{"id":29319,"date":"2022-11-25T18:38:57","date_gmt":"2022-11-25T13:08:57","guid":{"rendered":"https:\/\/blazeclan.com\/the-wave-of-cryptocurrency-and-cloud\/"},"modified":"2023-03-11T16:45:02","modified_gmt":"2023-03-11T11:15:02","slug":"the-wave-of-cryptocurrency-and-cloud","status":"publish","type":"post","link":"https:\/\/blazeclan.com\/india\/blog\/the-wave-of-cryptocurrency-and-cloud\/","title":{"rendered":"The Wave of Cryptocurrency and Cloud"},"content":{"rendered":"\n<p>The cry for enhanced security has been prevalent in\nthe cryptocurrency market with stronger needs for secure transactions. Stealth\nof nearly $1.1 billion worth cryptocurrency in the first half of 2018 alone is\ntestament to the insecurity regarding such online transactions.<a href=\"#_ftn1\">[1]<\/a> The\nnumber is significant only because of the surge in cryptocurrency, which is\nwhere decentralized cloud storage comes into the picture as a saving grace for\nthe $754.05 million market.<a href=\"#_ftn2\">[2]<\/a> <\/p>\n\n\n\n<p>Traditional Cloud storage involves uploading data to a\nCloud. However, Cloud service providers store the data in centralized datacenters.\nBlockchain \u2013 the distributed ledger technology \u2013 is itself a decentralized\nnetwork which enables cryptocurrency to be transacted in individual nodes. For\ninstance, if Rahul sends 1 bitcoin or litecoin to Neha then he creates a\ntransaction which sends the currency to every computer or \u2018nodes\u2019 run by the\nblockchain. Rahul doesn\u2019t have to worry about the chain of events, and the\ndecentralized transaction because his cryptocurrency wallet will have a\npre-existing list of other nodes. Each node then receives the transaction and has\nthe information that Neha will receive 1 unit of cryptocurrency. The whole\nnetwork essentially knows each transaction that has occurred. In the same\nmanner, decentralized cloud storage data can be distributed across an extensive\nnetwork of nodes. <\/p>\n\n\n\n<p>This decentralization prevents a single point of\nweakness like traditionally centralized Cloud service providers i.e. should the\ncontrolling company be attacked, the entire storage system is affected.\nDecentralization Cloud storage on the other hand offers security and privacy to\ncryptocurrency as files are segregated and spread across various nodes. In\naddition, decentralized Cloud storage enables encryption of files with a\nprivate key to ensure that other participating nodes are unable to view the\nfile. The risk of losing cryptocurrency files are also substantially lowered\nthrough redundancy in data while extra copies of a file are stored in case of\nerror occurring during data transmission. Furthermore, since blockchain storage\nmethods themselves include high levels of efficiency, an amalgamation with\ncloud computing can reduce significant costs as well. Cryptocurrency Cloud\nstorage costs around $2 per terabyte per month, whereas Amazon S3 charges $25\nper terabyte per month. <\/p>\n\n\n\n<p>Millions of dollars are currently being invested in\ndecentralized Cloud storage of cryptocurrency which is being termed as \u2018Fog Computing\u2019.\nThis will not only involve millions of computers connected without central\ncontrol but also facilitate secure yet inexpensive options for cryptocurrency\nstorage; blockchain storage costs can reduce the price of cloud computing\nbetween 50% and 100%.<a href=\"#_ftn3\">[3]<\/a> &nbsp;<\/p>\n\n\n\n<p>Blockchain technology and cryptocurrencies are\nirrefutably on the verge of disrupting the cloud computing industry, making\nroom for new Cloud players to stake their claim among the centralized giants of\nthe game. Apart from storage, decentralized Clouds can outshine centralized\nsystem on the speed front as well wherein users can expect fast and seamless\naccess to blockchain information. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>In Conclusion <\/strong><\/h4>\n\n\n\n<p>Decentralized Cloud storage has heaps to offer not\nonly in terms of securing cryptocurrency data but also in terms of lower\nstorage costs. This will aid individuals and businesses alike in transacting\ncryptocurrencies with each other which will eventually be instrumental for the\ngrowth of both Cloud and Blockchain markets. <br><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p><a href=\"#_ftnref1\">[1]<\/a> <a href=\"https:\/\/www.cnbc.com\/2018\/06\/07\/1-point-1b-in-cryptocurrency-was-stolen-this-year-and-it-was-easy-to-do.html\">https:\/\/www.cnbc.com\/2018\/06\/07\/1-point-1b-in-cryptocurrency-was-stolen-this-year-and-it-was-easy-to-do.html<\/a><\/p>\n\n\n\n<p><a href=\"#_ftnref2\">[2]<\/a> <a href=\"https:\/\/cryptocurry.com\/features\/cryptocurrencies-growth-years\/\" class=\"broken_link\">https:\/\/cryptocurry.com\/features\/cryptocurrencies-growth-years\/<\/a><\/p>\n\n\n\n<p><a href=\"#_ftnref3\">[3]<\/a> <a href=\"https:\/\/blog.sia.tech\/why-blockchains-are-the-future-of-cloud-storage-91f0b48cfce9\" class=\"broken_link\">https:\/\/blog.sia.tech\/why-blockchains-are-the-future-of-cloud-storage-91f0b48cfce9<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cry for enhanced security has been prevalent in the cryptocurrency market with stronger needs for secure transactions. Stealth of nearly $1.1 billion worth cryptocurrency in the first half of 2018 alone is testament to the insecurity regarding such online transactions.[1] The number is significant only because of the surge in cryptocurrency, which is where [&hellip;]<\/p>\n","protected":false},"author":192,"featured_media":20211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[914,2037,1949],"tags":[],"class_list":["post-29319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cloud","category-news-more-india","category-tech-india"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Wave of Cryptocurrency and Cloud - Blazeclan<\/title>\n<meta name=\"description\" content=\"The wave of cryptocurrency and cloud technology has revolutionized the way we store and manage digital assets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blazeclan.com\/india\/blog\/the-wave-of-cryptocurrency-and-cloud\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Wave of Cryptocurrency and Cloud - 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