It is anticipated that by 2020, nearly 50 million devices will be connected to the Internet. As this number skyrockets, so does the need for storage. The more pictures we snap and videos we produce, the more we demand from cloud technology. The Cloud is responsible for decentralizing the workforce and eliminating the hassles of hardware, but now the world is hungry for more.
Enter Blockchain. This technology is being hailed as cloud computing 2.0. It is not a replacement for the cloud infrastructure, but rather an exciting new layer.
Blockchain was invented in 2008 to power the worldwide payment system known as Bitcoin. A “block” is a record of new crypto-currency transactions that is added to a “chain” once completed. Blockchain is like a digital public ledger. Information is recorded chronologically and made available to everyone. It is increasingly proving to be a far more secure technology than Bitcoins themselves. This decentralized, trustless system is posing a threat to conventional online banking and many other industries. It offers shortened transaction times, lower costs and zero risk of human error. Its transparent nature makes it incredibly sustainable for businesses.
Thanks to blockchain technology, decentralized storage companies have found a way to rent out unused storage space on PCs. This system is like an AirBnB for data. Companies such as Storj allow users to rent out ‘spare rooms’ or gigabytes to those with growing data libraries. The data remains completely accessible to the user it belongs to, while being safeguarded from hackers. This is a viable option for anyone who has unused storage space sitting around on their home computer. For those looking to store data, it is pay-as-you-go system that doesn’t involve contracts. Theoretically, it seems like a win-win for everyone.
Blockchain technology may soon become more prominent in our day-to-day lives outside of the realm of storage rental. Moscow is testing the value of blockchain for electoral voting. The Netherlands is looking to track energy usage with trans-active grids enabled by blockchain. And the Australian stock exchange has also announced its integration of this technology.
Distributed cloud storage seeks to deliver an innovative solution for a problem that is increasing in magnitude. We are on the edge of something that could shake the way we look at the modern web. Let us know your thoughts on the potential of blockchain!
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