MarkLogic, a NoSQL database supplier, has introduced a feature which allows organisations to look at data as it has been at different points in time.
“Bi-temporality”, as it is called, could prove useful in regulated industries. The supplier gives the example of trade reconciliation in banks to meet risk management and auditing requirements mandated, in the US, by the Security and Exchange Commission’s Dodd-Frank legislation. This aims to prevent another financial crisis due to poor regulation by creating processes that enforce transparency and accountability while implementing rules for consumer protection.
One customer for bi-temporality is New York-based financial services company Broadridge, which handles securities processing and investor communication for its clients.
Paolo Pelizzoli, global head of architecture, global technology operations, at the firm, said: “MarkLogic’s bi-temporal offers the flexibility of correlating and delivering additional value of data, by providing intra-day information, not just end-of-day information, to a diverse customer group. It will provide an entirely new opportunity for our customers to perform additional analytics, as well as enabling much richer capabilities in the area of compliance management.”
More on NoSQL database technology
MarkLogic said while bi-temporal data management has been possible to a certain extent using SQL technology, the need to modify the schemas when a data source changes makes this approach expensive and time consuming, but this problem does not exist with NoSQL databases because they are schema-agnostic.
The company said, with MarkLogic 8, this is the first time a NoSQL supplier has integrated bi-temporality into its database.
“It is also applicable for any organisation that relies on historical information – legal, healthcare and intelligence services. Imagine the effect this can have on investigations, such as Tesco’s relationship with its suppliers or the phone hacking trials,” it said.
The supplier also said it is making it easier for organisations to deploy in the cloud with a limited offering of a free 12-month developer licence, free three-node production cluster on Amazon Web Services for 12 months, free training and access to technical resources.