Highlights and differences of data storage on any enterprise blockchain platform for better understanding before any implementation.
Databases are the storage and organization of the billions of data created every day. Databases allow tracking, editing, and linking of information. However, the existing databases are showing many security and trust issues, leading businesses to look for more optimal options.
Blockchain-based data storage solutions for business are filling the security gaps of traditional databases and creating long-term data value. However, there are several characteristics of data storage on any enterprise blockchain platform that should be kept in mind:
Input data characteristics
Blockchain uses hashing algorithms and timestamps to validate and prove the uniqueness of the block. Therefore, the data stored in the blockchain is the transaction data type (or needs to be converted into the form of transaction data), that is, the data has a state associated with a timestamp.
Raw data entered into the blockchain includes the sender’s address, the receiver’s address, the content of transaction status, and execution time. Besides, each block also contains the hash code of the previous block, creating a “chain” and preventing fraud.
Backup and restore method in blockchain
Blockchain uses a full backup method to one or more locations continuously with a comprehensive protection mechanism at the same time. Thereby, blockchain allows for quick data recovery and still retains data integrity.
This method differs from archiving with regular snapshots – which can overflow with new information, and increasing capacity can take up all the free space and slow down the system in the long term.
As a result of its efficient backup and restore mechanism, blockchain provides near real-time analysis even with moving data, while also enhancing the ability to analyze data history and perform modelling in the long term.
This mechanism will maximize the time value of the data from both immediate and historical perspectives, thereby providing long-term efficiency, ensuring business continuity.
Check out our AKC Horcruxes open source project that we have published on Github as a solution to support building a data recovery solution on Hyperledger Fabric blockchain platform.
Ability to access and retrieve data
People digitize data to find more efficient data storage solutions. Now, instead of having to remember data, people learn to work with digitized data: analyze and make decisions based on that data. Therefore, speed and integrity when retrieving information are critical to ensure performance results.
Although data maintained on any enterprise blockchain platform is uneditable and highly secure, authorized members can fully access and retrieve the data they need just like existing retrieve methods.
Also, to avoid a sudden change in the working process, businesses can initially integrate blockchain solutions into their existing system instead of using a whole new approach. In this early stage, companies will have time to get used to a new solution and be able to measure the effectiveness of blockchain.
Latency while waiting for transaction confirmation:
Updating and storing data on the blockchain can cause latency to collect consensus from all nodes. However, this is a worthy trade-off to achieve the transparent value of data and secure storage capabilities permanently.
Masan Consumer is one of the companies that effectively applies the Loyalty Program solution on the enterprise blockchain platform akaChain. Mr.Nguyen Anh Nguyen – CTO of Masan has made his point of view on this latency matter. “There is no existing technology with infinite capacity. If you are a smart programmer, you can solve that problem in an exciting way. Smarter programming. Improve UX/UI design. We call it lazy technology”, he supposed.
Scalability and storage costs
Scalability is a big concern for businesses when learning about blockchain at the beginning. However, for a private blockchain platform like Hyperledger Fabric, the scalability has improved significantly.
Specifically, this platform-based solution allows for the selection of members who are granted access, unlike a public blockchain where anyone can access. Rely on the ability to limit and control over the number of members, the number of resources and power needed to process and store transactions will considerably reduce.
Moreover, the combination of on-chain and off-chain storage is also a solution to improve storage capacity. Accordingly, businesses can choose to store the essential and necessary data directly on the blockchain; to other data, they can perform off-chain storage to save space and speed up their storage using blockchain.
As one of the enterprise blockchain platforms built on Hyperledger, akaChain guarantees 250 transactions/second authentications at a very affordable cost per transaction. In this regard, Nguyen Anh Nguyen – CTO/CIO of One Mount Group, said that “If storing important data at the cost of about 45-50 VND per transaction, we do not consider it a cost, but rather an investment to ensure what Masan has brought to the market is reliable. This insurance includes trustworthy to consumers and trustworthy in financial reporting to the Government.”
Each data is valid for a different period. Some data are valuable for an instant; some only create value after a specific time.
Blockchain is showing its strengths with the ability to securely maintain data, serving both immediate operations and long-term corporate strategies. From the financial sector, enterprise blockchain solutions can now perform a variety of purposes: Loyalty programs, Auto Insurance Payments, Digital Identity solution, Traceability, Anti-counterfeiting, …
akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since Establishment in September 2018, akaChain’s product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management, etc. to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io/.
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