Category Archives: CyberVein

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Blockchain Technology Strengthens the Scientific Method

Blockchain technology has the potential to strengthen the scientific method by providing an immutable and transparent ledger system that scientists can use to store experimental data and share it with each other. This will make the scientific method more robust and efficient, accelerating the advancement of science and our collective knowledge of the universe.

An important part of the scientific method is to conduct multiple experiments to ensure that a result is accurate. In the past, experiments have led to incorrect theories being accepted as fact, only to later be debunked by further experimentation. With an immutable blockchain ledger, scientists will be able to inspect scientific data for errors and compare their experiments with each other, so that scientific theories based on solid evidence using proper experimental procedures can be developed.

Furthermore, storing experimental data in a blockchain ledger will allow other scientists to use the data for their own experiments, rapidly accelerating the sharing of scientific information. As it is now, data from scientific experiments is stored in many different locations and formats, making the sharing of data difficult and slowing down the scientific process.

Directed Acyclic Graphs (DAGs) are the most promising version of cryptographic technology that scientists can use to store data. They are like a blockchain, but better suited for large and complex data sets. CyberVein has already developed a DAG-based platform that scientists can use to store and share data, and it is more efficient than using the Bitcoin blockchain because it doesn’t require all nodes to store data. Also, it uses the Proof of Contribution algorithm, which is more efficient than Bitcoin’s Proof of Work algorithm. It is practically unfeasible to store large amounts of scientific data on the Ethereum or Bitcoin blockchains since it would cause blockchain bloat, and it would be very expensive to do in the first place due to transaction fees.

The spokesman for CryptoVein says, “On CyberVein, nodes are only required to store data shards relevant to their own transaction history and the smart contracts they are parties of. With this approach, CyberVein is able to store entire databases as smart contracts which are permissioned to their owners and participants, without congesting the rest of the ledger”.

CyberVein brands itself as a universal network of decentralized databases that doesn’t require centralized storage providers. It has a native cryptocurrency, CVT, which appears to be fairly active with a market cap of USD 60 million and daily trading volume in excess of USD 250,000.

 

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