In 2006 #Google (Alphabet) Chairman Eric Schmidt introduced the term “cloud computing” at a conference. “The Cloud” would become synonymous with much of what we do on the Internet soon thereafter. Come 2007 and mobile smart technology emerged, rapidly finding success and growth. As these two developments overlapped, the ground shifted – not only would consumers store more on external databases, they would no longer need a computer to go online. The Internet would be reachable wherever they could find a wireless signal.
In 2008 the person or persons called Satoshi Nakomoto brought the Bitcoin and blockchain ideas into play, adding a new branch in the spread of decentralization. A decade later and a host of industries are being taken over by the concept and practice of blockchain ledgers and decentralized computing. The pace of adoption continues to accelerate.
The centralized networks of the preceding decades allowed the growth of titans like Amazon, Google, Alibaba and Tesla. In many cases, these companies grew within marketplaces that they created or helped to define over time. Their user bases have allowed them to collect vast amounts of data, and now let them integrate AI in their strategies at every level of the business. Every decision we make within their ecosystems lets them understand our behavior better, which allows them to increase their dominance in the world. Cloud computing is no exception.
As cloud computing has changed the world of business in different ways, there are several ways this solution falls short in the era of blockchain. One key problem is connected to speed: developers of DAPPs must use hacky and insecure workarounds to use cloud storage and processing to make their apps run. A smart contract might have to make several interactions with a cloud platform during its execution, making it slower and harder to build.
While the wider world keeps using the cloud, what are the main pitfalls that you may not be aware of?
1.Security Handing data off to a public cloud provider poses security and privacy concerns. Breaches in in cloud services continue to be reported by the media. The latest US election raised related issues. There have been notorious hacks of Apple’s personal cloud system, a scandal involving loss of privacy of Uber users, and many more examples to consider.
- Speed Another potential downside of public cloud storage pertains to download and transfer speeds (i.e. bandwidth). Despite the fact that cloud storage has achieved some good results on benchmark tests, one of the barriers to universal adoption is that time is wasted on downloading and uploading files.
- Lifetime Costs The cost of Cloud storage over the years may tend to add up. Investing in the Cloud is like buying a new vehicle with/for a large upfront cost. The convenience of lease payments might look great at first – but the more you use it, the more you will pay. This is how the lifetime costs will start to hit you. If your applications are local and your data is in the cloud, then it this can add to the amount spent maintaining connectivity between the two.
- Compliance In some heavily regulated industries, it is just too unworkable to use the public cloud. Healthcare providers, financial and publicly traded companies have to tread very carefully if considering the public cloud.
- Data Management Managing data in the cloud can be a hassle. Cloud storage systems have their structures. The existing storage management system of your business may not always integrate well with the cloud vendor’s system.
6.Cyber Attacks With your information stored in the cloud, there is always an added vulnerability to hacking attacks. Being connected to other computers and systems is what makes your data hackable; with the Cloud it is embedded in the world’s largest network This is why many people now take the precaution of creating an ‘air gap’ between physical storage systems and the Internet.
The blockchain revolution(What the heck is the blockchain? click here where i covered the piece) is now clearing the way for the creation of a decentralized, distributed storage marketplace. As is often the case, the most successful innovators are identifying under-utilized resources and matching them with large demand.
On the blockchain storage marketplace, users can sell their storage capacity and renters purchase this capacity and upload files. Payments take place over the blockchain. Files are encrypted, broken up into fragments, and intelligently distributed across dozens of nodes in dozens of countries.
Think of Blockchain 3.0 as an environment where if you are a developer you can build programs, as a storage holder you can rent space (just like in Airbnb), and as a trader you can trade. We are confident that we will soon see the arrival of the first blockchain-based apps store – and even more exciting upheavals. We are confident at Genaro we see the chance to move rapidly and make history, giving power back to individuals via decentralization, encryption and collaboration.
Some of the benefits of using Genaro include:
- Total privacy
No third party controls user data or has access to user files. Each node only stores encrypted fragments of user data. Users control their own keys.
- Share and Earn
Genaro, in the true spirit of a crypto-economy, is a sharing economy. Individuals who share their private storage space on the Genaro Network will receive GNX tokens. GNX rewards are also given out for sharing the computer power used in PoS and SPoR operations.
- The first Turing-complete public chain
The Genaro Network is the first Turing-complete public chain with decentralized storage. A major security advance since the Ethereum Blockchain a Turing-complete contract uses complex encryption algorithms that only an infinitely smart and powerful Turing machine can solve. This security fix has made the blockchain safe enough for global commerce. Other challenges such as storage, however, had remained unsolved until now.
As Genaro expands we are empowering Community evangelist worldwide. We seek people who are ready to roll their sleeves up to promote, support and become the part of the blockchain computing story. They will enjoy the benefits of Genaro program, and join its future Hubs and events, and celebrate with us the new era of storage, giving the power of privacy back to users, and more.
(Head of CIS at Genaro Network, TED Fellow,AI/Blockchain Enthusiast)