Anyone relying entirely on blockchain technology when digitizing their databases could paralyze the traditional consensus mechanisms of decentralized technologies such as proof of work. One company that is battling the problem of scaling is the American start-up Fluree.
As the industry service TechCrunch reports this Monday, June 3, Fluree can now for its self-chosen mission now enjoy a cash injection: With the help of the investment fund Rise of the Rest, the company managed to $ 4.7 million ( just under 4.2 million euros) to secure investor funds.
Unlike in the management of database blockchain technologies to get it all done, the North Carolina company wants to fine-tune digital data systems using distributed ledger technology. On the basis of the platform FlureeDB, customers should be able to freely determine the degree of centralization of their data and to adapt blockchain solutions for their data systems.
If you want 100 percent decentralization, such as bitcoin, then this will make databases slow. You can not have everything. What you can reduce, however, is the degree of centralization. We want to provide companies with a set screw,
explains Fluree founder and CEO Brian Platz the vision of his company.
However, it is still important to take a clear view of the advantages of decentralized blockchain technologies such as transparency or immutability compared to data sets.
The real advantage here is the immense integrity of the data. So you can prove that there is no manipulation or by whom data was created. This is currently not possible with current databases or other data management technologies,
gives himself space self-confidently.
Secure data thanks to Blockchain – No new promise
For many companies and institutions blockchain technologies have been considered for years as a possible savior for bulky, insecure and opaque data systems. Distributed databases are designed to protect information against manipulation and to minimize manual administration.
However, the crux of such blockchain systems is that the larger the amount of data and the broader the blockchain networks, the more cumbersome the decentralization of the databases can be. For example, transactions on the Bitcoin blockchain currently take about an hour on average. Companies, on the other hand, are more likely to be interested in real-time data transfer.
For years, many interested parties have been making an ambitious effort to use decentralized databases. In the logistics industry in particular, blockchain databases have long been considered an innovation driver . From UPS to FedEx , more and more shipments are looking at Blockchain software, for example, to send waybills and secure their global supply chains.