This is technical era. There is no doubt about it. With every single day technology advances and after a year or two the old ones seem alien to us. Every passing second we develop the efficient way of living. Not a long time ago, mobile phones were first used for communicating. They amazed the world because no one thought that they could talk to their dear ones as that easily. But now the Mobile phones are smart. These smart Mobile phones or Smartphones carry a digital world with you. You can listen to the music, watch videos, capture your good time, send or receive money and a lot of things which we are unaware of. Today we are going to share another advancement in the digital world which may change the technical world of next generation: Blockchain is used to store data.
What is Blockchain?
The blockchain is kind of a record book, which contains the list of records that are linked and secured by the use of cryptography. In technical term, the record is called as Block which is connected with the previous block by a cryptographic hash function. Originally designed by Satoshi Nakamoto, the mind behind the invention of Bitcoin, this technology is used to secure the transaction of Bitcoin. Blockchain works on the principle of Peer-to-Peer network transmission. That means it is not under the influence of any third party to validate the transmission of data.
In general, Blockchain is used to record the transactional details in a cryptographic way. Blockchain keeps all the records of various crypto-currencies transactions from a particular period. As Blockchain stored this data in the form of codes so this data is safe as compared to other storage medium and is reliable.
Blockchain For Storage
Storing everything on Blockchain is a very new concept. Many of us are not even aware of that. But few people considered this idea to be revolutionary. Data stored on Blockchain is a safe and far from the reach of theft. And one cannot decipher the record by itself. But there is one problem with this new concept or practice there are two.
First and the most important one is the huge amount of space required to store the data. As Blockchain was invented to secure transactional data in the form of a Cryptographic code so it did not need much of space to store them but if everything is stored on Blockchain than it requires a lot of space on the internet. Moreover, it would slow down the transactional speed.
The second problem with this concept is the fundamental quality of storage in Blockchain. As told earlier, every Block on Blockchain is linked with another Block on it, which means you cannot change the data once stored on Blockchain. If you want to alter you stored data on Blockchain than it does not provide you that service.
These two are the basic problems which you will face on Blockchain.
Any Solution to the Problem?
Yes, a solution does exist. Problem one can be solved by Decentralised Cloud File Storage (DCFS). This is similar to other cloud storage services like Gdrive, Dropbox, and Multcloudetc but these Decentralised Cloud File Storage Systems (DCFSS) use rented Hard disks of user computers instead of datacentres. This could overcome the scarcity of data storage space. But this may cost you few bucks to keep your data on blockchain. There are many organizations which are providing this facility at present like STORJ and SIA.
The second problem is yet to be rectified. Basically, immutability is the soul of Blockchain. But many of us find this as a headache. We cannot alter the action if once executed.
But still, we are optimistic about the advancement of blockchain for storage. In the last, we conclude that we have just taken our first step and a long journey is ahead of us. No one knows what the next five years will bring to us.