What are the best practices to store data on blockchain?

The use of blockchain development company in business it's still emerging as companies still explore new ways to use technology. Its strength as a platform to create new generations of transactional applications which will allow users to determine trust and maintain high security for his or her data and processes is one of its greatest promises and attractions.

Secure today doesn't mean secure tomorrow

The problem is that such an assumption fails to think about the longer term because as soon as hackers and other bad actors eventually break the cryptographic algorithms that protect such blockchain data today, then all that data will become a treasure trove for criminals. Regardless, developing technologies like quantum computing could at some point make successful attacks on the safety of cryptographic keys possible.

Never store large files on a blockchain

Blockchains work by using large numbers of computers that are basically replicating data. So, when data is stored on the blockchain, it gets sent to each other node or peer on the blockchain network. When that happens, storage and compute costs can go up exponentially.

 If you don’t want your data to be public, use a permissioned blockchain

Not all blockchains are public, where anybody has access to the knowledge and may add transactions and skim the info that’s in it. When enterprises want to stay things private, that’s where permissioned blockchains are available data are often stored, accessed and used only between the partners who got to have access. That’s the most reason such permissioned blockchains exist.

Create a governance structure for the blockchain

With blockchains, the challenges aren’t technical. Instead, the challenges involve the governance model that's chosen. to stay things working smoothly, it’s best to define the governance structure upfront and even before you dive into the blockchain.

choose performance and scalability requirements

Different tasks may require different blockchains. As a best practice, architects must understand the wants for his or her specific use cases and make sure that their blockchains meet those requirements, a bit like they might evaluate for the other technology.

Analyze blockchain business cases early

To ensure success for the project, says Jesse Chenard, the CEO of finance start-up MonetaGo, IT leaders should ask themselves many detailed questions early within the process about their goals for a blockchain initiative.