The premise of my article is to dive into the architecture of databases and learn why it has worked well for enterprises. While comparing the resiliency of databases with the value proposition of permissioned chains. Finally a look ahead of how ledger database if architected correctly could be poised to ride the next wave of innovation. Jon Choi argued that we should retire the word blockchain and use the term “open networks”. The conclusion from Jon’s article is that open crypto networks, “are networks that share resources and responsibilities with their participants”. By establishing the term this would allow the community to evolve and grow independently from other communities. I would argue that the enterprise community should retire the word blockchain and adopt the term “ledger databases”.
There is a cost of developing resources, designing the framework, governance and proving out the concept. For example, IBM and Maersk (shipping company) established a consortium to allow shipping companies to automate custom clearance, trade finance, and document transfers within an established shipping consortium. Within a few months of launching Maersk has had trouble onboarding shipping companies because they felt threatened by Maersk operating the consortium.