Blockchain can be regarded as an inseparable part of a cryptographic and decentralized platform like cryptocurrency. Blockchain is regarded as the building block of cryptocurrencies and is the soul and structure building unit of the same. The concept of blockchain is as old as that of bitcoin and both find an important place in the lifetime of a digital currency. Bitcoin is the oldest cryptocurrency and has used the services for a much longer time than other cryptos which were devised later. Start your trading journey and improve your trading skills at The News Spy.
Just like different platforms, every cryptocurrency has a different platform related to its blockchain and is running successfully on it. Nowadays blockchain irrespective of currency is being discussed at a large scale as a storage unit for some services. In this article, we are going to discuss the role of blockchain in storing data along with different means and methods of storing the same.
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Need of blockchain for data storage
Data includes information that will be processed at some later stage for the benefit of the organization for which data is stored. As a result, its proper and secure storage is quite necessary as sometimes data include such sensitive information which is required to keep safe and confidential. Here comes the role of blockchain. The traditional method of storing data on a digital platform is mostly central and is referred to as cloud storage. The cloud storage being central can be accessed by some central authorities and thus confidentiality of data is compromised. Blockchain runs on decentralized network protocols and there is no role of any third person. The data is kept highly confidential and away from anybody’s eyes.
Methods of using blockchain for data storage
The storage of data on the blockchain platform can be performed in many ways but these can be summed up in the form of originally two ways. These are either on-chain or off-chain. In an on-chain method, the storage of data is done in the form of blocks on this chain, and if at any time, any kind of attack happens, the same can be restored and reused. This method is considered costly and the price ranges from a penny to a bounty! Also, there is a risk of data and other networks getting overloaded with time. On the other hand, off-chain storage involves the storage of metadata only. The entire data is not stored. The major disadvantage of using off-chain services is the data loss that can happen if, at any time, any kind of system breach occurred.
Interplanetary file system
The protocol used by this blockchain technology is BitTorrent. The data is broken up into several shards and then stored in multiple periods. The file needed is downloaded by the user only when the requirement arises. The technology is based on peer-to-peer and is address dependent. This is considered the most important case as far as blockchain use is considered. The serviceable data is mostly static and the files can be accessed only when the required path is known either by address or name.
Dropbox
It is another cloud storage that is based on decentralized protocols. The data is not uploaded to the parent company servers but to the devices on rent. The facility is completely online and this is the reason behind the efficiency and fastness of the service. The data maintained is mostly static and the price to be paid is also nominal. The security of the decentralized platform along with different other protocols makes it one of the most used cloud storage platforms in the world. It is by far clear that blockchain is the best storage facility for cloud purposes online.
