The organization that offers cloud storage, often load the customer’s personal data on a centralized server, leading to multiple problems like increased network vulnerability attacks by hackers.
Blockchain cloud storage solutions allow storage to be decentralized — and therefore less prone to attacks that can cause systemic damage and widespread data loss.
So, instead of storing files and information on your own centralized servers, such as a Google Drive, Dropbox or Amazon S3, we can use decentralized blockchain platforms like storej,five coins as storage locations. Moreover, this kind of platforms break up the files into multiple pieces followed by encryption and store them within multiple hard drives located around the world, and this process is called sharding.
The sharding is actually started when the files are encrypted with the private keys making it impossible for any other node to participate in the network for looking at your file.
Before enormous name organizations like Google, Microsoft, and Amazon began offering distributed storage administrations to their clients, most capacity arrangements were decentralized. Organizations essentially needed to have their servers inside their own particular workplaces, which gave them more control, yet in addition, implied that they battled with things like cost proficiency and versatility. On the off chance that you needed to truly deal with your information, at that point was possession of a gigantic in-house group to keep up and oversee expensive servers for your benefit.
It wasn’t an amazing option at that point, later that numerous organizations started to switch towards distributed computing. All things considered, it's considerably more adaptable and practical, giving associations access to unbelievable esteem, and enabling them to duplicate their information over a scope of server farms, offering excess and dependable uptime arrangements.
Obviously, with every one of the advantage, the distributed computing brings along to the table, few drawbacks as well. At whatever point we utilize a cloud benefit, we have to put a lot of trust in outsiders to anchor our most private and delicate information. This is fundamentally the same as the back world, where associations need to depend on confided outsiders to protect cash. Similarly, as the money related world could be overwhelmed by the blockchain as a more effective and moderate innovation, the distributed computing world may see a similar change.
CHALLENGES TO EXISTING CLOUD STORAGE:
The rising blockchain-based conveyed stockpiling business sector, could challenge the conventionally distributed storage administrations, for example, Amazon AWS and Dropbox, for a cut of the distributed storage to advertise.
"Appropriated register and capacity models are still in their early stages, yet I do trust that there is a gigantic market for this innovation," opinioned Paul Brody, Ernst and Young's (EY) Global Innovation Leader for Blockchain Technology.
Using P2P systems to total PC assets isn't new. In the mid-2000s, BitTorrent opened as an appropriated document sharing administration and developed to deal with the greater part of the web's record sharing transfer speed.
Since blockchains accompany an implicit component for installments – digital currencies, which were absent from the last go-around at P2P administrations – they will probably succeed, as per Brody.
Storage marketplace acts as a middleman between those who want to store date & those who want to rent data. In the storage market, people could rent their unused storage space and earn money based on storage capacity they provided. Also, people can rent out storage from the cloud by paying a small amount of money.
For example: “Napster”_ it's a peer to peer online cloud storage service which receives data from the user and encrypt it into another form and send multiple copies to nodes around the world. When a user wants the data back, it downloads from the network in decrypted format. Companies like Storj, File Coin, and Sia all operate as marketplaces. They promise for a faster, cheaper, and more secure storage than options like DropBox, Amazon, or Google
ADVANTAGES OF BLOCKCHAIN ENABLED CLOUD:
Complete decentralization and true redundancy:
On blockchain enabled cloud, data are stored within millions of nodes available across the globe, making it impossible to disrupt.
No third party can interact with your account, unless and until the private key is misused.
Compared to existing cloud technology, the cost of the transaction is very low. It cost around $3 per month.
In short, the Blockchain technology has vast potentialities and ton to offer across several commercial centers. Yet one of the primary changes will be seen in 2018, with the advancement of distributed storage world. Foundations like IBM, Microsoft, and Google will change simultaneously, taking into account the section of blockchain innovation on an enormous scale.