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Why Blockchain Is The Future Of Data Storage

Blockchain Future Series (5 part series — Part 2)

Data is a big deal in the digital world. With the advent of new technology such as artificial intelligence and the internet of things, information is being charned out at unimaginable rates. As early as 2010, there were approximately 5 billion people using Smartphones. With more gadgets now connected to the internet, you can be sure the rate of data production has dramatically increased over the years.

Proper harnessing and application of this data could lead to a significant transformation of our lives. However, the generation of data at this rate also brings about problems, chief among them being storage.

Data storage has always been a difficult task. There has always been the problem of how to store large volumes of information for the long term and in a way that the data remains secure and easy to access. There is a dire need for a storage mechanism that is scalable, and flexible enough to adapt to the ever-increasing data volumes in the world.Document source

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But what is the problem with the current data storage systems?

Traditional cloud storage works by allowing you to upload your data to a cloud. Once the data is uploaded, the service provider saves the information in their data center. Whenever you want to access the information, your computer simply sends a request to the data center which in turn sends you the data. Most of the time, the data center will not be in the same location that you or your customers are in. Consequently, there will be delays in the delivery, something that doesn’t work well in an age where users expect fast and seamless access to information.

The use of huge databases for data storage comes with its own set of problems too. The servers require regular temperature control, constant updating, and rigorous maintenance. The technology needed to carry out these tasks is incredibly expensive and has to be refreshed or replaced regularly. Furthermore, these large data servers also cause a lot of damage to the environment.

Another challenge facing current data storage mechanisms is their safety. While major service providers have put in place rigorous measures to ensure their security, as long as humans are involved, errors are bound to occur. Nonetheless, human error is not the only factor posing a threat to your privacy. The service providers design their privacy policies in a manner that still allows them to access and share your personal data legally. Large companies also have the ability to search non-encrypted files. Document source

So, how will decentralized storage solve these problems?

Decentralized storage is expected to bring the best attributes of Blockchain technology together. The features of decentralized storage will meet the practical demand of storing vast amounts of data. In decentralized storage, data is distributed across an extensive network of nodes just like in the distributed ledger technology feature of Blockchain.

The highly centralized nature of conventional cloud-based and single system databases encourages possible hacks. Centralisation presents a single point of weakness; should the controlling company be attacked, the entire storage system will suffer.

Decentralization eliminates such problems by using nodes distributed across a region or the entire world. An attack or problem in one of the nodes will not cause devastating effects since the other nodes will continue to function as usual. Distribution of the nodes across vast geographical areas also gives decentralized storage the advantage of being scalable. And below we shall explore more benefits of decentralized data storage.
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What are the advantages of decentralized storage?

Security

Decentralized data means added security and privacy. Files in a decentralized network are broken apart and spread across various nodes. This process is called sharding. The files are also encrypted with a private key to ensure that other participating nodes are unable to view your file. Sharding also makes it impossible for anyone to access the entire content as the files are torn apart.

The risk of file loss is significantly reduced through redundancy in data. Extra copies of a file are stored in case an error occurs during transmission of data. Additionally, the high levels of efficiency of Blockchain storage methods can cause a reduction of costs involved in cloud computing.

Speed

Decentralized storage is set to outshine a majority of the centralized systems in matters of speed. Users should expect fast and seamless access to information.

Are there any Blockchain storage projects out there?

Blockchain storage solutions are already up for grabs. Some of the most promising projects are IPFS, Sia, Storj, and Maidesafe. Let’s learn more about them.

IPFS/Filecoin

InterPlanetary File System is a content addressable, decentralized hypermedia distribution protocol. It is intended to create a permanent peer to peer method of storing and sharing files. The distributed file system formed by the nodes in the IPFS network can be accessed in a variety of ways. It is also possible to add a local file to the IPFS file system to make it available to the world. Files in IPFS are identified by their hashes. They are distributed using a Bit Torrent-bases protocol. Filecoin is a digital currency made to encourage data storage and the use of IPFS network.
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Sia

Sia provides P2P cloud storage technology by splitting files apart, encrypting them and distributing them across a peer to peer network. The company and software, avail a platform for providers to host their own private decentralized cloud. It does not accept payments from customers.

Storj

Storj is developed on Ethereum and operates on a peer to peer protocol. It provides secure, private and efficient cloud storage. This is done through file fragmentation and end to end encryption.

Maidsafe

Maidesafe’s primary goal is to create a new backbone for data storage, access, and exchange. Currently, this project has come in handy for Upwork blog post contributors share their computing knowledge in a decentralized manner. Dapps can also be built on Maidsafe.

Final word

Decentralized data storage will be of great benefit to both individuals and businesses by securing and protecting their confidential information at a much lower cost.

Some of the companies offer decentralized storage services could disrupt the space if they partnered with major players in the industry. Their success would lead to companies such as Apple and Google to opt for their services (as back-end storage platform), and therefore reduce costs as they simultaneously offer their clients consistent and more reliable up time.

In a nutshell, Blockchain technology is poised to disrupt the cloud computing industry. And the best part is that everyone can reap the benefits, including clients, blockchain companies and leaders in the industry. Centralized cloud providers, on the other hand, could see a decrease in their margins and probably even become overpriced or obsolete if they do not find ways to integrate with the advances of Blockchain technology.
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