The buzz right now in business is about blockchain. It’s a disruptive technology — and for good reason: If you aren’t disrupting your industry, you are most likely being disrupted. The financial, supply chain, and distribution segments are leading this charge into adopting what began in the crypto-currencies with bitcoin and is now becoming the default technology upon which to build a secure and trusted application environment.
A solid infrastructure layer, including storage, is a critical element to that environment. Throughout this blog, we will help you understand how each component of that infrastructure contributes to the overall blockchain network.
Blockchain is a single, trusted ledger that’s shared between participants in a transaction but implemented digitally. Whether it be a mortgage, sale of a diamond, or a supply chain for vegetables or car parts, a blockchain can be used to provide a single view of all phases of the transaction to each participant. This provides immutability, visibility, and trust that the transaction was completed ethically and according to the accepted business rules that are laid out in the smart contracts that control the blockchain entries.
Blockchain technology is still in its infancy, particularly with enterprise adoption, and as with any new technology, adoption has its challenges.
Network speed and bandwidth
Since blockchain data is shared amongst all participants in the network, this can lead to performance issues based on the speed of the underlying network, the amount of data stored in the blockchain, and the number of participating blockchain nodes (participants in the transaction). Since a quorum of participants (determined by the peers) must approve the transaction — and all peers have a copy of the blockchain — the underlying network must have adequate bandwidth and speed to sustain the needed flow of blockchain transactions, messages, and data.