Blockchain-Based Data Storage Solutions Help Secure User Data
In terms of technical change for the way in which data is managed, blockchain technology is gaining momentum. A number of companies are creating blockchain-based data storage solutions to provide users with full control over their personal data.
Antoine Verdon, co-founder of Proxeus, a swiss-based startup that has just released a data storage DApp to give users total control over their digital identity, believes that traditional cloud storage will be massively disrupted in the near future.
“Used smartly, blockchains will unlock more flexible ways to store data, while giving users better control over their personal information,” Verdon told me.
As opposed to centralized cloud storage services, like Google Drive for example (which stores all files, including deleted files in its system), decentralized blockchain network data files are broken apart and spread across multiple nodes. This process is called sharding. These files are encrypted with a private key, which makes it impossible for any other node participating in the network to look at the file. Sharding ensures that files are just a fraction of their original self, which means reading their entire content is impossible.
Is The World Ready For Blockchain-Based Data Storage?
Blockchain solutions aim to put control of data into the hands of the user, yet developments are still underway. Also, Gartner predicts that nearly all of the blockchain platforms implemented through 2021, “will require replacement within 18 months to remain competitive and secure, and to avoid obsolescence.”
Zane Witherspoon, CTO of Dispatch Labs, also mentioned that cloud storage centers still have many economic benefits over blockchain-based storage solutions.
Cloud data centers still have the economies of scale on their side, but we’re seeing an emergence of distributed alternatives for data storage called “fog” storage. The reason I don’t believe blockchain based distributed data storage will replace traditional cloud storage is because they have two totally different value propositions. Cloud storage is optimized for speed and efficiency, while fog storage better suited for fault-tolerance and data-sovereignty. Most of the idealists in the blockchain industry believe whole-heartedly that someday everything will be tracked on the blockchain. Today, blockchain technology can’t touch much more than money, though, Witherspoon told me.
Source | https://www.forbes.com/sites/rachelwolfson/2018/09/25/blockchain-based-data-storage-solutions-help-secure-user-data/#5f8aa52b7512
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Mr. Pralhad Jadhav
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