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Data is the “new oil” in the 21st century. In a decade, from 2010 to 2021, the amount of data created, captured, and consumed increased by about 5000%. Data predictions reveal that the amount of data created in the next three years will exceed the data created over the last 30 years. The increase in the usage, access and importance of data in businesses as well as individuals stirred a demand for database management systems.
Database management systems, commonly used for the creation and management of data, helps enterprises to support their operations and empower individuals to better navigate their personal and professional lives. However, the current systems for database management have become redundant. Conventional database management solutions are strife with complications, lack of secured infrastructure, and absence of user control over their data assets.
These concerns have been evident from the several incidents pertaining to illegal and unethical access of data. Database management on centralized servers has resulted in breaches of confidential and integral information. In November 2021, the private and personal information of over 1.5 billion Facebook users was being sold on a forum. Entire industries such as healthcare have also witnessed cyber attacks and data breaches. Statistics reveal that by the end of 2020, security breaches cost $6 trillion for healthcare companies.
The traditional infrastructure of database management has also led to manipulation of user data by tech conglomerates and users losing control over their private information. Even with the introduction of multi-cloud platforms that enable low latency and querying of structured data, the concerns mentioned above still persist in the database management industry.