Enable Bitcoin and Blockchain Technology with In-Memory Computing: White Paper
This white paper discusses bitcoin and blockchain technology, describes the innovative opportunities this technology offers for financial services firms, and examines how in-memory options such as the GridGain in-memory computing platform can address the challenges and boost the effectiveness of tomorrow’s blockchain applications.
Bitcoin and blockchain, the digital-ledger technology behind this electronic currency, are generating enormous amounts of interest in the financial services industry. Most of the larger banks are investigating this area, and many technology companies are building platforms to enable blockchain technology for financial services firms.
In a 2016 Deutsche Bank survey of 200 participants in the global financial industry, almost all respondents (87 percent) expected this revolutionary technology to have a major impact on the securities services market. Three-quarters of the respondents said they expected to see widespread adoption of blockchain technology within the next three to six years. In addition, almost two-thirds expected blockchain adoption to produce substantial savings, in the range of 11 to 25 percent.
However, the adoption of blockchain technology will require significant technology upgrades. Current legacy systems cannot provide the security and performance needed to support the decentralized blockchain architecture in a well-integrated way. Participants will need scalable, distributed, and well-protected computing platforms in order to leverage the technology successfully.
Blockchain technology offers a compelling path forward for financial firms seeking to move away from a batch-processing and reconciliation-based model and toward real-time, synchronized transaction processing. Companies are embracing this digital-ledger technology bitcoin and non-bitcoin transactions. These companies require the performance and scale provided by in-memory computing to store, aggregate, and process large volumes of blockchain data at real-time speeds.
Solving Bitcoin and Blockchain Challenges with In-Memory Computing
The GridGain in-memory computing platform overcomes the challenges of Bitcoin and blockchain projects with features that improve performance, scale, and interoperability. Data Grid improves the speed and scale of blockchain transactions. Compute Grid provides parallel processing for calculations required for building and updating blockchains. Compute Grid’s parallel processing capabilities also speed up reconciliation and compliance checking. SQL Grid allows companies to connect the GridGain In-Memory Data Fabric to other systems for analytics and reporting.
Combining an open source framework with enterprise-level features, the GridGain in-memory computing platform offers a high performance, scalable, and comprehensive solution. The GridGain in-memory computing platform is an elegant and efficient solution to leverage the power of blockchains for streamlined transaction processing.
The key modules of the GridGain in-memory computing platform are that relevant to Bitcoin and blockchain use cases are:
- Data grid – Essentially an in-memory key value store that can be queried
- SQL grid - provides the ability to interact with data in-memory using ANSI SQL-99 via JDBC or ODBC APIs
- Compute grid - A stateless grid that provides high-performance computation in memory using clusters of computers and parallel processing
- Service grid - A service grid in which grid service instances are deployed across the distributed data and compute grids
- Streaming – The ability to consume an endless stream of information and process it in real-time
- Advanced clustering – The ability to automatically discover nodes, eliminating the need to restart the entire cluster when adding new nodes
Enable Bitcoin and Blockchain Technology with In-Memory Computing White Paper
If your organization is developing or trying to improve a Bitcoin and Blockchain technology solution, please download Enable Bitcoin and Blockchain Technology with In-Memory Computing, a new GridGain Systems white paper that takes a detailed look at Bitcoin and blockchain requirements and how in-memory computing can deliver the performance and scale Bitcoin and blockchain use cases demand.