The breakthrough of BigchainDB was achieved by imbuing the best characteristics of blockchains, immutability and decentralization onto an existing big data database
San Francisco, California (PRWEB) February 25, 2016
ascribe GmbH has announced the release of BigchainDB, a scalable blockchain database that can process one million writes per second and their first licensed user, Everledger who will be leveraging the system to combat fraud and provide provenance in the $80 billion diamond industry.
Everledger, an immutable ledger for diamond identification and transaction verification, has uploaded one million diamond records onto BigchainDB and found seven percent fraud in their dataset with its algorithms.
“We had a missing jigsaw piece within our technology stack. It became evident that scaling and deepening our offering across the supply chain with banks and insurers was not possible without this additional layer,” said Leanne Kemp, CEO and founder of Everledger. “It’s a natural fit to work with ascribe, especially given we were tackling similar problems at scale in parallel universes – digital and physical assets.”
Achieving one million writes per second in a federated blockchain database, BigchainDB allows developers and enterprises to deploy blockchain applications at scale, formerly a limiting factor in getting sandbox proof-of-concepts into production. BigchainDB is complementary to decentralized processing platforms like Eris, Chain and Ethereum and fills a clear gap in the blockchain stack.
“The breakthrough of BigchainDB was achieved by imbuing the best characteristics of blockchains, immutability and decentralization onto an existing big data database,” said Trent McConaghy, CTO of ascribe. “The community was focused on scaling up blockchains. We realized that distributed databases brought a lot to the table, not only for scalability but also for other functionality like a flexible query language, efficient querying and permissioning.”
“Thousands of enterprises are exploring blockchains,” said Bruce Pon, CEO of ascribe. “They’ll all need a secure, scalable blockchain database in production.”
ascribe has also released a technical whitepaper, “BigchainDB: A Scalable Blockchain Database.” The living document will incorporate community feedback and can be accessed at http://www.BigchainDB.com/whitepaper.
Founded in 2014, ascribe is a service for creators to register and track intellectual property. By registering work with ascribe, a unique, cryptographic ID is generated and then stored on the blockchain, creating a permanent and unbreakable link between the creator and their work. Creators lock in authorship, can create limited digital editions, securely share and trace where work spreads online. ascribe has been featured in dozens of publications and to date over 4,000 creators have declared 7,000 works and over 30,000 unique editions within the system. http://www.ascribe.io
Started in 2015 by the ascribe team, BigchainDB was a direct result of seeing scalability as a fundamental barrier to wider adoption of blockchain. BigchainDB is a decentralized, federated and customizable blockchain database capable of one million writes per second, petabytes of capacity, rich querying and permissioning. http://www.BigchainDB.com
Everledger provides an immutable ledger for diamond identification and transaction verification for various stakeholders, from banks, insurance companies to claimants and law enforcement agencies. Everledger offers new methods of financing and insuring diamonds, as well as combatting fraud. Everledger has over one million certified diamonds, smart contracts for the transfer of ownership and bank grade APIs for high volume transactions. Featured in the Financial Times, BBC Newsnight, Everledger has been listed in the top 25 most exciting Bitcoin startups globally, winning 2015 BBVA Open Talent, a Meffy award and FF16 in Hong Kong. http://www.everledger.io