How Blockchain will totally change the way data is stored and managed forever…
Yotta Laboratories have envisaged a way that Blockchain can completely change the way businesses store data. Large, expensive data centres, will (and should) become a thing of a past. The amount of data being generated by consumers and businesses through connected devices has increased exponentially in the last decade. We think it’s about time cloud hosting should too. The Yotta Cube is the answer.
Cloud storage is big business. Morgan Stanley (1) predicts that cloud storage solutions will make up 30% of Microsoft’s business by the end of 2018. The problem is files are often insecure, with little security and users don’t know where their files are stored. For vendor’s of cloud services the cost of building and maintaining data centres is huge. The cost of the data centre, inevitably, will be past on to consumers.
Distributed Ledger Technology or Blockchain will change the way data is hosted and secured. Blockchain affords the highest level of data encryption and whilst Blockchain is often associated with Crypto-currencies, like Bitcoin, the technology will have permeations across many different sectors. We intend to disrupt the world of data storage in B2B. Blockchain delivers an irrefutable record. A Blockchain can then be distributed securely across multiple locations.
The solution, in a nutshell, is based on sharing securely. The digital economy has shifted the landscape for city breaks (Airbnb) and for taxis (Uber). We believe cloud storage is next. When dealing with businesses data security is paramount. We have devised a way for a business to store data more cheaply and, more securely than ever before.
Like Airbnb hosts will be paid for hosting other people’s data on their Yotta Cube. Unlike the one other contemporary in the market (Storj.io) we intend to offer this service to businesses, thus avoiding any illegal storage of images and video. For larger corporate customers, individual installations can be purchased and locked down for that client, with a cube installation over many locations globally.
Imagine the economies of scale for SME’s with increasing amounts of data storage demands? Then imagine how large multi-national institutions such as banks and insurance companies could benefit both financially and from the enhanced security Blockchain based data storage will bring. The impact of this technology will be profound.