Blockchain-Based Application Security Versus Centralized and Distributed Data Management Systems – A Comparative Study

The current research aims to extend the existing literature on the differentiation of Blockchain Technology (BCT) from Distributed Ledger Technology (DLT) and traditional database management systems (DBMS) on grounds of providing additional security to user applications. Through a qualitative hierarchy methodology, it identifies prominent factors contributing to the same. 31 working professionals across a range of industry types were subjected to a semi-structured interview and the interview transcripts were analysed through NVivo and Rstudio. The findings suggested that the use of BCT in various daily use applications will drastically enhance security over traditional DBMS on grounds of traceability, immutability, transparency, accountability and non-hackability of data. The implementation of BCT over DLT in applications pointed towards enhancement of security too, but considering the areas only when the technical novelty of BCT is needed over the already robust DLT. While some industries would benefit straightaway, some need to strategically set their requirements on grounds of application security and think mindfully before implementing BCT considering the enhanced technical novelty of the same for visibly reaping its benefits.