The word blockchain has caught quite a hype these days, however, nobody really knows what it means or understands the concept in full.
Here at Palma Solutions, we will try to keep it very simple and define blockchain without using too fancy tech terms.
First of all, as a business owner, you should ask yourself one simple question.
Does my company need the blockchain technology?
Well to help you find the answer to your question I will ask another question.
Does your company currently depend on a database?
If the answer is YES, and it is in 99% of the situations then most probably in the near future your company may consider blockchain for its database because blockchain is simply a database.
However, it is not the very same database technology that your business currently uses.
The blockchain is a transactional peer-to-peer (serverless), fully encrypted and immutable database.
What does this mean?
Well, it means that contrary to existing database platforms SQL or NoSQL the blockchain does not require a centralized server and specific replication and High Availability setups in order to work. The workstation of every user can work as a blockchain node which replicates the information in real-time.
This basically cuts down the costs and the overhead with running a centralized database system.
Furthermore, while classic database engines require a lot of computing power in order to decrypt and validate the encrypted data, the blockchain is designed to offload this task to miners who are rewarded for their labor under a concept called Proof-of-Work (PoW).
This makes it more secure than every other database environment and the distributed storage along with the implications of the miners who are actual blind witnesses of the data being stored brings in more trust.
However, the upper hand when it comes to trust is the immutability of the blockchain because once an entry has been written to the blockchain it cannot be erased, modified or truncated in any way. It is there forever.
Some businesses may consider this a problem because their blockchain database would also contain erroneous data inserted by mistake by their staff.
This concern is legitimate, however, at the business level, the concept of immutability also gives the management more control over the data and prevents the staff from evading or manipulating the company’s data for their own benefit.
Can Palma Solutions implement blockchain for my company?
The blockchain technology is fairly new and there are already successful use cases where the blockchain is employed.
Here at Palma Solutions, we can certainly help you develop and implement a fully functional blockchain project.
However, the successful implementation of a blockchain solution depends greatly on your company’s needs, the budget allocated for the project and the clear understanding of how a blockchain-driven solution really works.