Blockchain technology has been around for almost a decade now. Global adoption has been growing steadily, but everyday use of the technology remains elusive. Tip Blockchain is creating solutions that will give users practical value. This is powered by discovery of information on the blockchain.
Disclosure: This is a Sponsored Article
Smart blockchain with accessible information
On the Bitcoin and Ethereum blockchains, the ability to pass along information along with transactions by sending data payloads is severely limited. Bitcoin supports low-level data insertion into transactions, but there is no easy way to do this without writing custom code or using a third-party service that does essentially that. Ethereum support for arbitrary data is slightly better, as data can be inserted through the data payload of transactions or through smart contract variables. Once data has been added to the blockchain, it is practically unusable by anyone without again having to write custom code to access this data. These restrictions limit the usability of data stored on blockchains.
Having the ability to store and access data in a convenient and standardized way is crucial, as this would open the door to a multitude of new decentralized applications that can use this data and harness the power of search and discovery, as search engines did for the internet.
Tip Blockchain is developing a solution that not only enables us to store information on-chain but do it in such a way that makes it easily accessible to any user on the network, through a standardized search interface. This works similar to the way traditional Database Management Systems (DMBS) work.
Discovery on chain
With arbitrary information indexed on-chain, you might be curious as to what this information can be used for. This data will be used by end-users indirectly. The users will be completely oblivious to this information being indexed on a blockchain. This provides users with a platform where they can search for information indexed on-chain, using apps running on their smartphones or desktop computers. Think of it as a blockchain with a search engine attached. The information shown to users is not web search results, but rather the indexed data stored on the blockchain.
This functionality will power a slew of new decentralized apps which can then create custom protocols for storing, accessing and sharing data. Since this data can be used by multiple clients, the convention to avoid data clashes on the platform and make it easy for apps to find the information they store would be to use namespacing, where each app or service uses a unique namespace, such as reverse-domain prefixes. Global information can also be stored in the global namespace which could be read by any Dapp or service.
Blockchains are often compared to traditional databases. One of the advantages traditional database systems have over blockchain is they allow the data stored to be indexed and queried in a relatively easy manner. Tip is building a blockchain that bridges the gap between a traditional database management system and blockchain.