Who uses Bigchain DB

BigchainDB - the scalable blockchain

BigchainDB is a “scalable blockchain database” released in February 2016. The project caused quite a stir with its impressive scalability benchmarks: the blockchain was able to process one million transactions per second.

What is BigchainDB?

BigchainDB enables developers and companies to implement blockchain proof-of-concepts, platforms and applications with a scalable blockchain database (What is blockchain?). BigchainDB supports a wide range of industries and use cases, from identity and intellectual property to supply chains, energy, IT and financial ecosystems.

With high throughput, one Less than a second latency and a powerful one Crypto-condition escrow functionality To automate asset sharing, BigchainDB looks, acts and feels like a database, but has the core properties that businesses want.

An even better blockchain

Blockchain - a magic word for the next revolution in the internet? Or maybe some other sound that no one can or will remember in a few months? For Bruce Pon, founder and CEO of the Berlin-based startup Ascribe, the case is clear. Thanks to the new version of the blockchain, known as BigchainDB, he wants to start another revolution in the internet. Although, at his own discretion, it will be a few more years.

It's about the decentralization of power. In the future, the tasks of the central nodes and control devices will be transferred to the entire network - with the help of this new technology. The nodes include, for example, banks, notaries and all companies involved in the transfer of assets or copyrights.

The advantages of using blockchain technology for such applications are: decentralized control, protection against manipulation, value generation and transmission. In addition, there are the advantages of big data technology: fast data flow, large capacity, minimal process delays, query functions and a diverse authorization system.

Ascribe sees the following uses for their new technology:

  • Binding agreements with all related transactions can be stored directly in BigchainDB
  • Instant generation and transfer of large assets. Only the owner of the assets can transfer them. No network administrator, as in earlier database systems, has to be intervened. The costs are minimized and everything should go faster
  • Monitoring of copyright. Digital works of art or music can be watermarked. All distribution and copying information is stored in bigchain. The licensee must keep a summary of the distribution of his works. Ascribe focuses on this area
  • Real-time monitoring of plant production. For example, the storage of data from RFID chips in big chain. The aim is to save costs and prevent fraud
  • Time stamps, certificates and invoices. Bigchain is able to distribute digital processes. When did the transfer take place? This avoids legal problems when entering into contracts
  • Increase the reliability of the database. So far, a single mistake can lead to data loss. Bigchain can prevent that

Disadvantages of the new technology

BigchainDB received a lot of praise from private blockchain enthusiasts. Many partnerships have been entered into, e.g. with Eris Industries, Everledger, Capgemini, etc. But the architecture of BigchainDB unfortunately also containsa critical component.

All BigchainDB nodes connect to a single one by design RethinkDB cluster. RethinkDB is a distributed NoSQL database, similar to MongoDB. If something bad happens to this RethinkDB cluster, the whole blockchain (what is a block?) Will go down.

Assume that a node is hijacked by an attacker and this leads "dropTable”On the RethinkDB cluster it is connected to. All other nodes fail because they do not have independent storage. The security can be critical here because BigchainDB is not exposed to the kind of robust peer review that an open, internet-based system must survive. While Bitcoin (What is Bitcoin?) And Ethereum are sure to keep getting stronger and stronger, we still don't know today where BigchainDB is headed.

BigchainDB as a new opportunity for companies

BigchainDB is available as a Out-of-the-box version available and can be adapted to the respective application situation. For the first time, many companies should be able to test the technology and benefit from it. It is estimated that 850 new companies are entering the blockchain technology space worldwide. In total, more than a billion dollars were invested. This technology seems to be a magical attraction for many dedicated entrepreneurs as well as investors. Obviously, countless business models are opening up here. Link to the BigchainDB documentation