What’s More Secure: Blockchain Or Database?

Data storage options database and blockchain are architecturally different and come with their own sets of advantages, vulnerabilities, and challenges. Data storage is based on client-server-based architecture and can function in small and large scale environments.

Blockchain storage is decentralized storage based on a peer-to-peer network of a distributed ledger. Each block stores the hashed information from the previous block, secured by cryptographic security. Data is stored in uniform-sized blocks that can be traced back to the first block.

Blockchain has no controlling infrastructure and is completely decentralized. It is composed of unbreakable rules and laws which don't require regulation. Data breaches are grave- they can cause damage to intellectual property and make clients lose trust in an organization. In the blockchain, trust in the network is the only factor in transaction and data storage.

Blockchain and databases are susceptible to data theft and have vulnerabilities. Public and private blockchains run the risk of 51 percent attack by a group of miners who control more than 50 percent of the hashing rate of the network. Data backups are threatened by malware, but they become more vulnerable to attacks when data volume becomes large enough to be scalable.

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To boost trade, Africa is simplifying international payment systems

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This summer, the Fed will take another step toward creating a digital money

This summer, the Federal Reserve will publish a research paper that examines the possibility of a central bank digital currency. Multiple countries' initiatives in the central bank digital currency arena, most notably China's, have heightened debate about how aggressively the Fed should act. The Federal Reserve is pushing ahead with its plans to create its own digital currency, stating that a study paper will be released this summer that will go deeper into the topic. Despite the fact that the central bank did not announce any particular plans for the currency, Chairman Jerome Powell acknowledged advancements in payments technology and stated that the Fed has been "actively monitoring and responding" to those developments. In the statement, The proper operation of our economy requires that consumers have faith and confidence not only in the dollar, but also in the payment networks, banks, and other payment service providers that allow money to flow on a regular basi...

How will Blockchain boost trade in Africa?

Despite a regional economic slowdown in 2020, over a dozen African countries grew last year. Complicated trade rules and lengthy border processes stifle African economies. These long-standing issues need creative solutions. Blockchain is becoming more practical and scalable in developing markets. It has just opened a regulatory "sandbox" for innovative blockchain-based goods in Ghana. Standard Bank has joined Marco Polo, a trade financing network. Here are four ways blockchain may help African trade: 1. Customs The AU-EU trade deal is still in its infancy. Traditional customs bureaucracy prevents SMEs from joining global trade networks. This procedure can be automated and simplified, saving time and money. 2. Traceability Tracking cross-border goods correctly is critical for standard and certification verification. Already, blockchain is allowing ethical supply chains for a variety of African goods. Its open-source but secure design makes certificates easy to issue and verify...

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