Not in this age of technology advancement should anyone think Blockchain storage isn't ready for prime time because of the thought that Blockchain technology is still in its early stage of development especially when it comes to handling large volumes of data. As an organization, whether you are a seller or buyer of blockchain storage, the tech is capable of modifying your perception and perspective about data storage in general. Hence is it important to foresee and or discover where blockchain is, headed and heading.
* A Quick Glance At Blockchain
Blockchain as a decentralized database uses a distributed ledger system or technology to record transactions (involving money, assets or data) in a chronological order containing a series of blocks where each block contains the reference (s) to the previous one. This forms interconnection of chains of blocks that exists across multiples of connected nodes. Using a specially designed compatible algorithm, transactions validation are automated and synchronized across the network when a larger amount or all of designated nodes agreed to do this. This is a real world instance of trustless state represented in codes. The need for a trusted party is completely blotted out by a predefined rules and special computation that runs through what is known as smart contract. The need for a third party interference is completely striked out.
Additionally, through ledger recording system, blockchain allows for integration with Peer-to-peer (p2p) decentralized storage which allows for the pool of storages resources that are geographically dispersely located serving as nodes for blockchain storage. In some Blockchain use cases, they are referred to as Block producers.
Dxchain as a large scale public blockchain storage, implements a solution to solve inherent challenges to existing data storage systems harnessing blockchain capabilities. DxChainNetwork cultivates a large open ground for organizations or individuals looking to monetize excess storage space by pooling their computing resources on Dxchain Blockchain-based storage network.
A typical example of how Blockchain storage works.
Dxchain Network aims to make distributed storage cheaper as much as possible. Looking at Amazon's S3 standard storage and Google's multiregional cloud storage, which hovers at about $21 per Terabyte per month and $26 per Terabyte per month, respectively, in comparison to Storj for example listed its storage service at about $15 per Terabyte/month. On DxChainNetwork, having the platform's native token DX originally known as "Carmel Token" allows any intending storage party or clients to access the network. The token is designed to encourage participation and use through incentivization and beat storage cost to a bearest minimum.
Secondly, Enterprises and businesses hoping to use Dxchain network for storage will greatly save in other ways. They are relieved of having to purchase the initial equipment, replacement when needed, procuring and maintenance of management software, and providing administrative support and resources to keep the system running.
Dxchain public data storage will display more transparency compared to a cloud storage provider since transactions in blockchain cannot be altered (i. e immutable), are verifiable and tamper-resistant. Additionally, using blockchain technology, Dxchain will provide comparatively greater levels of data and storage availability and fault tolerance since data is shared or distributed across multiple connected nodes and are accessed within closer proximity to where it's stored. The resultant effect of this is high application performance gains.
As a proponent or Blockchain storage hence the belief that Dxchain approach is farther secure than existing traditional data storage platform because, rather than data being collected within single or one-man ecosystem, it is spread out on many data points through an encrypted system of storage and retrieval mode.
Lastly, the amount of redundancy state of the network dictates the chance of a distributed storage being hit by malware invasion is very slimmer compared to a cloud storage provider whose data center (even if geographically dispersed) is at the Verge of infestation from spreading of malware. Dxchain is more secure and data privacy vehicle is at uppermost high speed.