Nearest color algorithm using Hex Triplet

Question

Wikipedia has a list of colors that I am using for a basis of color names. I want to find the nearest named color given an arbitrary RGB value.

For example #5D8AA8 hex triplet is "Air Force Blue". This information will be stored in a database table (tbl_Color (HexTriplet,ColorName)) in my system

Suppose I created a color with #5D8AA7. I need to get the nearest color available in the tbl_Color table. The expected answer is "#5D8AA8 - Air Force Blue". This is because #5D8AA8 is the nearest color for #5D8AA7.

Do we have any algorithm for finding the nearest color?

References

1. Algorithm for parsing hex into color family
2. Algorithm for finding the color between two others - in the colorspace of painted colors