Unlocking the Power of Decentralization
June 04, 2018 • Bill Philbin, SVP • Blog Post
IN THIS ARTICLE
- Global Blockchain Technologies Corporation, in collaboration with HPE, is developing a proof-of-concept which could enable users to monetize their empty storage space
- In order to keep data secure as part of this new network, the technology will need to be secure, reliable and efficient
How users can tap into the sharing economy using blockchain
You're relocated for an extended work assignment for several months. Because the apartment is vacant, you decide to rent the space to tourists visiting the city. The arrangement is a win-win; they spend less on lodging, and you earn money to cover your rent. You had something to lend, and you found a borrower that you trusted, which allowed you to solve an inefficiency in your life.
Users of storage face the same inefficiencies. Instead of empty floor space, they likely have empty storage space. And with the exponential growth in data worldwide, there doesn't seem to be a lack of potential borrowers out there.
Emerging technology may soon enable users to experiment in the sharing economy. Through a collaboration with HPE, Global Blockchain Technologies Corporation is developing a Proof-of-Concept network. The goal of the POC network is to demonstrate how a user can monetize under-utilized storage assets by supplying them to the network, and how they can migrate existing data to the network with minimal disruption. HPE is participating by providing the storage.
Storage Users Require Security, Reliability and Efficiency
So how does the network work? And what are the requirements necessary to keep the data safe and secure?
The underlying technology that supports blockchain allows for visibility when you need it, and obscurity when you don't. Users can determine if data has been tampered with, and all network members are incentivized to act in the best interest of all participants, removing "bad actors" from participating.
Data is available from anywhere, anytime. Thanks to the distributed file system, data can be replicated, repatriated or recovered at any time, with no restrictions. This eliminates middlemen; no one can restrict your access to your data. The network autonomously tracks all chunks of data on the network with a distributed hash table that makes disaster recovery trivial and manual tuning unnecessary.
Not only does the network provide a unique experience to its users, it solves many of today's inefficiencies. By empowering users with access to a distributed file system and blockchain, we can begin to realize the full potential of decentralization for the enterprise.
Working with our partners, along with our customers, helps us gain insight into the future. While blockchain storage solutions are still only a concept, this kind of experimentation helps us explore tomorrow's requirements, today.