Continuously evolving, technology remains a highly promising sector, with areas such as artificial intelligence, cybersecurity, cloud computing, and software development showing substantial growth potential. For instance, the field of artificial intelligence (AI) continues to advance, with applications ranging from smart assistants to autonomous vehicles. As the gaming industry increasingly embraces digital platforms and technologies to enhance user experiences and expand its reach, Acebet casino software development has demonstrated substantial growth potential in the crypto sector. Cybersecurity, another critical area, is seeing sustained demand as businesses and individuals seek protection against evolving online threats. Cloud computing is central to modern IT infrastructure, offering scalability and efficiency for businesses of all sizes. 

Healthcare & Biotechnology

In an era of rapidly aging populations and groundbreaking medical advancements, the healthcare sector, encompassing biotechnology, pharmaceuticals, and telemedicine, is primed for remarkable growth. Imagine a world where patient data is fortified with unparalleled security and seamless interoperability among healthcare providers. Picture a future where the authenticity of life-saving pharmaceuticals is guaranteed, counterfeit threats obliterated. Blockchain stands as the beacon illuminating this promising path of innovation. In the healthcare sector, companies like MedRec are using blockchain to secure medical records, reducing data breaches and enhancing patient privacy.

Renewable Energy

With the increasing focus on sustainability and climate change, renewable energy sectors like solar, wind, and electric vehicles are poised for substantial growth. It may verify the source of renewable energy generation.

Travel Industry

Smart contracts can automate and streamline the booking process for flights, hotels, and rental cars. This reduces the risk of double bookings and eliminates the need for intermediaries, resulting in cost savings.

E-commerce & Online Retail

The shift toward online shopping and the digital economy has made e-commerce a promising sector, especially with the rise of direct-to-consumer brands. The technology may enhance supply chain transparency by tracking the movement of goods from manufacturer to consumer, reducing fraud and ensuring product authenticity.

Education Technology (EdTech)

The pandemic accelerated the adoption of online learning, making EdTech a promising sector for the future. Blockchain, in its turn, may verify and secure academic credentials, making it easier for employers and educational institutions to validate the qualifications of job applicants and students.

Food & Agriculture Tech

Innovations in agriculture technology, including vertical farming, precision agriculture, and sustainable food production, are gaining attention. Blockchain can trace the origins of food products, helping to identify the source of contamination in the event of a foodborne illness outbreak and ensuring the integrity of organic and sustainable claims. The food industry is also benefiting from blockchain, with retail giants like Walmart employs blockchain technology to trace the entire lifecycle of food products, from their origin on the farm to the moment they grace the store shelves. 

Remote Work & Collaboration Tools

With the shift to remote work, businesses that provide collaboration tools, remote work solutions, and digital workspace platforms are seeing growth. Blockchain can enhance the security and privacy of remote work tools, ensuring that sensitive data and communications remain confidential.

Entertainment & Streaming Services

Blockchain can enable transparent and fair compensation for content creators, reduce piracy, and provide unique digital assets within gaming and entertainment platforms.

Aerospace

Blockchain can be utilized to track the maintenance and repair history of aerospace components, ensuring their safety and reliability in space missions.

Key Takeaways

Blockchain technology is poised to revolutionize various sectors, offering an unprecedented blend of transparency, security, and trust through its decentralized ledger technology. This innovation isn’t just hypothetical; it’s backed by compelling figures, fascinating surveys, and real-world facts.

Impressive Figures:

• The global blockchain technology market is expected to achieve a remarkable milestone, as projected by MarketsandMarkets. By 2025, it is anticipated to reach a staggering $39.7 billion, exhibiting a substantial compound annual growth rate (CAGR) of 67.3% to 2025.
• In 2020, blockchain-based solutions garnered investments exceeding $1.1 billion, indicating a substantial vote of confidence from investors and businesses in the technology’s potential.

Compelling Surveys:

• A survey conducted by Deloitte found that 53% of senior executives from various industries believe blockchain is a top-five strategic priority for their organizations.
• PwC’s 2020 Global Blockchain Survey revealed that 32% of respondents identified blockchain as a game-changer for their industry.

In Conclusion

In essence, blockchain isn’t just a buzzword; it’s a transformative force that has the potential to reshape industries and redefine business processes. Its applications are as diverse as the sectors it touches, offering tailored solutions to meet unique challenges and requirements. From healthcare to finance, from supply chains to entertainment, blockchain’s promise is being realized with each passing day, making it an innovation of immense consequence in the modern world.

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In this context, operators should consider offering blockchain-specific casino bonuses to entice players to embrace this new technology. These bonuses can include reduced transaction fees, faster withdrawals, and exclusive promotions for users transacting with cryptocurrencies. Such incentives can act as a bridge, easing the transition for players from traditional iGambling to blockchain-based platforms.

The Blockchain Revolution in iGambling: A Quick Glance

Blockchain technology’s entrance into the iGambling sector has been nothing short of revolutionary. Its decentralized ledger system ensures tamper-proof records of all transactions, providing players with a level of transparency and fairness that was previously unimaginable. Furthermore, blockchain enhances security by eliminating the risk of data manipulation and fraud, thus fostering trust among online gamblers.

The Promise of Blockchain in iGambling

First let’s explore the promises and potential benefits of the integration in the iGambling industry:

1. Transparency: Blockchain ensures that every transaction, from wagers to payouts, is recorded on an immutable ledger. Players can easily verify the fairness of games and the integrity of their wagers.
2. Security: The cryptographic nature of blockchain technology makes it nearly impervious to hacks and data breaches, assuring both operators and players that their funds and personal information are secure.
3. Speed and Cost-Efficiency: The transactions are quicker and more economical, enabling quicker withdrawals and deposits.
4. Global Accessibility: It operates globally, allowing players from various parts of the globe to participate in iGambling without the constraints of currency conversion and international regulations.
5. Reduced Fraud: The distributed structure of blockchain minimizes the risk of fraudulent activities within iGambling, making it more appealing to players seeking a safe and secure environment.

Now, let’s navigate through some of the common pitfalls and challenges that iGambling businesses may encounter when venturing into blockchain development.

Common Pitfalls in Blockchain Development for iGambling

1. Regulatory Compliance: One of the primary challenges faced by iGambling businesses embracing blockchain is navigating the complex regulatory landscape. Regulations governing cryptocurrencies and gambling vary widely across countries and regions. Ensuring compliance with these laws is crucial to avoid legal complications.
2. Scalability Issues: It’s a bit like climbing Everest in a digital landscape, and even the mightiest, like Bitcoin and Ethereum, occasionally pause for a well-deserved breather when faced with scalability challenges. It’s like watching superheroes momentarily catch their breath before taking on the next epic battle.
3. User Adoption: While blockchain technology is gaining traction, it is still relatively new to the mainstream. Convincing players to switch from traditional iGambling platforms to blockchain-based ones can be a hurdle. Offering enticing casino bonuses, specifically tailored for blockchain users, can help attract a broader audience.
4. Smart Contract Security: iGambling businesses often use smart contracts to automate payouts and ensure fairness. However, vulnerabilities in smart contracts can lead to significant losses if exploited. Rigorous auditing and security testing of smart contracts are imperative.
5. Data Privacy: Blockchain’s transparency can conflict with data privacy regulations, such as GDPR. Finding a balance between transparency and privacy is crucial to avoid potential legal issues.

Trends and Statistics in Blockchain Gambling

As we tiptoe through the jungle of challenges, let’s not forget to don our safari hats and uncover the treasure trove of trends and statistics in blockchain gambling. Buckle up, intrepid explorers, for here’s the scoop:

• In a plot twist of epic proportions, a prophecy by Grand View Research foretells a grand finale where the global blockchain in iGambling market will dazzle and amaze, reaching an awe-inspiring $3.07 billion by 2028. It’s like discovering a hidden gem in the desert, only this gem is digital, decentralized, and decidedly dazzling.
• There’s more! Blockchain-based casinos are the cool cats on the iGambling block, offering players a seat at the transparency table. 
• In a plot twist worthy of a Hollywood blockbuster, non-fungible tokens (NFTs) have stormed the iGambling arena. Players now have the power to wield unique in-game assets and collectibles, transforming the game into a high-stakes scavenger hunt where every NFT is a golden ticket.
• And the party isn’t confined to the digital realm. Betting platforms, sportsbooks, and poker rooms have all taken a dive into the blockchain pool, surfing the waves of innovation and trust in a bid to catch the biggest, blockchain-powered wave.
• To top it all off, industry giants have shed their old skins and embraced this digital revolution, proving that cryptocurrencies and blockchain are not just here to stay; they’re here to dominate. 

Summary

My prospects for blockchain development in top businesses are undeniably optimistic. From supply chain optimization to decentralized finance (DeFi) applications, blockchain’s ability to enhance transparency, security, and efficiency is indisputable. For top businesses, the integration of blockchain is not just a trend; it’s a strategic move to stay competitive in a rapidly evolving digital landscape. As I analyze the market, I see opportunities for businesses to streamline operations, reduce fraud, and gain a competitive edge. The prospect of blockchain’s role in reshaping business processes, enhancing trust among stakeholders, and creating innovative solutions is what fuels my unwavering enthusiasm for this technology. It’s not a matter of if, but when, top businesses will fully embrace blockchain, and I am excited to be at the forefront of this transformative journey.

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What prospects for blockchain use are expected in 2023

The potential for the widespread use of blockchain technology is incredibly exciting for the year 2023. With blockchain, users will be able to securely transfer digital assets and information from one end of the world to the other, with trust and transparency infusing their transactions like never before. We can expect an evolution in commerce, with businesses being able to instantly verify customer identities and authenticate product information using distributed ledgers. Financial services are likely to experience a revolution as well, with manual processes becoming automated on a scale not seen before. From smart contracts that are self-executing, to traceability standards that guarantee product safety and quality assurance – there is no doubt that potential for blockchain use in 2023 is going to be immense!

Crypto exchanges in the modern world

The emergence of crypto exchanges in the modern world has been a real game-changer for those looking to invest in digital currencies. They provide a safe, secure, and cost-effective way to buy, sell, and transfer digital assets without needing to deal with intermediaries or banks. By allowing users access to hundreds of cryptocurrencies and real-time pricing information, these exchanges offer unparalleled flexibility and convenience. With increasing numbers of people worldwide actively engaging in the cryptocurrency market via exchanges on a daily basis, it is clear that this technology is here to stay!

Can crypto exchanges gain the same credibility as banks

Cryptocurrencies are gaining more and more traction each day, and with that, many exchanges are attempting to gain the same credibility as banks. This would allow them to provide access to additional services that were only previously available through financial institutions. With the security of blockchain technology, innovative measures like having two-factor authentication, KYC processes and 24/7 customer support all become viable and attractive options for the crypto-inclined public. People no longer need to be told that a certain exchange is trustworthy because they can now make their own decisions based on clear criteria; it’s an exciting time and an even more exciting prospect!

Why cryptocurrency settlement is not becoming popular everywhere

Cryptocurrency as a settlement currency has enormous potential to revolutionize the way money is traded and exchanged, but unfortunately it is not becoming popular everywhere. It is true that certain countries are beginning to embrace its use, but there are still many places where the government remains skeptical of the technology. Much of this reluctance is due to the risks and challenges associated with crypto such as its volatile nature, decentralized structure, lack of regulation, and perceived anonymity. However, it’s important to remember that by exploring these possibilities we make progress towards achieving greater financial freedom and efficiency in our global economy. Therefore, despite cryptocurrency not yet being widely accepted for settlements everywhere it’s exciting to consider what expanded opportunities could arise from its use in the future!

High volatility is bad for cryptocurrency buying and selling transactions

There is no doubt that buying and selling cryptocurrency comes with high risk. As the value of cryptocurrency rapidly increases and decreases due to high volatility, it can be dangerous when trying to make serious financial transactions with these digital coins. With that said, understanding that the asset class is prone to sharp corrections can help one manage their money successfully when investing in cryptocurrency. It is important to be aware of the risk associated with this new kind of currency, otherwise you could potentially suffer great losses as a result. That’s why it pays to do your research before embarking on crypto investing – know your market, watch how it moves, and create a plan for how you want to buy and sell accordingly. If you follow these steps and stay alert for changes in price, then you’ll be well on your way to protecting yourself from any negative impacts high volatility may have on your transactions!

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Controlling the supply of products using blockchain

Blockchain technology has opened up new opportunities when it comes to controlling the supply of products. Using this technology, product owners can create unique digital identification characteristics to give consumers a view into product history and provide certainty that their purchase is safe, legitimate, and untampered with. With this system in place, merchants can be sure they’re only receiving authentic items and protecting themselves from counterfeit products entering the market. This unprecedented visibility and security have far-reaching implications for businesses and consumers alike. By decreasing costs related to tracking product information, blockchain could revolutionize retail supply chains and the customer experience across a variety of sectors – ultimately making life easier for everyone!

Resolving copyright disputes using blockchain

The potential of blockchain technology to resolve copyright disputes is nothing short of revolutionary. It can record digital content, such as music and artwork, so that intellectual property rights are clear and easy to enforce. Furthermore, a blockchain-based system gives the creator the power to manage each file’s licensing, usage and copyright permissions even after it has been made public. This service could prove especially useful in the world of digital media, where new releases can quickly become tremendously popular overnight — but only if the rights are being tracked accurately. In cases of infringement or unauthorized access, a distributed ledger maintained on a blockchain platform would enable prompt resolution of disputes with transparency and accuracy. There’s no limit to where this technology could be applied — blockchain is sure to open whole new possibilities for creators across industries!

Using blockchain to authenticate accounts in the fight against tax evasion

Adopting blockchain to fight tax evasion has recently become a popular topic! Taking advantage of the decentralized and distributed ledger, it’s now easier than ever to authenticate accounts and ensure the accuracy of financial information. Not only does this reduce the burden of regulatory officers to save time and energy on investigations, but it also increases public trust in transactions and prevents illegal activities like money laundering and fraud. With blockchain taking center stage, governments can prevent tax evasions on a scale none of us have ever seen before — making it an incredibly exciting development in the field of accounting!

Blockchain technology in healthcare

Blockchain technology is revolutionizing healthcare by bringing new features to improve patient care and simplify administrative processes. This innovative technology allows for secure data sharing, improved communication systems and enhanced security to protect confidential records. It removes the need to continually update expensive traditional databases, paving the way for more accurate treatment plans, faster responses to inquiries and greater transparency among stakeholders. Because of this revolutionary technology, healthcare practitioners all over the world now have access to secure records in a fraction of the time compared to traditional methods. Everywhere blockchain technology is being used, it is creating an ecosystem that makes healthcare both easier and more effective – an exciting development that will benefit patients and professionals alike!

Protecting personal data with blockchain

The increasing amount of personal data shared online and its potential for misuse has caused many people to become more wary of their privacy. Thankfully, there is growing recognition of the immense value that blockchain technology can offer in protecting data. It is a revolutionary new technology that uses encryption to secure data and make it almost impossible to hack or manipulate. With blockchain, users have control over their own private information and the ability to track exactly who has access to it. Furthermore, any changes are securely logged and tracked on the blockchain, making sure that all actions remain transparent and open for inspection. What an incredible way to store, protect, and share valuable personal data!

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This single announcement has made the value of bitcoin surge, however, it started going down when Elon Musk himself posted a tweet on a Thursday, on the 12th of May. He announced that the deal, in which Tesla would be accepting cryptocurrencies as payment, was off. This then contributed to the gradual fall of about $10,000 or around 20% of the value of bitcoin in just a span of 12 hours.

“Tesla has suspended vehicle purchases using bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emission of any fuel…”, Musk tweeted.

Some crypto currencies e.g. OCryptoCanada may fear that this may pose a risk that can cause cryptocurrency’s fall as these types of remarks and withdrawals from well-known influential personalities can leave a bad reputation on the face of bitcoin and similar types of crypto assets as well. One single tweet from a highly influential and trusted individual such as Elon Musk can seriously damage the reputation of anything and anyone which may also be the same fear the users of cryptocurrencies are experiencing now.

This is true in many possible ways, however, Elon Musk’s withdrawal of his support on bitcoin stems from one reason, and that is the not-so-good side of it which is its astounding amount of energy consumption; most of them are produced by computers that are being used for bitcoin “mining” which are generated by fossil fuels. The annual energy consumption when mining these cryptocurrencies is around 148 terawatt-hours and it’s not stopping there from going upwards. And as Elon Musk had mentioned, some of this energy comes from coal.

During this time, Elon Musk had then been a target of shame and had been criticized for investing in cryptocurrencies and with this, people had also criticized him for this same reason that this can cause a large amount of damage to our environment due to its large electricity consumption which is obviously in conflict with Tesla’s mission.

Tesla is known for its advocacy for sustainable energy and fight against climate change. And the fact that the process in “mining” and making transactions using bitcoin involves the increase of fossil fuel consumption, this is obviously against what Elon Musk and Tesla are advocating for.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” he added.

However, Musk also later on added that the time that mining cryptocurrencies transitions to a more sustainable energy, that Tesla would go back into accepting bitcoin as payment in purchasing Tesla cars. However, this may not happen the soonest possible time.

He also said that they are watching other crypto assets that are using less than one percent of bitcoin’s energy and transactions. This can be somewhat reasonable as the energy consumption of bitcoin is around 707 kwh per transaction which is 10 times more than that of ethereum which is at around 6.25 kwh. Other crypto assets consume less than these such as XRP, cardano, and dogecoin.

Musk’s tweets may be a subtle hint into supporting or promoting dogecoins which is a type of cryptocurrency that was initially launched as a satire about bitcoin but has since become a part of its world on its own and this can be due in part to the promotion of Elon Musk himself.

So what could be Musk’s goal or endgame in this? It could be that he wanted to wear down people’s interest in bitcoin due to its environmental impact or that he could just be messing with our minds just as Bloomberg’s Levine suggested. Whatever it may be, we have yet to find out.

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Let me give you a case from my own practice. A woman entrepreneur approached the bank with an offer of a very lucrative deal guaranteed by a large British bank. The model-looking staff accompanying the entrepreneur looked like Oxford graduates stepped off the cover of a glossy business magazine. The businesswoman is also dressed stylishly, but here’s a face … I wouldn’t give such a guarantee even for a hundred rubles, but here is a huge amount in British pounds. My field of activity included information security, so I was not surprised when the chairman of the bank’s board asked me to check the submitted paper.

The guarantee is printed on an English bank’s letterhead, produced by typography. I dial the phone number on the paper in London. The person who introduces himself as a bank manager confirms the authenticity of the document in excellent English.

I can’t calm down, I find the bank’s website on the Internet and send a request to the security service. The next day, the answer comes: the bank has already encountered such a fraudulent scheme and did not give any guarantees to this woman.

Blockchain is often called the “killer of banks” – in the new cryptocurrency world, built on distributed ledger technologies, according to its most radical adherents, it will be possible to completely get rid of intermediaries. But in practice, everything is not so simple. Banks themselves also need the trust that distributed ledger technologies provide.

The main directions of development of financial technologies.

The first project is accounting for electronic mortgage bonds. Its goal is to reduce the costs of depositories for storing paper mortgages and accelerate the interaction of the bank, Rosreestr and depositories. Within the framework of the project, the first real transactions were carried out, and now the system is being prepared for commercial operation.

The other two projects are digital bank guarantees and digital letters of credit. In a pilot mode, transactions were made between banks to issue electronic bank guarantees. The beneficiary gets access to the guarantee in his favor almost instantly, immediately after its issue. At all stages, documents are signed with an enhanced qualified signature.

Find a place in a new world

The future of cryptocurrencies in Russia is still vague, the adoption of a package of laws on cryptocurrencies is periodically postponed, and it is unclear which edition will eventually be legalized. But optimists believe that the new crypto-economy will still not be stopped, and suggest that banks look for their place in the new world.

The situation is similar with legal entities. No need to wait for the evening balance sheet, tokens are credited instantly. You do not need to confirm the payment order with the “Done” mark – you can ship the product immediately, and use rubles only for settlements with external counterparties – the bank works as a gateway for withdrawing to fiat. If the Bank of Russia supports this approach, then all banks will be able to interact according to the above scheme through the blockchain.

It’s too early to talk about the real use of blockchain technologies in banks. There are pilot projects, they look promising, but they have not yet reached the stage of industrial implementations. The excitement around the technology subsided along with the fall in cryptocurrency rates. This is usually the case: all new technologies go through a phase of inflated expectations, after which, according to the terminology of the Gartner Hype cycle, they fall into the “zone of disappointment.” But not everyone then reaches the “productivity plateau”.

Blockchain in the “frustration zone”

However, global analytical agencies are optimistic about the future of distributed ledger technologies, so we can expect that they will soon become a part of our everyday life.

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Already today, this technology is changing the way we think about transparency and settlement in manufacturing and supply chains, from payments and audits to inventory and asset tracking. Frost & Sullivan, based on a report from the World Economic Forum, predicts that the blockchain market in manufacturing will exceed $ 26 billion by 2025.

All over the world, factories are producing products in huge volumes. However, there is still no guaranteed way to know how, when and where these products were produced, processed or shipped to end consumers. Before reaching their destination, goods must pass through a network of manufacturers, suppliers, carriers, warehouses and sellers. On the other hand, the consumer wants to see every step of the production and delivery process in order to guarantee the authenticity of the product.

Making the supply chain of goods transparent and visible to stakeholders will help manufacturers gain consumer confidence in their products and ecosystems. Therefore, today’s distributed supply chains need a system that will enforce safety standards for all parties with access to a complete set of product history data.

It is the blockchain that will provide understanding and control over the value chain, because everything will be reflected in the list of actions visible on the blockchain in real time. If there are defective segments in the supply chain, then with blockchain they can be easily traced back to the enterprise or production site level. Instead of shuffling a bunch of papers, bills, files, data, emails, manufacturers will be able to rely on a blockchain-based system to track goods with confidence throughout the journey.
One example is a blockchain solution for the food industry that Siemens is currently working on. Based on an open cloud IoT platform, suppliers, distributors and manufacturers will be able to collect data at every stage of the transport and production chain and store it on the blockchain.

Off-the-shelf blockchain applications on the cloud platform allow new chains and even offshoots to be created in the product lifecycle. Using the platform, you can restrict the rights to view information, disclosing only critical information to other participants in the supply chain. Data from manufacturing systems, equipment, IoT sensors and barcode scanners are encrypted and sent through secure cloud gateways to the blockchain.

This type of protected documentation is of particular interest to manufacturers who sell products all over the world and source ingredients from different regions. For example, through the blockchain, a potato chip manufacturer based in Frankfurt and using potatoes from Germany, salt from France and sunflower oil from Italy will have immediate access to all relevant information: where and how were the potatoes stored by the farmer? Under what conditions was the delivery made? Have all standards been met? Have the potatoes been peeled, washed, sliced ​​and dried correctly?

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The Internet of Things is a technology that allows different physical devices to be interconnected through communication networks. They can exchange data with each other and carry out the tasks assigned to them.

So, with the help of the Internet of Things, it is possible to combine “smart” microwave ovens, multicooker, refrigerators, which will exchange data with each other and facilitate everyday tasks.

Research firm Gartner notes that the number of devices that can be connected using the Internet of Things could exceed 20 billion by the end of 2020. In 2030, it will reach 500 billion.

Blockchain and its use in the Internet of Things

A number of companies are now working to integrate the Internet of Things with blockchain technology. The International Data Corporation company, based on research, has come to the conclusion that in 2020 the basic levels of blockchain-based services will be implemented in more than 20% of the carriers of the Internet of Things.

According to Forbes, the use of blockchain technologies for the Internet of Things will bring a number of benefits to this area.

1. Solving the problem of control. Blockchain assumes transparency of records. This means that everyone with access to this system will be able to track physical goods and data.

If the networks are managed by different organizations, the use of blockchain will help build trust between the participants in the process and the devices themselves. In this case, coordination between the parties will improve, and the need for a centralized intermediary will disappear.

2. Improving the security of the Internet of Things. If the Internet of Things fails, it will affect all the links in the chain. Personal data, supply chain partners, and even damage to public safety can be harmed.

The use of blockchain to control access to IoT devices will provide a new level of security for the entire chain.

3. Reducing financial costs and reducing time. The introduction of smart contracts instead of legal contracts will make transactions cheaper and faster.

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Storing data in the cloud, which is widespread throughout the world, seems convenient and practical at first glance. It is used by both large companies and private users.

Cloud storage is a way to store data online. For this purpose, servers distributed around the world are used. However, they may be owned by a third party.

Blockchain is decentralization and privacy

Blockchain technology is based on a specific blockchain. By themselves, these chain elements represent a structure in which information about several system transactions is recorded.

In fact, if we consider what a blockchain is, we can say: it is a public ledger in which all financial transactions of the chain are recorded.

Now that we increasingly hear about accusations of public companies that they violate the confidentiality of private information, blockchain has a chance to become a competitor to the cloud.

Cloud storage risks

Cloud storage is a centralized way to store data. It benefits from high speed, availability, low latency, and good throughput. It is convenient to save data in online storage, but not entirely secure.

The main problem with cloud technologies is that stored data, especially personal data, remains completely unprotected. Moreover, this technology is expensive to use.
Here are the main threats to using cloud storage:

• Large cloud providers can share information with government agencies.
• The lack of encryption of data makes it vulnerable to use by third parties.
• When a server is compromised or a hacker attack, files of a large number of owners can be damaged or lost.
• Policy decisions can put pressure on companies on how to store data in the cloud. In China, for example, certain social networks have been banned, and Wikipedia has been banned by government decisions in Turkey.

It has already become clear to everyone who uses the “cloud” that this is not a perfect technology in terms of security and there must be some better solution.

An alternative could be decentralized storage of files and the use of blockchain for these purposes.
Blockchain vs Cloud: Benefits of Use

Blockchain technology for storing information involves the use of encryption to improve security. A file uploaded to the network receives a key, without which access to information is impossible.

In addition, developers use off-chain and in-chain storage methods. This means that it is possible to recover information even if it is subjected to a hacker attack.

The disadvantages of blockchain are high costs and complexity of scaling.

However, there are benefits of blockchain storage compared to cloud services, for example, such giants as Google and Amazon.

The main advantages are:

1. Security. The data is encrypted and contained on multiple sites.
2. Lack of centralized control. Since the storage of information is decentralized, no one can influence the security of users’ files and control the data.
3. Ability to reduce storage costs. Cloud servers offer storage for $ 0.005– $ 0.023 per gigabyte of information. And companies that use blockchain technology can serve storage for as little as $ 0.002 per gigabyte.
4. Additional benefits. Blockchain-based services can provide users with an incentive to choose their own network of cryptocurrencies. Also, free space in your storage can be “subleased”.

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