Master data management blockchain
It's easy to think of large organizations as centralized and monolithic, but the reality is often the opposite. For banking, healthcare, transportation, energy, manufacturing, and other sectors, the trend is decentralized locations and teams managing local data. But it's a trend that comes with the potential for chaos — especially for master data, where accuracy, security, and conformity are essential. Building Master Data Management capabilities on the blockchain offers the benefits of traditional MDM while also taking advantage of powerful new paradigms for flexibility, consensus, and embedded analytics.
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Master data management blockchain
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- Computer Science Colloquium
- The added value of blockchain in ports & logistics
- The potential of blockchain to disrupt clinical research data management and transparency
- Is Blockchain a Better Solution for Managing Health Data?
- Blockchain Technology
- Enterprise Data Management for Blockchain
- Dun & Bradstreet is testing blockchain as a way to securely distribute its content
- How Is Blockchain Helping the Traditional MDM?
- A Blockchain Platform for User Data Sharing Ensuring User Control and Incentives
Computer Science Colloquium
David Kaaret has worked with major investment banks, mutual funds, and online brokerages for over 15 years in technical and sales roles. He has helped clients design and build high performance and cutting edge database systems and provided guidance on issues including performance, optimal schema design, security, failover, messaging, and master data management.
A major center of cost and effort in the financial services industry is the handling of post-trade processing. Post-trade processing is a complex process. Some of the processes involved include:. Within a single firm, it is common for multiple business units and independent systems to be involved with the processing of a single trade.
It is often necessary to interact with multiple external firms beyond those of the counterparty. Errors are common given the complexity and speed of the modern trading environment. The post-trade processing environment understands this and is flexible and forgiving toward errors. Straight-through processing STP is meant to allow trades to be processed as quickly as possible after trade execution. STP has only been possible to achieve in limited areas because of the complexity of post-trade processing.
Blockchain replaces the individual ledgers maintained by each firm and replaces them with a common, distributed, legally binding ledger. With blockchain, reconciliation of ledgers and its associated tasks — like exception handling — disappear because a single logical ledger means there is nothing to reconcile.
Advocates of this technology argue that blockchain simplifies and speeds up regulatory reporting because the data needed for the reports is centrally stored. Financial crime can therefore be reduced because ledger transactions cannot be modified, clearing and settlement will become instantaneous, and data accuracy will be increased, all while cost and risk will be reduced.
While all these benefits may be possible, there is the question of how do you go from here to there? While the potential benefits of blockchain are real, the reasons for the existence of current trade-processing infrastructures are also real. However, not all the work will go away. The post-trade work that remains will have to move to real-time. Most importantly, the fundamental serial batch approach of many existing systems is not suitable for the new world.
Blockchain will not be adopted universally, all at once. Instruments and locations will adopt it at different rates and at different levels of completeness. Firms will need to support both blockchain and non-blockchain based trade-process for the indefinite future. At a technical level, to accomplish the requirements listed above requires a new approach.
Basically, there are a number of fundamental building blocks that, along with a sufficiently flexible infrastructure, can make it possible to build the new trade-processing infrastructure. These building blocks are:.
Real-Time — Having multiple processes each handling a part of the trade-processing in a serial fashion with their own copy of the data makes it difficult to implement STP. Having each data element exist only once with all processes accessing that central copy is a much better approach. With a batch processing framework, data integrity is easy to maintain as only one process accesses a given data element at any one time.
With a real-time system data integrity means transactions and ACID. Handling Complexity — Trade-processing is done for instruments that are easy to model, like equities. Trade-processing is also done for instruments with complex underlying object models, like certain swaps.
Complex instruments can be difficult to describe, especially in a relational schema. Trade-processing needs to verify trades are consistent with the appropriate master agreements — information that exists in the form of legal documents and not relational tables. To fully implement real-time trading, it is necessary to have an infrastructure that is able to automate the handling of this kind of data.
When moving to blockchain, the probability of success is much greater if the new infrastructure can leverage as much of the existing infrastructure as possible and not require a complete rewrite of the entire process.
ETL — A key to moving to a blockchain-based trading system is moving away from extensive batch-oriented processing to real-time ETL. This is difficult to do in relational-based systems because a large amount of the ETL is translating data from its original format into the tables, rows, and columns that relational requires.
This requires substantial development time to model and can be time-consuming at run time. Another reason for the multiple, independent, ETL processes of today is that a given ETL process may require data to exist in a certain format. The process may need to transform the data it receives to its desired form — resulting in the need for multiple copies of the same underlying data.
To move to real-time ETL, it is necessary that the database underlying trade-processing can provide different views of the same data to different users. This is a tough new constraint.
Any trade-processing infrastructure built for a blockchain based environment must have rigorous error detection and correction capabilities. In a blockchain era this is problematic for two main reasons:. The reality is that trade-processing is complex and hard and relational is not a good fit to handle it. When real-time trade-processing is required the disadvantages become overwhelming.
The world of trade-processing is changing. In the future, it will move faster and demand higher levels of accuracy than ever before. The trade-processing systems of today are not ready for the demands of tomorrow. Moving to this new world will require fundamental enhancements in the underlying trade-processing frameworks starting with the ability to handle diverse, constantly evolving, data sets.
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The added value of blockchain in ports & logistics
What is blockchain? Blockchain is the database technology behind the Bitcoin network. It stores data chronologically in blocks that are chained together. Blockchains can be centralized or decentralized, and even controlled collectively, which makes them almost impossible to alter or hack effectively.
The potential of blockchain to disrupt clinical research data management and transparency
Skip to Main Content. A not-for-profit organization, IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity. Use of this web site signifies your agreement to the terms and conditions. Grid Terminal Data Security Management Mechanism Based On Master-Slave Blockchain Abstract: In order to design an end-to-end data security preservation mechanism, this paper first proposes a grid terminal data security management model based on master-slave Blockchain, including grid terminal, slave Blockchain, and main Blockchain. Among them, the grid terminal mainly completes data generation and data release, the receiving of data and the distributed signature of data are mainly completed from the slave Blockchain, and the main Blockchain mainly completes the intelligent storage of data. Secondly, the data security management mechanism of grid terminal based on master-slave Blockchain is designed, including data distribution process design, data receiving process design, data distributed signature design and data intelligent storage process design. Finally, taking the identity registration and data storage process of the grid terminal as an example, the workflow of the data security management mechanism of the grid terminal based on the master-slave Blockchain is described in detail.
Is Blockchain a Better Solution for Managing Health Data?
In my previous column on TDAN. As you are well aware, each one of these is a fairly broad topic and lots of sub-topics underneath it. I introduced blockchain technology, which we all know is at the heart of bitcoin and other virtual currencies, is an open, distributed ledger that can record transactions efficiently and in a verifiable and permanent way. It maintains a growing list of ordered records, called blocks.
Blockchain contains what everyone in data management, from data scientist to chief data officer CDO , wants: Information that comes with complete provenance. That is data showing who did what, when and with full history from day one. Verified by all parties participating in the network, transparent, with complete reconciliation, and secured by the latest in cryptography. Blockchains have their origins in cryptocurrency platforms, in particular bitcoin, where they represent historical records of verifiable monetary stake. They were designed in the first place to solve the double spending problem, that is, to establish consensus in a decentralized network over who owns what and what has already been spent. A blockchain enables secure storage of arbitrary information — in some cases, a token balance; in other systems more complex information — within the network simply by securing a set of private keys.
In an interview at the end of last year, SupplyOn Group blockchain expert Ralf Knobloch spoke about the potential offered by blockchain technology in the area of supply chain management. This time we talked to him about the criteria he uses to carry out an advance assessment regarding the suitability and cost-effectiveness of a possible blockchain use case. Ralf, to pick up the thread again: you said in the last interview that you critically scrutinized the benefits of the technology in each individual case. So when does such a distributed ledger application DLT make sense? The key is the level of trust in the various business partners along the value chain. Or the effort that has to be put into gaining and securing that trust.
Enterprise Data Management for Blockchain
What is blockchain? Bitcoin has a mixed reputation. Yet its technological underpinnings have a transformational potential for businesses and governmental institutions.
Dun & Bradstreet is testing blockchain as a way to securely distribute its contentRELATED VIDEO: Дмитрий Лавриненко \
Revolutionize your business with blockchain technology. TIBCO has the experts, knowledge, and experience to help you get the most out of any blockchain solution. We can help you assess use cases and value creation, then establish a solution to securely exchange transactions, automate business processes with smart contracts, monitor and analyze data, and much more. Start investigating the untapped potential of blockchain technology to make your business truly digital.
How Is Blockchain Helping the Traditional MDM?
Try out PMC Labs and tell us what you think. Learn More. Over the last century, disruptive incidents in the fields of clinical and biomedical research have yielded a tremendous change in health data management systems. This is due to a number of breakthroughs in the medical field and the need for big data analytics and the Internet of Things IoT to be incorporated in a real-time smart health information management system. In addition, the requirements of patient care have evolved over time, allowing for more accurate prognoses and diagnoses.
A Blockchain Platform for User Data Sharing Ensuring User Control and Incentives
One of the key enablers in cyberspace for establishing global data structures and management has been a wide range of decentralized technologies. Global business, and now more clearly, cyberspace, inhabits a realm characterized by the paradox of singularity, or unipolarity that remains unattainable yet to some degree, necessary. The typical international response has been to introduce various interoperability frameworks. Today blockchain technologies are steadfast becoming the de facto solution for addressing this lack of unipolar sovereignty for politically, financially and technically establishing and maintaining decentralized networks in cyberspace.