Organizations handle both public and private data which has to be secure. It is estimated that by the year 2020, about 20 billion devices will be connected to the internet, due to the Internet of Things (IoT). All those devices will generate large amounts of data that will need proper storage and management. According to crypto reviews at trustivy.com, the blockchain technology brings such a solution, when it comes to data storage, through a decentralized network. This means that data is recorded in blockchain and stored in nodes which are distributed throughout that network. The benefits of this kind of storage include:
Improved data privacy and security
Data in a blockchain network is highly secure. It is broken down into chunks, which is then stored in nodes, managed by users. You cannot access data from a node if you are not a user and do not have a private key. This helps to improve the privacy of data by a large margin. Since data is highly decentralized in a blockchain network, it is not easy to access it as is in the case of centralized cloud storage. As such, someone cannot alter data in a blockchain once it is recorded, as only the users in that network, with access to the node, will be able to do that.
Increases data reliability and speed
Data in the blockchain is broken down and stored in the nodes within the network. On top of that, it is distributed throughout a large network. You will, thus, be able to retrieve your data easily at high speed. When you compare with the cloud storage of data, data is centralized to a single location. In that case, the more the data stored, the longer it will take to retrieve it. With blockchain, you can retrieve data regardless of where you are as it is decentralized either over a region or globally.
Cost reduction in cloud computing
The blockchain technology eliminates third parties when it comes to cloud computing. Due to this, it is less costly to store and retrieve data. It costs only $2 per TB/month as compared to Amazon S3, which is $25. Organizations looking to greatly benefit from low cost and secure storage of data can rest with the blockchain technology as an efficient data storage option.
High availability and accuracy of data
When data in a particular node in the blockchain network is altered, that alteration is recorded. This way, as a user and owner of the data, you will be able to see those changes. Data is replicated in the nodes where an extra copy is stored just in case there is a problem in the transmission of data. Also, if one node fails, the network and other nodes will continue running. It is thus available and offers accuracy of data since it cannot be interfered with.
The need to share data across networks by businesses and organizations is increasing at an alarming rate. With more devices being connected to the Internet, it is no surprise that the demand for proper storage is becoming a huge priority. Blockchain will help to address the increasing demand through decentralization of data storage and management.