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 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.
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