Blockchain networks are far more secure than the current means of data storage due to their distributed and redundant nature. This has, of course, ushered in a new era of blockchain-based cloud platforms that are changing the way in which we save, transfer, and protect our most valuable data.Decentralized Data StorageDecentralized data storage has always been a huge selling point in the industry but the addition of blockchain technology allows data to be kept 100% secure form hackers at much more affordable rate. A hacker would need to simultaneously attack hundreds of PCs to alter just one piece of data stored on the blockchain. This makes it very unprofitable for any would-be hackers to accomplish.Blockchain networks store your data in redundancy on every PC in the network. In order for a change to be made to the data, there would need to be an approval from 50% of the computers (nodes) on the network. This provides businesses and users more data security and much cheaper storage costs when compared to traditional cloud storage systems.Incentive LayerBlockchain-based cloud services are not only beneficial to those seeking to store their data but also to those willing to store the data. Blockchain technology is pretty amazing in that it allows a huge network of PCs to work seamlessly together with all of the participant’s contributions being automatically registered via Smart Contract protocols.A combination of Smart Contracts and network consensus make it possible for individuals to offer up a piece of their unused HD space and earn some extra tokens for their contributions. There are already a number of platforms offering this service in the market and every day, new and even more innovative concepts seem to emerge. Let’s take a sec to look at four of the most promising blockchain storage platforms in the market.FilecoinFilecoin was founded in 2014 by Juan Benet. This blockchain-based file storage platform made headlines when it successfully raised $257 million in August of last year via their ICO. Since then, this innovative platform has managed to continue to secure outside funding with Protocol Labs, the development team behind the project, recently being awarded a $5 million grant to further improve their platform.SiaThe Boston-based cloud storage platform Sia coin was founded on May 29, 2014. Sai coin is one of the more popular platforms in the market and their token is traded across numerous exchanges. The Sia platform incorporates Smart Contracts and advanced cryptography to ensure users data cannot be viewed by nodes on the network. Anyone can earn extra Sia coin for allowing users access to their unused HD space.StorjThe Atlanta-based Storj Labs has seen great success in the market. Their peer-to-peer cloud storage protocol provides users with a cost effective and more secure option than current cloud storage platforms. Storj was founded in 2015 and is considered the largest cloud storage network to date.ULabs - The Evolution of Cloud StorageULabs has taken the concept of cloud storage one step further by providing their users with proprietary hardware. The Ubbey box allows Ulabs to further reduce the price of storing large files on their blockchain and makes implementing the ULabs software easy. ULabs is also the only file storage firm to build their own blockchain from the ground up. Ulabs is able to provide faster access to your data by avoiding the use of already existing blockchains such as BTC or ETH; both of which have experienced network congestion problems over the last couple years.This innovative platform combines the best features from the competition and combines them with the reliability of a private blockchain network. The development team behind this project has put forth considerable effort in creating the next level in cloud storage platforms.Aim for the CloudsIt’s exciting to see the developments that are occurring in this sector. Who would have thought that you could be getting paid for your unused HD space? Blockchain technology is changing what it means to conduct business and the future is looking bright for everyone who is wise enough to step in this direction. Hopefully, in the future, we will see even more developments in the area of blockchain-based cloud file storage as platforms such as Ulabs continue to shape the future of this growing industry.
Submitted May 30, 2018 at 09:45PM
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