BitPay Harness Bitcoin Technology to Create New P2P Database System
Bitcoin payment service BitPay recently blogged-in a proposal to create ChainDB, a new peer-to-peer database system. Their whitepaper, which briefly credited the Bitcoin technology as the source of inspiration, also spoke at lengths about harnessing the digital currency mining network to secure BitPay's very own chain of blocks. It said that a ChainDB database system can be designed to organize transactions within blocks that can be later put to be validated by the Bitcoin consensus. "Validation rules specific to a ChainDB govern whether a given chain of blocks and transactions is valid,"....
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BitPay wants ChainDB to secure data using the block chain, and the payments processor needs the Bitcoin community's help with the project. In an effort that is more like Factom than storj, BitPay outlines in a recent paper a mechanism for creating counterfeit resistant databases using the Bitcoin mining network. A so-dubbed ChainDB (chain database) would benefit from the full power of the Bitcoin mining network "to create an unforgeable history of database mutations." According to BitPay, "the existing Bitcoin network can be leveraged for new applications with little or no change to the....
A research study published by Boston's Berklee College of Music outlines how a blockchain-based royalty payment system could improve working conditions for musicians. Published by Rethink Music, an initiative under the auspices of Berklee's Institute of Creative Entrepreneurship, the report outlines the current state of payments and revenue in the US recording industry and proposes a series of recommendations to improve transparency, reduce friction and provide a greater degree of fairness to working artists. Among other recommendations, the report calls for the creation of a distributed....
Decentralised printing network 3D Hubs has partnered with BitPay to allow customers in over 140 countries to pay using bitcoin. The on-demand service, which connects local printers with consumers wishing to create 3D designs, has a network of more than 13,000 machines listed on its database. When asked about his company's decision to accept bitcoin, Bram de Zwart, co-founder at 3D Hubs, said the currency's integration had been the most requested feature by the 3D Hubs community: "This makes sense as there is much overlap between bitcoin and 3D Hubs. They are both platforms that enable....
Over the course of recent years, database breaches have become a more common occurrence than ever before. As technology evolves, hackers and assailants come up with new ways to exploit any vulnerability present in software solutions. At the same time, the technology used to store sensitive information has not evolved much. Proper solutions will have to....
When the Patreon database hack was announced, the technology industry was once again reminded why centralized solutions are not the way forward. Not only have customer email addresses been leaked, but also physical addresses and even private conversations on the platform. To make matters even worse, the entire database has now been published on the Internet, available for everyone to see. Whenever a company’s database is hacked, there is a rightful cause for concern. Especially when that company is a crowdfunding platform like Patreon, serving customers from all over the world. According....