Blockchain Technology in Cloud Computing
Blockchain technology is a novel data storage created for Bitcoin, a digital currency. Blockchain technology differs from traditional databases in that it is decentralized. There is no central database, as there would be in a traditional database. Instead, the data is kept on a network of nodes.
The majority must approve any modifications to the data of nodes, and blockchain technology is extremely safe. There’s also no single point of failure because if one node goes down, it doesn’t impact the rest.
Blockchain technology is utilized in cloud computing, allowing users to outsource their computing needs. The Blockchain can alter how we do cloud computing because of its decentralized nature. Hence users access the Internet and compute peer-to-peer without relying on servers or other infrastructure.
It’s also beneficial for cloud storage because it helps to keep data secure and tamper-proof. Companies may trust that their data is safe and secure. Cloud Computing became a necessity during the Covid-19 pandemic due to social distancing and working from home.
With its emphasis on decentralization, transparency, and security, Blockchain has become a highly significant and innovative technology for cloud storage in the current era of decentralized clouds.
Blockchain and IoT are already being used in many industries. This is referred to as BCoT in Cloud of Things. It’s being investigated as a potentially massive field for various industrial applications. Because the standard CoT infrastructures are based on centralized communication methods, they encounter problems of ineffectiveness.
The second major issue is that most current CoT systems must rely on any third party for trust. The network structure’s challenge is the last one: it raises communication latency. It necessitates greater power consumption for IoT devices due to significant data transmission, making large-scale CoT installations in practice difficult.
In light of the difficulties CoT is facing and the characteristics of Blockchain, integrating blockchain functions with CoT appears to be a good idea to overcome CoT’s drawbacks.
Decentralized Cloud Computing Solutions
One thing that many of the options presented as alternatives to conventional cloud computing solutions have in common: their choice to operate using a decentralized or peer-to-peer architecture. Cudos, Ankr, StorX Network and Akash are just a few of the most well-known decentralized cloud computing systems.
Cudos took a huge gamble when using an innovative architecture that approaches interoperability and security. The platform’s consensus is achieved using the Byzantine Fault Tolerant Proof of Staking (DPoS) algorithm and Tendermint core. This creates a hybrid system that eliminates scalability issues while retaining high decentralization and security.
Ankr has a secure ecosystem that offers cloud computing resources to connect to web3 and use blockchain node hosting services. This solution now provides developing and staking capabilities for nearly 40 blockchain protocols. Cosmos, Polkadot, Bitcoin, Compound, Elrond, and other platforms are supported.
Akash Network is working on a Supercloud in which anybody with a computer can operate as a cloud services provider. To improve scalability and provide inherent interoperability, Akash uses Tendermint and Cosmos SDK. There is also the benefit of reduced transaction costs and compatibility with all cloud-based applications.
StorX Network is a cloud storage platform that uses blockchain technology to guarantee safe and transparent storage. It’s a peer-to-peer decentralized Storage Network. The XinFin Blockchain Network powers it as Distributed Cloud Storage. The StorX Network Mainnet is based on the XRC-20 utility token, which runs the StorX Network data storage marketplace.
Benefits of Integrating Blockchain to Cloud Computing
It’s no surprise that cloud computing has permeated all business processes and operations. Cloud computing is fundamental to everything from watching Netflix to daily email communications. Blockchain applications, alone or in combination with other technologies, provide a plethora of benefits.
When cloud computing is integrated with blockchain technology, the main problem, security, and privacy, get addressed. Blockchain also aids in providing more transparency by creating a decentralized and distributed trust model.
Data deletion from one computer does not erase data stored on other devices on a blockchain network. As a result, there is no danger of data loss or alteration. Data on a blockchain is irremovable. It allows for clear documentation of data usage, including where, when, and how it is being used and by whom.
Blockchains are governed by codes, eliminating the need for third-party rules, making them a more secure alternative.
Conclusion
Blockchain is changing industries for the better, including healthcare, agriculture, finance, banking, and more. Cloud has become so essential to today’s business environment that its excessive dependency and associated dangers can be hazardous. The cloud’s security, compliance, and centralized architecture might be a significant business risk.
However, Blockchain has a significant impact on storage, transactions, and business processes. As a result, combining Blockchain with the cloud to get more security and decentralization while getting better authorization, privacy, and efficiency is the way forward.