Blockchain Databases and The Freelancing Industry

Want to how know the freelance industry is taking blockchain databases for their development? Find out in this quick post.

Since its origins, blockchain as a database has been useful in encrypting user data and private transactions. And due to the recent changes in our global economy, we can see some impacts already affecting our society.

And with the growth of blockchain databases, we start to see an increase in the number of freelance jobs. This is due to users being able to store their data on the database and not have to wait for a centralized institution (i.e. banks) in order to make a quick transaction.  

But exactly how does blockchain databases help society as a whole?

Decentralized Control

With blockchain as a database, it allows different parties that don’t trust each other a way where they can safely transfer information without having a central administrator. The transactions are processed by a group network of users acting as a group mechanism so that everyone is making the same system of record simultaneously.

The benefits of decentralized control is that removes the risk of centralized control. Using a centralized database, anybody that has access to that system can corrupt or destroy the data from within. As a result, the users are dependent on the administrators.

Some administrators have earned the trust placed in them, for the most part. In blockchain databases, people’s money is not stolen by the banks that store their money in private databases.

But this also means that the people in control, such as a bank, need to spend billions of dollars to protect their databases from hackers or anyone that wants to profit from someone’s loss. If the central administrators we trust to protect our information fail in this regard, then we all lose.

Performance

While blockchain can act as a transaction platform and a system of record, they are viewed as slow as a database when compared to today’s modern platforms such as PayPal and Visa.

While there would be some noticeable improvements to their performance, blockchain’s nature requires that some of the speed is reduced. There are distributed networks who use blockchain technology, but that doesn’t mean they compound or share the processing power.

Instead, they service the network independently, then compare their work results with the rest of the network until the team can understand what happened.

On the other hand, centralized databases have been around for decades and have seen their performance increase in tandem with a formula that has come to define innovation within the digital era: Moore’s law

Conclusion

Now that we see the changes in blockchain databases, we can see start to affect our digital economy. Thanks to the databases, users are able to be paid in cryptocurrency in a safe, yet decentralized manner.

This means that the future of freelance work will have more blockchain technology implemented into it. And for the better. By using blockchain databases to store information, conduct transactions, and create business agreements. Conclusively, we can’t wait to see how our the databases affect our future.

Do you have any additional questions about using blockchain as a database?

Tell us in the comments below.