Blockchain: Transforming Cloud Computing
The world of cloud computing is evolving every day, however despite the growth in terms of innovation the world of cloud computing is starting to become increasingly siloed. When deciding which cloud service to go with the choices that businesses have seem to be decreasing, with large corporations contributing to an oligopolistic market structure.
According to the seventh annual Cisco Global Cloud Index (2016–2021) globally, cloud data centre traffic will represent 95% of total data centre traffic by 2021. In the event there was any market power abuse or distortions, there would definitely be ripple effects across a range of industries. This is where blockchain steps in.
Why blockchain will transform cloud computing
The intrinsic characteristics of blockchain technology make it possible to address the unfavourable market dynamics in the cloud sector mentioned previously, reduce supply-side inefficiencies, enhance scalability, and reduce total costs for businesses.
The decentralized nature of blockchain technology lends itself to improving the overall security of cloud computing systems. As well as the benefits to security activating and distributing unused compute power around the world enables cloud capacity to be leveraged to the user and their devices, democratising access to cloud-based compute power which in turn contributes towards creating a healthier and more dynamic market structure.
Blockchain technology opens up the marketplace for companies and individuals that have surplus compute power by allowing them to become suppliers of cloud capacity, and companies/users in need of cloud capacity will have access to their cloud capacity needs at a fraction of the prices offered by the major cloud service providers. The outcome is highly efficient utilization of compute power that may have gone unused, as well as a significantly lower market price for every Gig of cloud computing capacity.
With the emergence of blockchain-powered cloud offerings, the future is bright, here at CUDOS we are working hard to support a more secure and flexible cloud infrastructure, and provide a high-quality service at significantly lower costs when compared to the top 4 cloud service providers. Find out more about what we’re doing here at CUDOS by visiting www.cudos.org or clicking on one of the links below.