BlockCloud: The Future of Blockchain Technology and Cloud Storage

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BlockCloud: The Future of Blockchain Technology and Cloud Storage

Posted 20 April 2021

The development of cloud technology has advanced the world of software development, storage, services, and online transactions. As one of the most in-demand technologies in the modern market today, many companies have shifted their data centers onto the cloud due to high redundancy, load balancing, data integrity, and backup options. ☁️

However, the rising level of complexity of cloud computing has made it an attractive target for attackers worldwide, who constantly monitor the security of data storage providers. In addition, businesses are expressing growing concerns about the possibility that cloud providers won’t be able to provide access to information as a result of disruption in their own operations, causing massive downtime in their network. 👎

The solution? Blockchain-based Cloud Storage 💡

Whilst looking for the ideal answer to the risks cloud computing faces, the blockchain innovation provides significant inputs and emerges as a strong contender in providing a solution. Blockchain continues to bring new innovations not only into finance organisations, but also property, automotive, music, trading, and healthcare. Its technologies mean data can be split into numerous pieces, referred to as blocks. Each block is encrypted, giving each block of data a unique hash, which is then distributing that data across multiple computers or “nodes” on the network, conceivably, all over the world, in a process called “sharding”. This arrangement provides greater privacy and security compared to a centralized cloud storage system subject to hackers trying to hack their way in and steal users' information. 🕵️

What are the benefits of Blockchain-based Cloud Storage?

Higher level of Security

Businesses and personal users can expect much better data privacy and security because of the way their files are uploaded and stored. Storj Labs cofounder John Quinn describes it as being “like blowing a handful of encrypted sand across a large, windswept encrypted beach…good luck finding the right grains of sand, much less putting them back together again.” Most banks now work with blockchain especially within security since the technology promotes maximum security and trust and allows all parties to work with one single reference point, which can cut manpower and middlemen costs. 🔒

Lower costs

Blockchain is a new and cheaper way to perform cloud storage. Based on Dropbox’s pricing model a user would have to pay a flat rate of $9.99 per month for a terabyte of data and there can also be set up fees coupled with that when a user first signs up. Because you are using Dropbox’s space that they specifically designed for storage they are unable to provide a cheaper price for storing less information. This is where blockchain storage stands out significantly in cost and offers a pricing plan much more flexible. Blockchain uses extra space on other computers, bypasses any overhead costs that are associated with running a typical cloud storage company and allows you to purchase storage by the gigabyte to get the exact amount of storage you need which can lower your overall expenses to half. 💰

Greater efficiency and speed

Users experience increased speed when accessing their Blockchain-based cloud data with a speed of up to 10 ten times faster. With no single authority who has oversight over your files, a Blockchain solution will provide faster speeds because users are not reliant on a central server point. Users can also expect to experience decreased downtime and less risk of file loss because several copies of each file segment are stored on various nodes worldwide.

Prevents Data Tampering

A concern of cloud storage has always been ensuring that the original data has not been tampered with. Blockchain provides complete transparency and offers a trusted way to track the storage and view the backup history to confirm that the original data has not been modified. By storing the encrypted hashes of the related data blocks, you can track and verify the data to its originality. Thanks to its strong and interconnected mesh of blocks the Blockchain-based cloud storage means any shady activity in the network can be recognised quickly. 🔎

Blockchain-based cloud storage provides a solution to the risks of Cloud storage by adding an extra layer of security with its interlinked blocks, hashing functions, and decentralized architecture. By choosing Blockchain-based Cloud Storage businesses and users can reduce their IT spending, maximise the security, and streamline the flow of information. The World Economic Forum predicts that by about 2027 about 10% of the global GDP would be stored on blockchains so companies should start investigating the way their data is stored today. The future is now and the possibilities for continuous improvements of Blockchain-based Cloud Storage has a definite potential to revolutionize the way we store data.​ ⛓️

☁️☁️☁️☁️🚀☁️☁️

Resources:

https://eternacapital.medium.com/blockchain-based-decentralised-cloud-computing-277f307611e1

https://cloudcomputing-news.net/news/2017/jan/31/building-blockchain-success-how-cloud-heart-it/

https://blogs.gartner.com/marco-meinardi/2019/05/21/blockchain-cloud-computing-have-in-common/

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