Blockchain Data Storage
Blockchain technology will be used to create new, decentralized data storage networks, putting the power of choice back in the end-user's hands.
One of the most heralded achievements of the internet era, both for personal and industry use, is cloud data storage. While this invention is quite recent it is already under threat of being upended by incoming blockchain storage technology competitors.
One of the examples of this representative of near future blockchain use cases is how cloud storage companies try to avoid the loss of data. While big companies depend on spreading file duplicates throughout various data centers in order to avoid intrusion, decentralized blockchain technology would more or less eliminate the risk of meaningful disruptions.
The decentralization of blockchain storage can have various additional financial benefits, such as potentially allowing the user to save on bandwidth since files are stored and downloaded from multiple nodes instead of from a single server.
This is due to data being stored on dozens of individual nodes, intelligently distributed across the globe, with no central entity needing to control access to a user’s files, improving security and decreasing costs via decentralized file storage. While current network scalability still needs to evolve in order to accommodate large-scale file blockchain storage infrastructures, we can easily envision an industry where fragmented, encrypted data is supported by a network of decentralized nodes in a much more user-friendly and cost-effective way than the current, central database solutions.
Another way blockchain use cases could revolutionize current file storage systems is by using what is known as an ‘incentive layer’. This means that while data is not actually stored on a decentralized ledger, the relevant storage network is using it to process subscription payments, avoid fiat exchange rates and store access information. Using said ledger to interact with a storage blockchain project would benefit the end user by improving settling times as well as increasing privacy and reliability due to a decentralized network and transparent-record keeping.
Such flexibility and the possibility of user-centric storage networks, means that by moving their data to blockchain data storage, users would also be able to benefit from a more agile, customizable system, by being able to manipulate metrics such as speed of retrieval or redundancy that is adjacent to their particular needs.
Tokenized Blockchain Storage
With a blockchain storage tokenization system, network economy can be leveraged to incentivize individual nodes for upholding the network and sharing a portion of storage capabilities. Much like storing content for personal use, blockchain technology uses in file storage can also allow users to upload and easily share and monetize their content, while cutting out the costs of relying on a centralized third party, or alternative costly intermediaries.
Welcome to Blockchain Business
Blockchain technology has the potential to revolutionise almost every business in the world. Such a ledger of information has never existed before and it can improve any industry that stores any form of structured data. This module of the Lisk Academy has been written to help everyone take their first steps into blockchain, be that through cryptocurrencies, ICOs or implementing the technology into their business, and truly understand its power.