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Blockchain vs Traditional Databasev

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Properties Blockchain Traditional Database

Operations Only insert operations Perform C.R.U.D operations

Replication Complete replication of block on very peer Multi-master or Master-slave

Consensus Majority of peers agree on the outcome of the transactions Distributed transactions (2 phase commit/Consistency vs Availability)

Invariants Anybody can validate transactions across the network

Business Value of Blockchain

From a business standpoint, a blockchain can be defined as a platform where peers exchange value / electronic cash without the need for a centrally-trusted arbitrator.

For example, for cash transfers, banks act as a trusted third party. In financial trading, a central clearinghouse serves as an arbitrator between two trading parties.

Disintermediation allows blockchain to be a decentralized consensus mechanism where no single authority is in charge of the database.

Decentralization provides quicker transaction speeds, cost savings, and greater trust.

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