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Blockchains aren't out to replace databases, but there's a few organisations that could use them for certain use cases. Any processes where you're looking to in
by johnnynomics 11y ago
Blockchains aren't out to replace databases, but there's a few organisations that could use them for certain use cases. Any processes where you're looking to increase the transparency of your data, or perhaps increase its security, or to try and lower the costs of data reconciliation could all benefit from using a blockchain as its underlying storage engine.
- tmlee 11y agoSome folks mentioned about lowering costs; I may misunderstood that context but has there been any math done by any entity on how much of a cost-saving it would be for organizations that chooses to switch to a blockchain data storage solution?
- johnnynomics 11y agoIt depends on the organization, what they do with their data, and what value they place on it - so the answer varies. We've done some back of the napkin calculations this morning and at today's prices it would cost approx $1,000 to store 1MB on the Bitcoin blockchain. That's a LOT, but depending on what you want do with your data, it could be priceless. One benefit is that once that data has been encoded its available for the life of the chain at no extra cost, eliminating hosting overhead. You also get the added benefits of increased transparency, automated auditing, reduction in human error, etc.