CyberVein, the first distributed ledger system that enables decentralized management of data is changing the way we trade, transfer, and interconnect data. In our YouTube Spotlight section, we had CyberVein MD Jack Ge unveil the layers of CyberVein. Especially the ones that render it the capacity to create a time machine for databases.
In the current times CyberVein believes there is no dearth of ways to trade and transfer data. But the question is that are these solutions reliable, secure, and private? But the CyberVein leadership does not think so and that is why it is out on a mission to make databases more trustworthy.
Big Data faces challenges
According to Jack, in 2020 the data-sensitive enterprises have been reforming the ways they procure data. Instead of getting the data from APIs, they are picking data from the cache. Due to this 70% of Big Data professionals lost their jobs. And the data compliance issues are magnifying every passing day.
Zero learning curve
The project combines the potential of three technologies – blockchain, DAG (directed acyclic graph), and AI (artificial intelligence). And together, it builds a single database solution that can be used like just another SQL (structured query language) and NoSQL database. Thus for an organization to use CyberVein for database management, there is no need for a learning curve. However, they do get extra security, extra storage, and incredible data transfer speed.
How CyberVein works?
Jack explains that CyberVein uses blockchain in its database to record the state of the database. Any amendments or actions made on the database will be recorded on the blockchain. With this it creates a time machine for databases and ensures complete security of data.
According to Jack, the project is primarily a big data solution. But it uses blockchain to build a blockchain consortium.
Explaining it further, Jack states in case an organization requires its 5 departments to interconnect their data, they can do it using CyberVein. Basically, CyberVein does not touch the organization’s data. Rather, the data stays on their local databases. However, using CyberVein, the organization can ensure the data transfer happens with tremendous speed while the blockchain records the state of the database.
CyberVein utilizes smart contracts to execute actions within the ecosystem. While this kind of technology setup renders flexibility to the business, it also makes the exchange of information and election of new nodes into the consortium possible.
Why DAG + blockchain?
Explaining this setup, Jack states that DAG and blockchain render double security to databases. Additionally, DAG enables transactions, and confirmations go out at the same time at a very high speed. Thus this makes it an ideal setup for data exchange as the transaction speeds are high.
Jack admits that CyberVein is not the first project to make this possible. But the major advantage of CyberVein over projects like the IOTA (Internet of Things Association) is that the user’s data is untouched by the DAG and blockchain infrastructure.
With the project, the users can still use Amazon or Google Cloud as their database while at the same time adding CyberVein as a database management solution. This renders more security, tradability, and interconnectivity to the database.
Currently, CyberVein is in use by organizations that are data reliant. But are fed up with compliance issues like GDPR (General Data Protection Regulation). According to Jack, GDPR is not a solution for data privacy. In fact, CyberVein’s decentralized setup promises to deliver the desired privacy.
Incidentally, China’s Xuzhi Zhang University hospital has used the CyberVein database and its federated learning solution. And the results have been accurate and reliable.
How long to mainnet?
Adding to the excitement of the CyberVein supporters, Jack said that their mainnet was ready for launch adding that there was no further technology development going on. As a matter of fact, CyberVein could have gone live with mainnet in December 2019 but chose not to do it because of the bearish market.
And for 2020 it seems their focus is purely on adoption, use cases, and collaboration.
With its product ready, CyberVein is ready for adoption. As Jack reveals, CyberVein was slated to be the ticketing technology provider at Dubai Expo 2020, but currently that stands postponed to 2021.
So for now, the team is working on developing a product for the seafood supply chain finance case in China. This company accounts for almost 40% of seafood trading in the South China Sea. Although the deal has been signed, it is the compliance and regulation settlements that are being worked upon.
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