Enabling blockchain technology with IMC

Blockchain technology has driven several applications within the banking and financial services industries. According to market analysts, 80% of top banks have launched experimental blockchain projects. It is also estimated that 15% of these banks will likely launch new blockchain-based services in the market in the next few years. Implementing blockchain technology with IMC is helping businesses reduce barriers in blockchain implementation and change the way data is stored and managed.

The current problem with blockchain implementation is that existing legacy systems do not support secure, instantaneous, and well-integrated decentralized cryptosystems. Thus, building such ecosystems require scalable, distributed, and well-protected computing platforms. Implementing blockchain technology with IMC can facilitate businesses to meet these needs and successfully leverage blockchain-fuelled automation.

In-memory databases use main memory for computer data storage instead of physical disk storage. This brings benefits such as faster performance and response time, data compression, and reduced modelling. The concept of IMC is not really new, but it is becoming more popular because of better economics. Financial institutions are able to save money down the road by reducing data center energy costs and their hardware footprint.

Many companies are struggling to access blockchain data which means all that data is sitting untouched. IMC can be useful in building a platform that allows anyone to access the blockchain and derive meaningful insights. IMC can help payment companies operationalize data from blockchain. Thus, it can enable companies to make better decisions and developers to write smarter applications.

A move to blockchain technology with IMC

Blockchain technology is facing a major problem as the time it takes for transactions to be processed has increased dramatically. This has caused businesses to stop accepting the cryptocurrency and others to issue warnings that these problems could be terminal. The average time it takes for a blockchain transaction to be verified is now 43 minutes and some transactions remain unverified forever. Some of the problems stem from the fact that anyone can add a fee to every blockchain transaction which bumps that transaction up in the queue, meaning that those who didn’t pay such a fee might be waiting hours and sometimes even days for a transaction to complete.

In-memory computing is now delivering real-time capabilities. The move to in-memory technologies roughly corresponds to the explosion in use of real-time data included in blockchain transactions. About 28 percent of organizations that have employed in-memory technologies have said that IMC has facilitated the development of high performance, response-time critical, and low-latency blockchain use cases which are fast becoming vital for better business insight, thereby providing faster transactional and analytical processing.

Beyond financial use cases, IMC in blockchain technology can facilitate companies to make better and effective use of the transparency that blockchain provides to verify provenance of products for the entire supply chain, or notary services that prove the ownership of any digital document. IMC is, therefore, bringing out a lot of potential opportunities in blockchain technology.