Web 2.0 has made the storage and management of big amounts of data effortless. Anything from pictures to entire websites can be stored on a server and extracted upon request. This is what allows for the emergence of hosted file sharing sites, like Youtube or Flickr, but also for social networks like Twitter and Facebook.
However, a problem arises when you consider that most web 2.0-based companies concentrate too much data on too few servers. Some of them are also on a course to becoming monopolies.
Incidents like the Facebook-Cambridge Analytica data scandal are testament to how grave the repercussions could be when large amounts of data are not just in the hands of very few entities, but those entities could also access that data without solicitation.
Organizational data is critical. Several businesses run on the premise of the privacy of intellectual property.
Unfortunately, not all organizations have the infrastructure necessary for storing large volumes of data. Therefore, they rely on a handful of service providers like Google and AWS. Such dependence comes at the cost of control. Further, insiders of the organization could effortlessly manipulate and exploit past data to their advantage.
If an organization’s data is located on one centralized server or a third party’s server and this type of IT infrastructure is hosted outside the customer’s networking facility, then it actually compromises the security and reliability of data in case of failure at the hosting provider.
If a hacker attacks this centralized server where your data is stored, then they can easily steal all your company’s vital information such as financial accounts and proprietary documents.
Hence, a decentralized solution that facilitates data immutability is the need of the hour for organizations.
Cloud computing and storage have grown manifold over the years. To put this into perspective, the cloud storage market is expected to be in the ballpark of $600 billion in 2023, according to Statista.
To make matters scary, Amazon Web Services (a centralized entity) constitutes almost one-thrid of the cloud computing market share.
Such infrastructures pose grave threats to the data of individual consumers. For example, if all your data, like pictures of your beloved family members or important notes, were stored on a centralized server and if the server were to get corrupted by instances like natural disasters or acts of malicious intent, then your data is likely to be lost forever.
Additionally, hackers can exploit your personal data against you like in the case of Ledger when their customer database was hacked and the criminals employed social engineering to extract mnemonic phrases from hundreds of cryptocurrency holders.
Therefore, a distributed data storage system that is also extremely secure and inaccessible by service providers is the ideal solution for consumers.
Enter IneryDB: The Best of All Worlds for Organizations and Consumers
IneryDB is a one of its kind decentralized database management solution that offers impeccable security and extraordinary low lag time.
While completing shifting all data to blockchains may not be practical for most companies, IneryDB offers a solution wherein enterprises could leverage the pros of a decentralized data storage solution and traditional databases without letting go of performance.
Further, the distributed data network ensures that there are enough redundancies and that a single point of failure does not take down the entire system.
All in all, IneryDB offers immutability of DLT (Distributed Ledger Technology), security of cryptography, and performance of traditional databases.
Inery is the first-ever layer-1 blockchain offering the solution of decentralized database management with the vision to enable a new paradigm for data. Inery is designed to enable cross-chain communication of data, greater speed and better security. It specifically addresses database management integrated with blockchain functionalities and distributed database management properties.
The Inery database management solution (IneryDB) allows a secure, low-cost and immutable way for database management where the control of private information remains in the hands of users and enterprises. It sets the base for the web3 future to enable value creation by seamlessly connecting with other systems, applications and layer-1 networks.
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