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Niamh O’Connell, Senior Business Development Manager, CasperLabs.
Since the 1960s, companies have relied on commercial storage providers to store their data, and with the introduction of cloud services in the 2000s, early adopters quickly benefited from greater scale, flexibility, lower maintenance responsibilities, and improved security.
Today, blockchain technology is poised to transform the way companies store, access, track and protect data. But for many companies, there are still questions about how blockchain works and how it can meet business operational needs.
We’ll take a look at some of the best below.
How does enterprise blockchain compare to the cloud?
Both blockchain and the cloud are disruptive tools that distribute computing and storage over a network. In the cloud, data is distributed across servers, while blockchain stores data at multiple points. As businesses manage critical components of their infrastructure, they use every tool to mitigate risk.
Can an organization use both blockchain and cloud technology?
The network of nodes that make up the blockchain runs and usually runs on cloud server infrastructure. Using cloud infrastructure, companies can run nodes and other services in specific geographic areas to ensure data security, data privacy, and regulatory compliance.
By The decentralization of cloud networks allows blockchain to share more information and run a variety of cloud applications, including cloud storage and computing.
For example, if your company uses the AWS cloud service, choosing a blockchain protocol integrated with that service provider will allow users to deploy node infrastructure directly through the AWS marketplace.
Blockchains are notorious for being inaccessible to mainstream developers. Is this changing?
Yes, we are seeing a movement towards greater accessibility. Ideally, developers should be able to implement blockchain by plugging it into given use cases without having to understand the underlying technology. For example, low-code decentralized platforms that allow developers to build dApps. Such platforms reduce the complexity of wallet management and connectors.
True or False: Once data is added to the blockchain, it cannot be changed.
None of them. One of the main characteristics of blockchain is immutability, i.e. once a transaction is recorded, it is permanent.
However, highly programmable smart contracts stored on the blockchain are programmed to be immutable or updatable, meaning that metadata can be changed if specified.
Let’s say you program an NFT contract that can update a house registry. This means that metadata such as the owner can be added and thus modified. You can read more about it here here.
Private and public blockchains – which is the better choice for business today? Are there other types of networks that developers should consider?
The best option is a network that meets the specific requirements of entrepreneurs and allows them to achieve the desired results. There are advantages and mutually beneficial aspects of both private and public blockchains, such as control, trust, and flexibility. There is a growing need for hybrid blockchains that allow businesses to move data from highly configurable private networks to hybrid and public environments where transparency of data integrity is critical to business operations.
In partnership with IBM, we atomic cross-chain asset/token exchange A solution that shows how tokens on public blockchains like Casper can be exchanged for tokens on private networks like hyperledger fabric. This enables the private infrastructure of enterprises to be placed without disclosing the underlying asset information and creates the collective trust of the public network.
What’s next for blockchain? Where will you be in 10 years?
We will see the trends experienced in cloud computing emerge in the blockchain industry. For example, as the innovation of server virtualization became standard, new features such as serverless functionality came to market. Blockchain has the same capabilities as programmable smart contracts, allowing users to call functions from the blockchain. As with cloud computing services, it will only grow in scale and scope.
Blockchain will be the primary infrastructure tool integrated into the technology we use every day. Mass adoption is inevitable.
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