Evaluation of Advantages and Disadvantages of Transition from Traditional Database Structure to Blockchain Database Structure | Ministry of Industry and Technology of Turkiye

Evaluation of Advantages and  Disadvantages of Transition from Traditional Database Structure to Blockchain Database Structure  | Ministry of Industry and Technology of Turkiye

Anndy Lian will explore the advantages and disadvantages of two different database structures – traditional databases and blockchain architecture. Understanding the main differences between these two systems will help organizations determine which one best suits their needs for data management and security.

The traditional database operates within a client-server architecture, where clients, i.e., end-users, send requests to a server that houses the database. Communication occurs through Open Database Connectivity, and access is fortified by login credentials to ensure security. For instance, in a hospital setting, confidential health records may be accessible to users directly from the website without necessitating a user account.

On the other hand, blockchain technology emerges as a transformative force, offering various architectural models like permissioned, private, and hybrid blockchains. Each node within a blockchain network possesses a complete copy of the entire blockchain. Transactions are recorded in blocks, and mechanisms like Proof-of-Work (PoW) validate and secure these transactions. The decentralized nature of blockchain ensures that no single administrator has complete control over the data, elevating security, transparency, and trust in the system.

The advantages of a blockchain database are noteworthy. Firstly, data recorded on the blockchain becomes immutable, fostering transparency and integrity. Secondly, blockchain technology employs robust security through cryptographic techniques, reducing the risk of data breaches. Thirdly, public blockchains allow anyone to view all transactions, promoting transparency and accountability. Additionally, smart contracts on blockchain automate processes, minimizing the need for intermediaries and reducing costs. Lastly, the decentralized nature of blockchain builds trust among participants, eliminating the need for a central authority.

However, alongside these advantages come certain disadvantages. Implementing and maintaining a blockchain database requires specialized skills and expertise. Blockchain networks may face performance issues with high transaction volumes, leading to scalability concerns. Moreover, smart contract bugs and security issues pose potential exploits, requiring vigilant attention. Organizations must also ensure compliance with data protection laws and industry-specific regulations when utilizing blockchain technology. The process of transferring data from a traditional database to a blockchain database can be time-consuming and error-prone.

Alternatively, traditional databases offer unique advantages. They provide more flexibility and customization options, catering to specific business requirements. Extensive usage and testing make traditional databases stable and reliable. Additionally, centralized database management allows for easy control and monitoring of data security, and for certain use cases like confidential reports and frequently modified data, traditional databases can be more cost-effective.

Nonetheless, traditional databases have their share of drawbacks. Centralized control raises concerns about data privacy and misuse by administrators. Users may question the trustworthiness of a system controlled by a single authority. A centralized database also poses a risk of data loss if the system fails or experiences downtime. Furthermore, sharing data with third-party vendors may raise privacy and security issues.

Ultimately, the decision between a traditional database and blockchain architecture hinges on specific requirements and use cases. Organizations need to conduct feasibility studies and risk assessments to make informed decisions. Blockchain technology offers compelling advantages, including transparency, security, and immutability, but it also presents challenges like complexity and scalability. On the other hand, traditional databases provide stability, customization, and cost-effectiveness but may lack the decentralization and transparency benefits of blockchain.

As blockchain technology continues to mature, we anticipate its integration into various industries and processes, enabling new levels of security, efficiency, and trust. Governments, organizations, and businesses must diligently evaluate their needs and embrace the appropriate database structure to achieve their goals effectively and securely. The road ahead promises exciting possibilities, and by leveraging the right technology, they can unlock new horizons of success.

This video is part of a consultation session on “Technical Expert Service on Improvement of Public Sector Efficiency Using Blockchain-based Database”. The implementing organizations include the Ministry of Industry and Technology of Turkiye and the Asian Productivity Organization. The event was held in Ankara and Bolu, Turkiye, from 4–7 July 2023.

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Can Play-to-Earn gaming replace traditional jobs?

Can Play-to-Earn gaming replace traditional jobs?

Web3, the latest iteration of the Internet, has radically changed the gaming business by integrating unique features involving blockchain, cryptos and non-fungible tokens (NFTs).

The question that arises now is whether Play-to-Earn, or P2E, games can offer an alternative to traditional wage employment for people looking to move out of their jobs, whatever be the reason.

Gaming in the Web2 era was controlled by tech enterprises and involved players shelling out money to the developers. The advent of P2E gaming, completely decentralized, has put power in the hands of the players, who can tokenize in-game assets in the form of unique NFTs, a form of digital assets, for ownership rights.
According to a study by market researcher Absolute Reports, the global P2E NFT gaming market size was estimated to be worth $776.9 million in 2021, having received a fillip from the COVID-19 pandemic.

The market is forecast to reach a readjusted size of $2.8 billion by 2028, expanding at a Compound Annual Growth Rate of 20.4 percent during 2022-2028.

P2E cannot replace regular jobs

Ishank Gupta, advisor to IndiGG, the largest gaming DAO (decentralised autonomous organisation) in India, says P2E games can be a potential second source of income, but cannot replace earnings through traditional jobs.

Gupta believes that emerging markets like India will drive the Web3 gaming adoption.

When asked to elucidate, he said mobile data was most affordable in India with the average cost of 1GB of 4G data at Rs 20. The country is also a “mobile first” nation with over 700 million smartphones.

India is expected to be home to 500 million players by 2024, creating a sizable (mobile-first) market for game creators, he said, adding that app install statistics show 17% of all game downloads come from India.

“In the world of Web3, where everyone is still at the starting line, we may acquire a head start and become first movers in the business by taking steps to establish an indisputable community that interacts with Web3 games and goods. When it comes to gaming, India is regarded as an important market,” Gupta says.

Experts point out that the future of work is being redefined by new technologies, with blockchain —  a database that stores information in a digital format — being the most important development that happened in the past 10 years.

Back in 2021 in emerging economies, the first generation of games like Axie Infinity was able to replace ordinary jobs.

Driving a taxi or being a delivery driver made less money than a middle-level P2E Axie player.

However, the first generation of P2E has a lot of holes in terms of game depth, tokenomics, overall dynamics and aesthetics.

Corruption, inflation driving users toward Web3

Asked about the fascination with P2E games in emerging economies, Martin Repetto, CEO and co-founder of Mokens League, says rampant corruption, high inflation and depreciation of local currencies have created the perfect ecosystem for crypto to be the king.

“The combination of trying to escape high taxes with badly rendered services, inflation, and economic freedom, makes it perfect for Blockchain games and DApps (decentralised applications) to triumph. There is no coincidence that the most successful Play-To-Earn games came from emerging markets/economies/countries,” Repetto says.

P2E growth depends on per capita GDP

P2E is one of the ways to earn an additional income, but it may not work for all countries.

In Singapore, for example, Gross Domestic Product (GDP) per capita reached a record high of US $66,176.39 in 2021. Even so, the cost of living is high and the P2E concept is harder to attract the 9-5 working class because it may not be able to pay even for their monthly groceries.

In Kenya, where GDP per capita is expected to reach US $1,550.00 by the end of 2022, P2E is viable.

In fact, in Kenya play-to-earn, when positioned well, can reduce the unemployment rate and increase overall GDP.

India will be the outsourcing factory for Web3

Anndy Lian, Chief Digital Advisor to the Mongolian Productivity Organization, says the revenue from Web2 gaming goes to the gaming companies, but Web3 gaming is better distributed.

“Users get rewarded for their efforts and their assets can be further monetized. NFTs are in-game assets, not in-game expenses, anymore because you can resell your NFTs in the secondary market; if you promote harder, you can command a higher price. The value of your assets is in your own hands,” he says.

He adds that India is very developed in Web2 and many users are transiting to Web3 and a big pool of developers will make India the biggest outsourcing factory for Web3.

Future of Web3 gaming

The platform’s development and level of user interaction will determine how well it does.

The platform will gradually attract additional developers, users, and practical outcomes as it goes through its motions.

Over time, the platform’s market valuation will increase as more users and developers join it.

P2E is an idea that is gradually gaining hold among gamers. However, it still has a long way to go before it can take the place of traditional jobs.

The platform doesn’t currently have the gamers and developers it needs to grow and succeed and will become more reliable and popular as it evolves further.

This will encourage other developers to produce their own games for the system, accelerating the growth of the metaverse crypto.

Saurabh Tiwari, a Pune-based Web3 enthusiast, and an avid gamer, told Moneycontrol that NFT-based games were previously a grey area, just like TikTok was initially.

“Playing games definitely can be a long-term career option if planned properly because the loyalty amounts, once a gamer creates his own community and followers, are huge.

Multinational companies are investing big in the space which only goes on to show they see huge potential here in the long run,” Tiwari said.

 

 

Source: https://www.moneycontrol.com/news/business/can-play-to-earn-gaming-replace-traditional-jobs-9271761.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Denver News Updates: WADZ TAKES ON TRADITIONAL PAYMENT FIRMS WITH THE BETA LAUNCH OF ITS APPLICATION

Denver News Updates: WADZ TAKES ON TRADITIONAL PAYMENT FIRMS WITH THE BETA LAUNCH OF ITS APPLICATION

Wadz Takes on Traditional Payment Firms with the Beta Launch of its Application

Singapore-based startup, Wadz, is set to take on traditional payment firms, with its anticipated beta launch on November 25, 2019.

Targeting emerging countries such as Indonesia and Vietnam as a start, Wadz offers an alternative payment technology that will be of benefit to both consumers and merchants.

Wadz stands out by a number of key features including utilization of blockchain technology, easy integration to major shopping cart plug-ins, and near-zero processing fees. It also recognizes cryptocurrency payments.

One demographic on which Wadz is focusing is the “unbanked”. An estimated 200 million people in Indonesia and Vietnam have limited access to banking institutions loans, e-commerce, and health care. Wadz hopes to help these people improve their way of life by enabling new payment modalities for these services.

Wadz will then lead an in-depth discussion on the impact of blockchain technology across industries at PSB Academy City Campus, Singapore on November 27, 2019, at 7pm.

Among the distinguished roster of speakers is Anndy Lian, author of the book “Blockchain Revolution 2030” and blockchain advisor for Asian Productivity Organization (APO). His knowledge of blockchain technology has drawn attention from various international media.

Wadz CEO, Anish Jain, who will also speak in the forum, views this event as an excellent jumping-off point as Wadz goes full steam ahead. “Wadz is off to a promising start after attracting over 50,000 merchants in Indonesia and 5,000 in Vietnam,” he says. “Adopting the innovations Wadz offers will help merchants grow their businesses so we are confident that these numbers will further increase as we move along.”

Moderating the forum is Wadz’s Regional VP of Partnerships and passionate blockchain entrepreneur, Aaron Tan.

This forum is open to all. Interested parties can register for free at https://www.eventbrite.sg/e/blockchain-industrial-impact-wadz-beta-launch-tickets-81420696495.

 

Source: http://news.denvernewsupdates.com/story/190754/wadz-takes-on-traditional-payment-firms-with-the-beta-launch-of-its-application.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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