Blockchain technology has proved to be a blessing in disguise for the cloud storage industry!

In today's world, a cloud solution is essential for enterprises and individuals. Cloud infrastructures like AWS and Microsoft Azure have transformed the way businesses and hobbyists use storage and computing. Traditional cloud storage solutions are centralized. A single business entity controls the infrastructure, raising questions about privacy and security. This dependability on a third party to keep the data secured is a disadvantage for cloud storage. Massive amounts of sensitive information have been stored in the cloud, and with cyber-attacks becoming more rampant than ever, the cons of traditional cloud storage have outweighed the pros. As a superior alternative, blockchain technology holds immense potential to provide a cheap, scalable, and more secure system.

Blockchain technology is incredibly immutable. Once a block is attached to the chain, it is next to impossible to remove or edit the entry. The decentralized nature of the technology enables two strangers to transact and exchange information in a trustless format. Their interactions will be governed by code and not by third parties. Bitcoin and Ethereum networks are the best proof of this. Etherum network enables developers to make smart contracts as blockchain platforms play a critical role in granting, revoking, and altering permissions over data caches.

As per the above reasons, storing on the block is impractical and expensive. For example, the Ethereum blockchain network can only handle about 15 transactions per second, powered by the proof-of-work mining mechanism. Hence, incorporating blockchain with cloud storage takes a user's data and breaks it into small sections. Then, it adds an additional layer of security and distributes it within the network using blockchain features like hashing, key encryptions, and transaction ledgers. As each section is stored in a decentralized location, hackers won't be able to access the whole file.

Security is not the only benefit of blockchain technology. Blockchain technology makes sure the owner of the data is anonymous. All the sensitive information about identity is protected. Whenever a user tries to obtain the data, all the sections are validated to check for alterations. If any alteration is found, the miner responsible for that is eliminated from the network.

From big tech corporations to entrepreneurs, several companies have jumped to the blockchain cloud storage market, transforming their businesses digitally. Blockchain provides not only secure but also a cheap way to get cloud storage because many small organizations collaborate to share the computing power and space to store data. This way, cloud storage costs are reduced, and organizations that chip in computing power also get paid.

Blockchain technology has revolutionized the internet. This technology is one of the greatest inventions of our time. The hype around cryptocurrencies like Bitcoin and Ethereum is powered by the existence of this technology along with DeFi that is disrupting the financial sector. As the technology allows blocks of data to be distributed across the ledger without a central governing authority, data becomes flexible and secure which is a great advantage to cloud storage solutions.