Datafication is a concept which entails the transformation of day-to-day actions, which to most of us already seem commonplace and mundane, into raw data through digital interfaces. Although most of us do not realize it, the extensive process of datafication transformed society on a fundamental level, ushering in a data-driven society, where every decision, action and business strategy is shaped by the incredible amount of data collected by companies and enterprises. As such, it is no surprise that data has become the most important asset a company can hold. To name a few examples, the insurance and banking domain relies heavily on data to determine an individual’s credit risk profile, while CRM companies rely on datafication to figure out customer behaviour and the best way to engage them to receive a positive response.
Because we live in a society where data has become more valuable than gold, companies, and enterprises have made it their priority to ensure data security. Current database systems employ a snapshot mechanism, where at a predetermined period of time, the entire database is automatically copied and stored in a separate secure environment. The problem is that this tried and tested method comes with a series of shortcomings such as the need for huge harddisks to store the snapshots as well as the dangers posed by centralized forms of organization.
Modex BCDB offers companies a blockchain-powered alternative that enables real-time backup of databases. By connecting the database to a blockchain backend, all the data is replicated across every node from the network to ensure immutability and integrity. Once data is validated and appended to the chain of blocks, it is distributed to every full node and partial nodes (depending on the configuration of the system). This architectural design is what makes blockchain an append-only structure that secures data through real-time backup.