How blockchain can improve data storage
Blockchain is a technology of the future that has gone beyond the cryptocurrency market and can be used in various fields, for example, to compete with the usual and convenient cloud storage.
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:
- Security. The data is encrypted and contained on multiple sites.
- Lack of centralized control. Since the storage of information is decentralized, no one can influence the security of users’ files and control the data.
- 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.
- 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”.
