Skip to main content

How to use blockchain to store data

Bitcoin and Ethereum cryptocurrencies have recently got very famous and people are crazy about it. Blockchain is the reason for the success of these cryptocurrencies. Every industry is acquainted with the benefits of blockchain and is utilizing it. Since the technology revolution is expanding every day, almost everything is done digital. Thus, it calls for the most crucial aspect, i.e., security.

Blockchain is a superhero that provides a safe and secure gateway for transactions. As the name suggests, it is a chain of blocks. Block refers to digital information, and the chain refers to the public database. It is used in Healthcare, property records, smart contracts, supply chain use, etc.


Why do we need blockchain for data storage?

The traditional way of storing data is by using cloud storage. It has a great demand and, thus, is prone to misuse. The major disadvantage being all the information is centralized. Data becomes vulnerable and is not usually encrypted during transactions.

Data is the most critical unit in the world. Storing, processing, analyzing data is a significant task, and new technologies are growing to make the task as easy as possible. The centralized data makes it possible for hackers to hack data. Thus, we need decentralized cloud data.

Decentralized cloud data is difficult to attack and ensure more security. It reduces the cost also.

How to use blockchain for data storage?

There are two methods of storing data via blockchain with On-chain and Off-chain. As the name suggests, all the data is stored inside each block on the chain in an on-chain way. Thus, if an attack happens, data can be restored and used. Well, as everything has a price, this is a costly affair. It even costs a fortune at times, because the data and network get overloaded. Thus, many storage options used are off-chain.

Off-chain storage doesn’t store the entire data, but the metadata alone. It has a disadvantage, though. If any system breach happens, the data might not get restored. Still, they are cost-efficient, which makes it the perfect option.

The smart way, the hash way

The intelligent way of storing data is to store the hash of the data in the blockchain. Hash is a generated string, by providing our data as input. The hash of the data is comparatively minimal; thus, the cost is low.

The raw data can be stored using a file system as well. Make sure to attach the hash id of the blockchain to raw data. Thus, the smart way enables us to benefit from the blockchain methodology without paying a fortune.

Have More Questions!!      

Email at: - sales@blockchaindevelopments.io

Connect with expert team: - https://bit.ly/2B32Az7

Labels:

Comments

Post a Comment

Popular posts from this blog

Security Token Offering Services(STO) | Codezeros

Stay at the top of growth wave with quality token development. Security tokens are just a more flexible version of regular securities, only more efficient. They are cryptographic tokens that pay interest and dividends or share profits to token holders based on an asset like shares, real estate, or bonds. Some of the major benefits of opting for STO development are as follows: Traded as securities Credibility Low Fees Decentralized assets remain decentralized An enterprise or a startup will sell its digital asset- its cryptocurrency, to its investors and whosoever, supports the project financially. This sale of their cryptocurrency or a fraction of it will happen in a pre-decided currency form of USD, Euros, or a cryptocurrency like bitcoin. This process will be followed by whitepaper creation and a pitch deck. Later on, after Tokenomics of the cryptocurrency and smart contracts, a pre-STO landing page is created. This process comprises of STO solutions that we provide. We...
2 comments
Read more

Smart contract in Blockchain

A technology that will change the way you trust through an automated contract management system. A smart contract is an agreement between two parties in the form of computer code. They run on the blockchain, so they are stored on a public database and cannot be changed. The transactions that happen in a smart contract processed by the blockchain means they can be sent automatically without a third party. In 1994, Nick Szabo (a cryptographer), came up with the idea of being able to record contracts in the form of computer code. This contract would be activated automatically when certain conditions are met. This idea could potentially remove the need for trusted third-party companies (such as banks). But why? The answer is simple — because you no longer need a trusted third party when you make a transaction. Instead, the contracts (or transactions) are self-executed on a trusted network that is completely controlled by computers. Cool idea, right? Szabo worked on this idea for many y...
Post a Comment
Read more

Smart Contract Development Company in Washington

Smart Contracts are now essential to any blockchain-based business. The self-executing digital contract is the key to automate processes, transactions, and agreements, helping to reduce costs, hence security and end the very confusing and not reliable paperwork. Smart contracts are automated digital contracts that enable highly-secure and self-executing agreements to be formulated. They solve many issues faced in traditional contracts such as lengthy paperwork, the need for third-party intervention, and huge costs. Codezeros is the Smart Contract Development Company with the best solutions for your enterprise. Up to date with every new technology and innovation in the blockchain world. Our team of experts is focused on building an outstanding computer-based protocol. Customizable for any type of industry, the digital contract doesn’t need a middleman to ensure that all the parties involved are performing their part. Once all the rules and conditions are settled, its base algor...
27 comments
Read more