Blockchain Is Critical To The Future Of Data Storage -- Here's Why

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Blockchain Is Critical To The Future Of Data Storage -- Here's Why

Post by W00HODL » Tue Jun 12, 2018 12:19 pm

Ordinary people can now rent out part of their unused hard drive space and earn money for doing so. The ability to leverage excess storage capacity has become a reality thanks to the incentives being offered by various companies that are seeking to expand their decentralized networks.

Considering that the cloud storage market is expected to grow to $88.91 billion by 2022, according to PR Newswire, the decentralized storage industry is rapidly turning into a hot space with huge demand, and blockchain will be critical to its success.

Let’s have a dive into how companies are attacking this problem. Distributed storage technologies fall under two categories: marketplaces or infrastructure.

Storage Marketplaces

Storage marketplaces make disk space a commodity. They are the middle-man between those who are looking to store data and providers willing to store the data for them. This works essentially by sharing a file across a peer-to-peer network — think Napster. You would have to encrypt the file and then it gets sent to individual computers in the network. Behind the scenes, of course, the data is broken up into shards. When you want to retrieve your data, will retrieve all the individual pieces from different nodes in the network and decrypt it. ... b1caf33e9e

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