BigchainDB is the first ever solution for Big Data management. This software incorporates attributes that previously could not be combined in a single solution.
To start with, the best principles of blockchain were put to use. Decentralised nature of the ledger, ownership of the data by the user, transparency, and immutable assets combine with more traditional data management attributes such full-scale NoSQL language. Use of blockchain technology combined with database ease of data processing made the software ideally suitable for cryptocurrency developments.
Based in Berlin, creators of the first blockchain-powered database had very clear goals in mind of what they wanted to achieve.
First, they intended to provide organisations and developers a solution to control the way their digital asset is kept secure in blockchain.
Second, they wanted to develop the distributed ledger technology in such way that it remains flexible and can suit a variety of projects, which is a good bonus for a company that offers blockchain services.
After the first release, the BigchainDB version 2.0 has been improved a number of times which made it more tolerant to fault if it was made by third parties.
The software is now ready to be applied to many cases in the business environment as well as in social projects.
The unique attribute of BigchainDB is the way the data is managed by the users in the blockchain. Instead of tables, it uses assets which create an immutable record in the distributed ledger.
Another clear advantage is the way the data is verified. Each node has to vote for each transaction. In order for the transaction to get verified, it has to achieve from 5 to 60 votes from nodes. This is similar to the operations on a conveyor belt since transactions are added to the blockchain one by one and verified all at once.
The scalable blockchain database has several clear advantages when compared to the traditional database. One of them is a complete autonomy which adds extra security for digital assets in the blockchain. For a company working in financial, energy or manufacturing industry this is a big advantage since the database will be operational even in a case of a major disaster.
There are several differences in the basic principle how BigchainDB stores data, compared to traditional SQL and NoSQL database. While SQL database stores the information in tables and MySQL stores data in tables and other formats, BigchainDB stores the information in assets. Absolutely anything can be an asset: a bicycle, a formula, a piece of code, an app, or even a certificate of intellectual property rights – anything that has a use in the business environment and must be retrieved quickly. These assets can be added to the repository in two ways – when someone creates them or transfers them.
Another distinctive application of BigchainDB is that it eliminates the need to store cryptocurrencies in Ethereum, which is sometimes inefficient and requires to write additional code for data retrieval. Instead, you can use smart contracts of Ethereum in their virtual machine and use BigchainDB for storage of ethers, tokens, or just about anything that you would like to track in real time.
At the moment BigchainDB production has not been completely finalised and this software has not yet turned into a fully decentralized platform. Developers agree that adding more features is important to enable creators to perform P2P transactions. BigchainDB is part of the quest for this solution while more tools and features are being added.