Blockchain

Blockchain has been described by various persons, companies and organizations in different ways. But let’s make it more simple! It is a combination of two words; Block and Chain.

Block and Chain

Block can be explained by top-to-bottom (TTB) and bottom-to-top (BTT) approaches. A block can be a brick in a wall, thus called a building block. On the other hand, the block is make of small particles. If there is a collection of information in a package, that do not need to be larger, so further information are shifted to another package. Now let’s connect these packages with a wire, rubber band or any other means. If the the package is a block, then the binding medium is the chain.

In data science, a blockchain can be described as the collection of data that has its secret address (hash) and it also knows the address of the previous collection.

Generally, the blockchain is designed to store small transactions and light strings. Still,  certain blockchains has more than 400GB of data. That much big data of blockchain is not suitable for search. So, how to store large files, photos, tables etc.? in a secure way?

SciMatic Hybrid Blockchain

The data is more secure if they are arranged in decentralized way, like the IPFS (interplanetary file system). Herein we propose a hybrid system that will work like an ecosystem where the indexes of the data and short info will be stored on the blockchain, which is decentralized, while the data behind every index will be stored in classical databases, again in p2p networks. These p2p networks will check the data of each other and will not allow the alteration in the data without permission. If there will be need to update or alter the data, that will work in a democratic way. After getting more than 60% of votes for alteration, the data can be updated. So, there will be no chance of mutation in the data.

SciMatic Hybrid Blockchain will be used to launch decentralized applications to secure public data, bring more democracy and transparency, and reduces the chances of corruption and frauds.