How Blockchain Technology Is Changing the Shape of Cloud Computing Space?
Blockchain technology has become one of the most popular technologies in recent years. This technology is also known as distributed ledger technology. It has been changing different spheres of our lives like healthcare, banking, education, finance, etc.
A significant impact of the technology is visible in cryptocurrency prices and exchanges. They helped shape the platform for effortless crypto transactions and support high volumes without any regulatory oversight. Numerous crypto exchanges like OKX (brand) are driving customer engagement.
Also, blockchain has started to make a significant change in the cloud computing space by increasing its usage in various applications.
What is Blockchain?
Blockchain is a peer-to-peer distributed ledger technology used to keep a tab on digital transactions. The decentralized blockchain databases store all the records of the transactions. These take place in a secure and immutable way through cryptography.
It uses cryptographic functions to secure the network, prevents double-spending, and increases data transparency.
Improves Data Integrity and Security
Blockchain comes with a distributed ledger system, which allows easy data tracking. The main benefit is that it becomes difficult to manipulate the data. Data on a blockchain cannot be easily altered or tampered with, thus ensuring integrity.
It makes it easy to ensure data accuracy in a blockchain network, and thus, the data stays secure.
Makes Cloud Computing More Efficient
The decentralization of data in the cloud is another way that blockchain technology can improve the efficiency of cloud computing services. By eliminating the need to rely on centralized authorities, organizations can save money and reduce reliance on intermediaries.
It improves trust between parties as well as reduces points of failure. Blockchain also reduces transaction times and improves data accuracy. Thus, helping to further streamline operations for cloud service providers and users.
Accountability is vital for any business enterprise. It includes the presence of a robust system for managing data to ensure it reaches its intended destination without being compromised or lost along the way. Blockchain technology can potentially help with this aspect by allowing users to store their information securely without needing a third-party service provider like Amazon Web Services (AWS) or Google Cloud Platform (GCP).
Blockchain Offers Transparent Audit Trails
As you may know, blockchain offers a decentralized audit trail that is highly transparent. It allows all transactions to be tracked and verified in real-time, thanks to the immutable nature of the distributed ledger. In other words, records cannot get changed without consensus.
Blockchain is the first technology that allows secure transactions without intermediaries such as banks or governments. Since its inception in 2009, blockchain has been primarily associated with Bitcoin and other cryptocurrencies because it enables secure financial transactions over the internet. However, it’s so much more than just a means of securing crypto transactions.
Makes Cloud Storage and Backups More Secure
Even if you’re only the slightest bit aware of blockchain technology and how it has disrupted the world, you’ll know blockchain is a distributed ledger with high security and transparency.
It is highly decentralized, where each block contains a cryptographic hash of the previous block, timestamp, and transaction data with other information such as digital signatures. The blockchain network can share transaction data within seconds among all connected computers.
Given its disruptive nature, you can use blockchain for backups and restore data from your cloud storage. At this point, multiple computer nodes store backup data at different locations across the globe. It increases security against any natural disaster or man-made attacks that can corrupt or wipe out your existing storage system without any trace.
Reduces Risk of Cyber Attacks
Blockchain has the power to reduce the risk of cyberattacks for cloud computing companies. Cloud-based applications and networks are prime targets for malicious attacks. One in three small businesses has been affected by data breaches, with 36% of these small businesses stating that they’ve experienced some form of a cyberattack within the last year.
Data security gets improved because every node in a blockchain-supported cloud network records and stores all data on the network. It allows each node to verify its records against those held by other nodes, making it extremely difficult for hackers to alter information without being detected.
Information security is improved because blockchain reduces single points of failure. Since changes are only possible with consensus from all involved parties, no one party can accidentally or intentionally make unauthorized changes to data stored on a blockchain-supported cloud network.
Application security is improved because transactions are recorded irreversibly as cryptographic blocks, which means they can not get altered without leaving a traceable record of a subsequent change. Edits cannot overwrite previous edits as you’d find in traditional software systems where updates get simply appended to logs, and old entries can get deleted or changed.
Cheaper Cloud Infrastructure
The cloud has become more important than ever. It comprises about ten percent of world IT traffic, and the statistics are growing. In addition to drastically reducing costs and increasing convenience, modern cloud platforms are even effective in protecting data from hackers and criminals. Unfortunately, not all of these benefits come cheap.
As you can imagine, there is a lot of competition to decide who will become the winners in this area.
Blockchain is an innovative technology that can do wonders in cloud computing. Cloud computing has become more secure and efficient. It is also easy to track data and information in the cloud. It also offers transparency and reduces the risk of cyberattacks.
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