From the course: Blockchain Basics
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What problems does blockchain solve?
From the course: Blockchain Basics
What problems does blockchain solve?
- A core characteristic of a traditional database is that it typically has a central authority that governs it. All rights to the database are owned by the organization that creates it. They can decide who has access to it and what types of access they can actually have. They also decide, for example, what is stored in it, what is deleted and what is archived. This design has at least two potential weaknesses to it. First, if a system relies on a central database, this can result in a single point of failure. If either the central authority is compromised, such as hackers getting administrator login names and passwords, or a backdoor is exposed, the database can be subject to all manner of risk. The second potential weakness is that all power is held by the central authority. Now let's be clear, in computing this is generally being a good thing. For example, if you run an e-commerce website, you probably want total control over it. You as the central authority, perhaps as CEO or CTO…
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