When we think about storage, we usually think of it as something which is located on the premises of wherever it might be. With blockchain though, the prospect of creating a secure but decentralised storage it offers the possibility for what could be seen as a storage marketplace.

 

The cloud

Some of you might be thinking ‘what’s wrong with using the cloud?’ or ‘but the cloud is reliable and trustworthy’.

Well with the use of public cloud continuing to grow, questions could be raised as to why you would want to use this distributed model such as the blockchain. But the public cloud has limitations, despite all the popularity and buzz surrounding it. Cloud service providers are vulnerable to the damage that can be caused by scammers and hackers which can be quite harmful to the companies paying to rely on their services.

Blockchain eliminates these risks by enabling organisations to quickly access extra capacity when needed.

 

Blockchain puzzle

So how does blockchain fit into the puzzle? As blockchain is the technology at the core of making sure both the security of itself and the operation of a marketplace. Blockchain ensures that every action recorded as data is sent across the grid as well as being segmented in the network.

As a known ledger is in place, activity outside it can be prevented. With the blockchain, it also supports improved availability. This is due to the physical location of the data which can be decentralised. When capacity is removed from the marketplace, the information will be moved somewhere else automatically.

As reported by Compare the Cloud:

“The advent of the cloud has seen storage already go some way to becoming a commodity. A marketplace for storage would therefore seem like the next logical step. Adopting such a new distributed model, however, is much more of a hurdle for businesses to overcome in their mindset. The traditional point of view is that secure and trusted data must be stored centrally. After all, this information is increasingly the sole revenue source of businesses, so why should they work to radically change how it’s stored if a perceived level of safety and compliance can be assured by sticking to the status quo? More progressive thinking will take time to develop.”

What are your thoughts? Let us know what you think down below in the comments!