There is no end to innovation and technology. We are familiar with almost everything that sums up our day-to-day needs where the main element is technology. But are we familiar with how these technologies work or what is the role of those technologies? The answer may be Yes, from the technical perspective of a developer or a development team, but it might be no as well from a common man’s point of view.
Technology has made everything easier be it switching on a fan or making transactions, everything can now be done within a few clicks at the click of a button and with the comfort of your home or from anywhere around the world. All you need is a smartphone with an active internet connection.
In this article, you will get to know about blockchain, cloud computing, the role and benefits of integrating blockchain in cloud computing, and many more.
What is Blockchain?
As we already know, cyberattacks are v common nowadays and in the tech-driven world, it is important to keep the data and other digital assets secure. According to the research from Statista, it is forecasted that the worldwide spending on blockchain technology will rise to almost $19 billion by 2024, and will continue to boost at a speedy rate in the future. The main reason for investing in Blockchain is that it provides both transparency and security.
Now, talking about blockchain, in simple words it can be said that it is an open-source and decentralized platform where we can record or store immutable digital information that cannot be manipulated, hacked, or destroyed. It minimizes the risks that might affect a business and also lowers the cost for the people as there are no mediators involved.
It is also famous as the base foundation of cryptocurrencies like Ethereum, Bitcoin, Dogecoin, and many more. The characteristics that make Blockchain secure and preferred by almost everyone in the industry to protect the digital data are:
- It is protected by Cryptography
- It is immutable
- Helps in cost reduction since there is no mediator
- Open-source and distributed ledger
- Transparent in nature
What is Cloud Computing?
The availability of accessing on-demand computing resources like applications, servers, data storage, and more which also involves delivering hosted services over the internet is called Cloud Computing. It enables services like Paas (Platform as a service), IaaS (Infrastructure as a service), and SaaS (Software as a service). It aims to improve the efficiency of computing services. The primary characteristics of cloud computing that make it stand out are described below:
- On-demand Self Service
- Large Network Access
- Easy to Maintain
- Automated System
- Centralized Technology
Now that we have described what blockchain and cloud computing are, you will now get to know about what role blockchain plays in cloud computing, and then we’ll be proceeding with the benefits that it provides after its integration with cloud computing.
Role of Blockchain in Cloud Computing
The introduction of blockchain has been a revolution in the IT industry, devised for Bitcoin and other cryptocurrencies i.e. digital money, and has highly changed the way to secure every digital asset on the internet.
The main characteristic of blockchain is that it is decentralized in nature, which differentiates it from the other traditional databases, where the central database does not exist. This implies the fact that the information here is stored in a network of nodes or form of blocks.
To make any changes in the data stored under the blockchain technology, it should be approved by the majority of users present in the specific network, which makes it incredibly secure and risk-free, thus eliminating the threat of losing any digital data.
Now talking about cloud computing, it uses blockchain technology that permits its users to outsource all their computer needs, and due to the decentralized system of Blockchain, it holds the capability to change the way we use cloud computing. This also results in the users doing peer-to-peer (P2P) calculations without depending on the servers or other infrastructure.
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Additionally, it is also beneficial for cloud storage to keep the digital data safe and tamper-proof, which makes organizations and companies keep their data safe and secure on the internet. Also about cloud computing, blockchain is termed Blockchain As A Service, and many sectors also utilize Blockchain and the Internet of Things as BCoT, since they are built on a centralized communication mechanism.
Benefits of Integrating Blockchain in Cloud Computing
With the integration of cloud computing with blockchain technology, the main threats of the internet like security and privacy are deciphered. With a decentralized and distributed trust system, blockchain contributes to a greater transparent nature in this cloud computing system.
It is possible to delete the data from one system that is stored on the blockchain, but it will not be deleted from the other blockchain devices of the network, which results in no or less threat to lose any data that is stored and secured with blockchain and is immutable.
It also allows monitoring of everything that is happening on the network, including where, when, who, and how it is being used. Blockchain is controlled by codes that emit the third-party and other mediocre and makes it a safer option to use.
Blockchain has made a huge impact on many sectors such as healthcare, finance, banking, and many more. Cloud computing has also become essential in the corporate world with excess reliance and coexisting risks that might be dangerous. The security, adherence, and centralized structure of the cloud may pose a substantial business risk.
The well-known cryptocurrency, Bitcoin, is highly considered to be the first decentralized cryptocurrency to use blockchain technology for digital transactions which are stored in the network which makes it easier in computing and is also preferred by almost every individual and business firm in the banking and finance industry.
Now that we have discussed blockchain and cloud computing along with its role and benefits it is clear that security is an important factor and the risk is high, especially in the IT industry. Although they go together, they are not the same but they do deliver the best services to businesses and companies.