockchain technology can offer great guarantees against data leakage.
The information in the blockchain is stored on different nodes. Before any data can be added to another block, it must be analyzed and rechecked. This process provides an additional layer of verification.
Smart contracts enforce the terms of an agreement prior to execution. As with other aspects of the blockchain, all transactions are recorded and cannot be changed. This means that trusted and secure transactions or agreements can be conducted between anonymous parties without the need for an enforcement mechanism, legal system or central authority.
Traceability of data is how easily their records can be tracked in terms of history, location or application. Blockchain has a number of qualities that can improve traceability. Since it is linear, the historical chain of events can be clearly traced. An example is the use of blockchain by Everledger in the diamond supply chain. This industry has been known to attract fraudsters for a long time. Blockchain technology has also been implemented by Walmart in partnership with IBM to improve efficiency and reduce health risks in the food supply chain.
Performing real-time data analysis and tracking changes as they occur is a great benefit for any organization with assets. It is one of the most effective fraud protection in the data-driven industry. Such data analysis was not possible until relatively recently and can help mitigate these vulnerabilities.
Because blockchain is distributed and transparent in nature, businesses can spot any violations as they arise and can be viewed in spreadsheets. Blockchain technology also allows you to work with the same datasets at the same time.
In addition to improving security, real-time data analysis can help organizations in many ways. This includes more efficient use of resources and better matching of supply and demand. It can also be used to analyze and generate clearer forecasts, and to maintain high profitability.
Governments and large organizations often collect vast amounts of data about individuals and companies. But since the data is stored in disparate departments and agencies, this is not as efficient as it could be. In the public sector, this means that different departments will not have full access to information about individuals, since they do not have the necessary permissions. This can lead to the fact that a significant amount of time will be spent trying to track information from other government agencies.
This could be handled through a central repository of information from which information could be exchanged between different agencies and departments. But the issue is security, as a large amount of sensitive data stored in one place can be a likely target for cyberattacks.
This is another area where blockchain technology can provide a solution. The decentralized nature of blockchain makes it easy to share data between organizations that can control who can access. Information can be stored in a blockchain database that individuals and companies can access through the internet for authorized access. Individuals can grant an organization the right to read or edit certain fields, and can also share certain information. An organization can be granted permission to write data, but the ultimate control remains with the user.
It's time to consider blockchain AVADA-MEDIA
Blockchain technology is finding more and more applications. Dozens, if not hundreds, of new decentralized applications appear literally every day. Thanks to its many stakeholders in this area, blockchain is rapidly integrating into all areas of our lives. If you haven’t yet considered the potential of this truly revolutionary technology, do it with AVADA-MEDIA. Contact us to learn more about our development experience in this area.
The best confirmation of our qualifications and professionalism are the stories of the success of our clients and the differences in their business before and after working with us.
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Thanks to AVADA-MEDIA for a great project. The developers of AVADA-MEDIA have made for us a convenient and functional system for booking homes. This is not our first project with this company. The professionalism of its developers and competent management make the company the best IT partnerDenis, owner
I have been working with the AVADA-MEDIA team for more than 5 years. I want to note the professionalism of the developers and the excellent management of the employees who always help me in the tasks. We have implemented many different ideas with the AVADA-MEDIA team, and at the moment we are moving the existing store to a new platform.Risto, owner
He chose the AVADA-MEDIA team for his startup and for several years now we have been developing this project together. A lot of things have been done and improved during this time. Thanks to the team of AVADA specialists, the project is gaining commercial momentum and has already entered the Ukrainian market.Игорь, Co-owner
We have been cooperating with Sergey’s team for 5 years in various business areas, including in the field of information technology. Sergey has repeatedly demonstrated the highest level of expertise and responsibility in our joint projects, especially in an uncertain situation and for a limited time.Bogdan Yurchenko, Director
As a technical director, Sergey perfectly organized work on the SeshMe mobile application project, thanks to which we always received results in time. Also I would like to note the high level of developers from the team of Sergey. Very happy to work together. I recommend Sergey as a reliable and responsible partner.Vlad Konovalov, Product manager
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