Block Chain Technology Market

A blockchain may be defined as a distributed or a decentralized digital civic ledger that is used in the taping of connections across many supercomputers so that any records involved may not be malformed retroactively, without making vicissitudes in the other successive portions. In addition, the blockchain is an irrefutably creative discovery. The technology has progressively advanced greatly since invention (Jaafar, 2018).

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Blockchain technology has lately occasioned in a number of developments in the field of internet due to the fortification of the copyright and replication of other people's pamphlets or files. Formerly, it was chiefly meant for the Bitcoin currency, but due to technological advancements, it has been realized that block chai can work beyond the current level and perform other functions as well, " the blockchain is a principled digital ledger of economic transactions that can be automated to record not just financial transactions but the whole shebang that involves value." (Tapscott, & Tapscott, 2016).

In a computer network system, all nodes must collaborate together to deliver security for both public and private networks. For blockchain technology to be mounted in order to provide this desirable security at top nodes, some material stored in the computer must be accessed. Database which may be referred to as a group of data may be used to store this information using a number of softwares like the oracles and the MySQL. Basically, both functions to store some piece of information, though, blockchain deals worth one central server while blockchain stores information for a large number of people and in a wide range of area like all countries included. However, they fluctuate in the sense that databases are decentralized.

This can only be done successfully in the company of well-interconnected servers connected by nodes that can easily be accessed by the customers or owners of the machines. The good connection of the nodes ensures that blockchain is guaranteed, and data stored nonviolent from manipulation. The following table can be used to illustrate the difference between blockchain ledger and database; (Wust, & Gervais, 2018,).

Blockchain Database

Data is decentralized and can be accessed by a large number of people Data is centralized and is secured and privacy is ensured.

Access is public and thus can be accessed by any person Access to data is authorized (secure)

There is always peer-peer kind of architecture The architecture is always client-server

It has only onetime verification, once added to the blockchain, alteration is not possible The database can be accessed by the individual owners and changes can be made at any time as well

Due to a large number of people who can have access, the process may be slower but depending on the number of people in access The process is normally very fast because the server is usually accessed by a single individual

Blockchains may also be characterized into either a centralized and distributed database. Each of this category has got advantages and limitations, depending on the type of user or the situation in question. A distributed database is defined as a kind of network that is integrated in a logical manner but is spread across a network physically. The database is normally measured by a distributed database management system. One of its major recompenses is that it can easily be joined into each department of an organization so that the concerned departments easily apprise or make their own changes depending on their needs and necessities. In addition, in case of any occurrence of a culpability in one database, the other databases are not tampered with since they are distributed in different locations. However, it is difficult to lane such databases for example in large organizations with many sections.

Centralized databases, on the other hand, is a kind of database that is only located in one location. In most cases, this central location is the central position for example in a business where the majority can easily reach without much of strain (Coronel, & Morris, 2016). The type of database system is advantageous in a setup like that of a business, since; it ensures data integrity and reduces redundancy as well, this enhances reliability and efficiency in the business operations. Data in a centralized database is also portable and can easily be administered. However, it may not be that favorable since high data traffic may occur resulting in bottlenecks. Additionally, since data redundancy is ensured, it is possible that in case of a fault in the main database management system, loss of data in the central location may result to permanent loss since retrieving data may not be possible.

Many industries, both manufacturing, and production industries are currently transforming due to the emergence of the new trends in technology.it has introduced artificial intelligence, cloud computing, and open source capabilities. These potentials have evolved gradually over time until the current dates where the majority can now handle them easily since they easily integrated and deployable. The potentials can also be referred to as the building blocks for any operation, be it a business organization or a government organization, this means that people with potentials and good ideas in the can easily pick up on these potentials of technology and use them to build them own business. This existence of information has been found to be easier compared to the initial strategies that were employing the use of intermediaries, this was more costly, while the main aims in a business are always to maximize output in terms of profit by cutting of the unnecessary costs or lowering them to a manageable level.

Generally, with the improvements that have recently featured in the blockchain technology, future success in terms of simplification of various processes is promising, it is quite ironical that blockchain technology has helped a lot in the transformation of industries worldwide, a fact that was not even among the stated aims of the concept during its introduction, as it was majorly created due to the public demand of bitcoin in those days (Nguyen, 2016). Some of the major sectors that blockchain technology has positively impacted include;

In the supply chain management sectors, where, blockchain has led to the elimination of possible intermediaries that may just increase the cost of production and reduce the net profit (Blossey, Eisenhardt & Hahn, 2019,). The technology has also abetted a lot in the quality assurance department sector since with proper integration of nodes in the supply chain, errors can be eliminated easily since the nodes are in a position to trace the faulty and know exactly their possible origins. This makes it cooler for institutions to convey out their investigations and apply pertinent actions.

Due to the much trust that is granted to blockchain technology due to its lower chances of error manifestations, various states and countries are currently applying its use to enable the voting process to ensure that fair and credible elections are carried out. Accounting sectors also use the databases management systems to precisely enter data into their records to eliminate the possible effects of human errors. The installation of blockchain technology can therefore, be a good move in the industries if efficiency and faster progressions are to be heightened.

References

Jaafar, M. J. (2018). Software Define Network applications on top of Blockchain technology. International Journal of Academic Research in Business and Social Sciences, 8(6), 1188-1194. Retrieved from https://www.researchgate.net/profile/Muhammad_Johar_Jaafar/publication/327281564_Software_Define_Network_Applications_on_Top_of_Blockchain_Technology/links/5b864e7692851c1e1238ff89/Software-Define-Network-Applications-on-Top-of-Blockchain-Technology.pdf

Wust, K., & Gervais, A. (2018, June). Do you need a Blockchain?. In 2018 Crypto Valley Conference on Blockchain Technology (CVCBT) (pp. 45-54). IEEE. Retrieved from

Blossey, G., Eisenhardt, J., & Hahn, G. (2019, January). Blockchain Technology in Supply Chain Management: An Application Perspective. In Proceedings of the 52nd Hawaii International Conference on System Sciences. Retrieved from https://scholarspace.manoa.hawaii.edu/handle/10125/60124

Nguyen, Q. K. (2016, November). Blockchain-a financial technology for future sustainable development. In 2016 3rd International Conference on Green Technology and Sustainable Development (GTSD) (pp. 51-54). IEEE. Retrieved from https://ieeexplore.ieee.org/abstract/document/7796617/

Coronel, C., & Morris, S. (2016). Database systems: design, implementation, & management. Cengage Learning. Retrieved from https://books.google.com/books?hl=en&lr=&id=elVZCwAAQBAJ&oi=fnd&pg=PP1&dq=Coronel,+C.,+%26+Morris,+S.+(2016).+Database+systems:+design,+implementation,+%26+management.+Cengage+Learning.&ots=-lFZ1U3x2F&sig=vD8bK1Llr52zbnZDn59ZYdbDWvk

Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: how the technology behind bitcoin is changing money, business, and the world. Penguin.