Today we are well aware of the fact that blockchain technology offers data authentication and authorisation in the digital world, abolishing the need for third-party administration. Also, the numerous features of blockchain such as data security, reliability and the robustness have played an essential role in the boom of blockchain technology. As organisations are keen to implement blockchain for various applications, one must make an informed decision while choosing the right kind of blockchain.
Private Blockchain or Public Blockchain
When it comes to the blockchain, there are three types of the blockchain, private blockchain, public blockchain and consortium blockchain. As distribution is one of the principal features of blockchain technology, a private blockchain may not be truly distributed as it is a closed network. Private blockchains take advantage of blockchain technology by setting up groups and participants authorised to verify transactions internally. The developers of that particular blockchain control the extent to which each participant can have read and write permissions. This puts the concept of private blockchain under question.
Whereas in the public blockchains such as RecordsKeeper, they are based on complex consensus algorithms. The public blockchain is open source and not permissioned. Anyone willing to participate can download the code and start running a public node on their local device/server, Miners can validate transactions in the network, thus participating in the consensus process. Anyone in the world can send valid transactions through the network, with the freedom of reading transaction on the public block explorer as transactions are transparent.
Public Blockchain such as RecordKeeper, being distributed is one of the many major features. However, this is not the only benefit of RecordsKeeper of course. Other features such as transparency make RecordsKeeper very secure: as data can be audited by anyone, it is easy to detect fraud on the chain. With public blockchain such as RecordsKeeper, you have the flexibility to set it up in your local infrastructure or cloud, or you can use RecordsKeeper ready-made public blockchain which provides features such as data immutability, data integrity, data authenticity and data verifiability.
RecordsKeeper has overcome many limitations of certain popular blockchains such as Ethereum by making the block size of 10MB instead of 1MB. RecordsKeeper maintains a mining diversity of factor 0.2 thus keeping 51% chance of attack under the tab. If there are 200 miners in the community and a miner mines a new block, he/she will have to wait for 40 blocks to be mined before he/she can mine another one following the mining diversity of 0.2. Therefore miners are refrained from mining a continuous series of blocks, limiting them from overpowering the Blockchain.
Why Key-value pairs?
RecordsKeeper lets you submit the records through your web interface or via the RecordsKeeper’s APIs, and publishes the records in key-value pair format with their associated information into a decentralised ledger.
Being an open source, public blockchain network that stores information in key-value pairs, RecordsKeeper has proved to be an excellent choice by many organisations for various applications. Data stored in Key-value pairs provides ease of querying the data unlike other public blockchains such as ethereum and Bitcoin. Data can be easily traced and retrieved anytime by the corresponding key.
Applications running on the RecordsKeeper Public Blockchain
RecordsKeeper has enabled organisations to optimise the supply chain management by ensuring seamless operations such as recording the quantity and transfer of assets, tracking purchase orders, change orders assigning or verifying certifications and more. RecordsKeeper maintains transparency by recording the current status of the supply and its related compliance in the ledger. RecordsKeeper lets businesses set the rules for recording the data so that they can set the compliance conditions themselves. RecordsKeeper ensures the data to be shared meets the compliance conditions.
Organisations are using RecordsKeeper to store corporate compliances. As organisations primarily seek data immutability feature while storing corporate compliances, RecordsKeeper has proved to be an ideal choice. Not only the data saved over RecordsKeeper blockchain becomes immutable, but it also let the organisations monitor regulatory feeds and update their records according to the pre-set regulations in the RecordsKeeper blockchain.
RecordsKeeper has successfully overcome issues insurance companies were facing such as Data Security, Fraudulent information, Trust issues. The distributed nature of RecordsKeeper has ensured data security and build trust. As the data stored on RecordsKeeper becomes Immutable, chances of fraud are obsolete. By providing added security and the ability to establish trust between entities RecordsKeeper has helped in solving the interoperability problem.
Public blockchain network with key-value pairs such as RecordsKeeper, offering exceptional features are indeed the need of the hour in blockchain technology.