Adapting Blockchain technology
Why companies should, and are inclining towards Blockchain?
Have you ever downloaded a movie, heavy documents from local or public torrents? They have a concept of peers and seeds, if peers are in the majority, the download is way faster than that of the old school download from a centralized cloud platform. Torrents run a peer-to-peer mechanism and is one of the fastest growing ways to share files on the internet.
This is just one example demonstrating the power of distributed networking, blockchain as an algorithm brings so many advantages to the table besides Distributed P2P Network because of its key features like Immutable Ledger, Consensus Protocol, and Implementation of Byzantine Fault tolerance. This brings enhanced security and a change in how companies can engage with their customers.
In this article, I will be focusing less on how blockchain works and understanding its components but put a limelight on the evolution of blockchain and how companies can adapt to this technology.
Walking the History, Evolution
A cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta. They wanted to implement a system wherein document timestamps could not be tampered with. Later the first decentralized blockchain was conceptualized by Satoshi Nakamoto in 2008, by using a Hashcash-like method to timestamp blocks without requiring them to be signed by a trusted party, which was a core component of bitcoin.
Blockchain began as a way to move bitcoin from point A to B, but it is now being used by a host of big companies to monitor and move any number of assets around the world. From just two companies PayPal and Walt Disney engaging in blockchain in 2014, blockchain technology adoption has grown exponentially. Now, 81 of the world’s top 100 public companies by market capitalization use blockchain technology, with 27 of them having a fully functioning live product, according to blockchain research firm Blockdata.
How can companies adopt this structure?
Knowing your line of work and the opportunities blockchain can bring in
Platform requirement: Going from centralized to decentralized
In a centralized cloud storage method, large data centers are used to gather and store all companies and employees, which often falls victim to downtime and outages when the facilities go offline, centralized storage comes with its own distribution system wherein the files are stored across various servers. But how efficient is file recovery as compared to decentralized storage?
Since it gathers data in a single place, it also becomes prey to malicious hackers. In a decentralized cloud storage platform, end-to-end encryption is standard on every file, and all of them are encrypted providing a standard form of data security. Tardigrade is the world’s first-ever decentralized cloud storage service. It is more secure, performant, affordable, and private.
In decentralized cloud storage companies get to experience a large Distributed Network comprised of thousands of nodes across the globe that are independently owned and operated, and store data on the organization's behalf.
While big companies and home names like Google, Dropbox, Apple, MEGA, etc. are busy providing centralized storage models, small players such as Internxt, Sia, Storj, Filecoin are busy unraveling decentralized cloud storage architecture.
Advantages of decentralized cloud storage
1. Affordable: Structure is more affordable and durable when compared to centralized
2. Agility in file transfer across vast distances: As decentralized cloud storage houses data in a decentralized manner, it makes the platform ideal for transferring data all around the world. Your data will always be available to you, wherever you are, because the information is split and stored on 80 different nodes, and only 30 pieces are needed to reconstitute your data.
3. Data Privacy: Decentralized cloud storage is a better place to store sensitive data that attracts ransomware attacks or other attempts to comprise sensor data. A highly distributed network of storage nodes reduces attack surface and risk on critical data like client-side encryption, industry-leading access management controls, etc.
