There is no doubt that cloud computing services have become indispensable for businesses across the world. These services enable businesses to organize resources and work remotely over the internet.
Even before the pandemic, millions of people tend to rely on cloud computing the services. However, the pandemic has helped the market of cloud computing to grow about thirty per cent in the last couple of months.
That being said, the core problems of cloud computing have not changed a bit. Monopolization of the hyper-scale mega-vendors, the rapidly increasing prices, and security threat generating from the centralization of a huge amount of data; are still creating problems for the providers, as well as the consumers, across the world.
Amidst this bleakness, the blockchain technology seems to be the silver lining that the businesses want so desperately. Blockchain technology can provide solutions to problems like transferral of ownership of property and supply chain transparency, etc. Right now, Blockchain technology seems to be the logical and most reliable next step of cloud computing.
It might be a confounding or staggering revelation for most people. Sensing that, we have gathered the ways through which blockchain technology can help the existing cloud computing models. Take a look at the below points to understand it better.
Way Out of Monopoly
As cloud computing is transforming from a fabulous technology into a need of the market, the market is becoming more and more monopolized. Tech giants, like the Amazon Web Services, Google Clouds, and Microsoft Azure, are taking over the market to meet the exponentially growing requirement. Just like the search engines and the mobile operating systems, they are becoming the only providers of the service. They were quick to take advantage of the enhancing requirements of on-demand storage and delivery of It resources. In 2020, AWS alone has acquired two-thirds of the cloud computing market.
This growth of the mega-vendors is becoming stifling for the smaller companies providing the same services. In this scenario, the blockchain seems to be the only technology that can offer both the developers and the enterprises with an alternative solution. The enterprise-level cloud computing solutions can compete on the market on an equal level just by using the blockchain-based models. It would benefit the consumers as well. They can get low-cost storage and computation without being compelled to trust the tech giants and spend more in the process.
More Cost-Effective Solutions
As the industry giants are currently holding the keys to the industry, the cloud computing sector has become costly for many small to medium businesses. It would have still been sensible if the user gets a chance to avail everything for which they have paid. However, that does not seem to be the case. Studies showed that more than a third of the expenditure on cloud computing gets wasted.
In light of the rising costs of data processing, the blockchain can overtake all these problems that are typically associated with cloud storage. As the blockchain-based cloud providers do not have to run huge processing farms, they can provide the services at a fraction of the rate of the centralized cloud service providers. They can do all that without hampering the transfer speeds and maintaining a high level of data security.
Along with reducing the cost of running businesses, the decentralized cloud computing companies can reduce and perhaps eliminate the data breach risk, which is looming over the current centralized cloud computing market.
A study carried out by IDC, a global intelligence firm, indicates that about 80% of companies they have surveyed have experienced at least one data breach in the last 18 months.
There is no doubt that the single point data storage method that the giant cloud computing companies of today use creates a higher risk of a data breach. The distributed storage solutions the blockchain technology offers, fragmentize the data files and encrypt them before storing in different nodes. This type of storage makes the security considerably stronger.
Utilize the Idle Computing Power
Some of the biggest technology companies of the world depend on the networks of the idle devices of the volunteer users for completing the resource-intensive computations. The companies that are working on blockchain have improved further on this model and are offering a pioneering solution that can incentivize people with spare computational power. Some of the companies are already finding ways to pay those who can spare their computing power and storage. Other companies are reducing the middlemen services to lower the impact that the server farms have on the environment.
All in all, as we are getting ready to bid adieu to 2020, we are also accepting the fact that the distributed workforce will become the new normal in the coming days. In this situation, the global appetite for computing services would only grow in the coming months. It seems that blockchain only possesses the capacity to meet the requirements while maintaining the balance.
If you are looking for pocket-friendly and sustainable cloud computing solutions, get in touch with us right away.