Ascribe has announced the release of BigchainDB , a private scalable blockchain database that can process 1 mln writes per second. Their first licensed user is Everledger, a diamond industry ledger .
While its speed is higher than the bitcoin blockchain , BigchainDB is a form of private database where you have to trust the service and join a closed system.
In fact, BigchainDB uses its own blockchain database and not the common one in which bitcoin is transferred.
In the future, you may have to decide whether you prefer some advantages of a private blockchain, like its relatively high speed, or an open system, like the bitcoin blockchain. Private Blockchain
In their press release, BigchainDB is described as a ledger which can “achieve one million writes per second with sub-second latency and petabytes of capacity in a federated blockchain database”.
The platform will also allow “developers and enterprises to deploy blockchain applications and platforms at scale, formerly a limiting factor in getting sandbox proof-of-concepts into production systems”.
Other have their doubts as to why a private system is truly needed.
CTO and BigchainDB project lead, Trent McConaghy, answered: “In conversations with the community , the emphasis seemed to be on scaling up blockchains. We came to realize that a distributed database perspective brought a lot to the table, not only for scalability but also for other key database functionality like a flexible query language, efficient querying, and a permissioning system. Our approach was to "blockchain-ify" a scalable distributed database.” Negative side of private Blockchain Some state that a private Blockchain seems to contradict the nature of a Blockchain, as it eliminates one of the positive sides of the bitcoin blockchain: it is ‘trustless’.To counter this objection, Bruce Pon, co-founder of Ascribe replied:“Bitcoin was a technical breakthrough that allowed completely trustless asset transfers over a […]
