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Research Paper | Information Technology | India | Volume 9 Issue 1, January 2020 | Popularity: 4.7 / 10

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Conflict Resolution Strategies in Financial Data Replication Systems

Abhilash Katari

Abstract: In the intricate world of financial data replication, conflicts are inevitable, especially in distributed environments where data is constantly moving across multiple systems. This article delves into the various strategies employed to tackle these conflicts, ensuring data integrity and consistency. We begin by exploring the common sources of conflict in financial data replication, such as network latency, system failures, and concurrent updates. Recognizing these challenges, we discuss the importance of establishing robust conflict resolution mechanisms. The article highlights several key strategies, including timestamp-based conflict resolution, where the most recent update prevails, and versioning, which maintains multiple versions of data to handle discrepancies. We also examine the use of consensus algorithms, such as Paxos and Raft, to achieve agreement among distributed nodes. These techniques are essential for maintaining the accuracy and reliability of financial data, which is crucial for decision-making and compliance. Additionally, we look at real-world examples and case studies that illustrate the successful implementation of these strategies in financial institutions. By understanding the practical applications, readers can better appreciate the complexities and solutions involved in financial data replication. Ultimately, this article aims to provide a comprehensive overview of conflict resolution strategies, offering valuable insights for professionals involved in managing financial data systems. By adopting these strategies, organizations can enhance their data replication processes, ensuring seamless operations and fostering trust in their financial systems.

Keywords: Financial data replication, conflict resolution, distributed systems, data integrity, consistency, system reliability, update conflicts, delete conflicts, insert conflicts, timestamp-based detection, version vectors, dependency tracking, Last Write Wins (LWW), Operational Transformation (OT), Multi-Version Concurrency Control (MVCC), quorum-based approaches, Paxos, Raft, application-level conflict resolution, human intervention, blockchain, AI-driven conflict detection

Edition: Volume 9 Issue 1, January 2020

Pages: 1974 - 1982

DOI: https://www.doi.org/10.21275/SR24926100330

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