High-speed blockchain technology will be used in diamond industry ledgers

Rage Review : Everledger, as a blockchain startup, became the first company in the field to win the MEF Mobile Ecosystem Forum Meffy Award. It has also worked with Allianz France, a subsidiary of insurance giant Allianz, to use its rich experience in blockchain technology to help insurance companies reduce risks. However, the original inefficient Bitcoin blockchain can no longer meet the needs of enterprises, so Everledger has also begun to seek cooperation with Ascribe, a more cutting-edge technology company, in order to control fraud in the diamond industry. Ascribe's BigchainDB's high-speed processing power and PB-level capacity make up for the shortcomings of the Bitcoin blockchain and bring new possibilities for industry development.

Translation: Annie

Ascribe announced the release of BigchainDB, a scalable blockchain database that can handle 1 million inputs per second. The first authorized user is diamond industry ledger Everledger.

News reports describe BigchainDB as a ledger that “can achieve 1 million operations per second across a federated blockchain database with sub-second latency and petabyte-scale capacity.”

The platform also “enables developers and enterprises to deploy blockchain applications and platforms at scale, which was once a limiting factor for production systems using sandbox ‘proof of concept’ mechanisms.”

Why do we need scalable blockchain?

Trent McConaghy

Trent McConaghy, BigchainDB project lead and CTO, responded:

In talking to the community, I found that their focus seemed to be on scaling up the blockchain. So we realized that a distributed database can bring us a lot of things, not only scalability, but also other key database features. For example, a flexible query language, efficient query, and permission management system. Our approach is to "blockchainize" the distributed and scalable database.

BigchainDB is similar to the Bitcoin blockchain

Bruce Pon, co-founder of Ascribe, said:

Bitcoin is a technological breakthrough that supports completely trustless asset transfers on the Internet. Its design philosophy is to be completely paranoid, prevent attacks and protect asset security. However, its transaction volume is only 7 transactions per second, so it cannot be widely used in more fields.

BigchainDB attempts to absorb some of the characteristics of blockchain, such as immutability, no central authority, and no central control of assets. It also simplifies the design through the Internet joint node management system. Although this design forces participants to trust the authorized nodes, it has good scalability. We got inspiration from the DNS joint design. Then, we built BigchainDB on the existing big database. Therefore, it guarantees extremely high throughput, low latency, query capabilities, etc.

Diamond Industry Ledger

Everledger, the diamond identification ledger, is BigchainDB’s first client. In 2016, the amount of smuggled diamonds reached 1 million, so Everledger’s goal this time is to combat fraud in the diamond industry.

Leanne Kemp, founder and CEO of Everledger, said of the reasons for the partnership with BigchainDB:

"We were missing a piece of the technology puzzle and that became apparent when we set our targets for 2016."