The instances of cloud storages being hacked has increased and become more of a problem in recent years. This is a concern since more companies have been turning to cloud technologies to house secure data. The increasing number of hacks to credible companies has led to a surge in the number of companies calling for cloud storage options to become more secure to keep their data from becoming compromised.
Cloud storage platform response
Let’s face it, there really isn’t much standing between a cloud platform like Google Cloud Platform or Amazon Web Services and the skills of an experienced hacker. This fact has led a group of innovative companies to begin looking for new ways to protect data stored in the cloud. Their solution: decentralized, blockchain-backed platforms. This line of thinking will usher in the age of cloud 3.0.
Check out the security benefits that can be expected from a decentralized cloud.
Because a decentralized cloud is not controlled by one entity, the data stored within is much more secure. Furthermore, the movement of all pieces of data within a decentralized cloud are tracked along the blockchain, which is basically a public digital ledger. This means that the data cannot be changed or deleted without permission from the user.
As an additional level of protection, data isn’t stored in one place—it’s spread out across a global network, which means clients can still access their files even if a data center fails. By comparison, if there’s an outage on a centralized cloud it could mean that a company’s data is offline for hours or days.
Decentralized cloud providers are able to offer lower costs thanks to the implantation of token economics (thanks to blockchain tech). This means that these cloud providers often accept tokens (aka cryptocurrency) as payment for their services.
Customers are able to save money with token economics because they will be able to purchase tokens for storage space. If a customer decides they no longer need the storage space, they are then able to sell their tokens and recoup the money they invested. Not only will this put more money back in their pockets, but it will also give birth to a competitive market.
Simply put, utilizing token economics means that there will be increased flexibility, which will allow for access to markets that couldn’t be reached before.