Blockchain & IT Infrastructure
Advancements in blockchain technology have certainly had a major impact on the cryptocurrency market. As new tokens present alternatives to old financial systems, many people are perhaps overlooking the power of blockchain technology behind the projects themselves. Let’s take a look at some of the biggest blockchain projects on the market today and how they can potentially influence the future of IT infrastructure.
When most people think of file storage from a traditional standpoint, it seems like a binary system. Either you have enough storage or you don’t. Just a few decades ago, people had to rely upon CDs and floppy disks, which were slow and added very minimal amounts of memory. Of course, external hard drives improved this. Finally, today there are cloud storage solutions like Dropbox, OneDrive, iCloud, and others that offer some degree of improvement. While these solutions are better, they are still far from optimal.
Blockchain projects like Filecoin (FIL) and Storj (STORJ) could be the solutions that change the future of file storage. First of all, these solutions are considered to be much better than today’s most popular cloud storage products because they promise to have higher bandwidth and fewer unexpected outages. In addition, decentralized file storage applications also address the issue of privacy. Because traditional cloud storage products hold data in centralized databases, every user’s files are at risk of being hacked. In fact, this happened to Dropbox back in 2012 when 68 million users were hacked. The most alarming thing is that the company didn’t even report this issue until 2016. With decentralized file storage solutions, hacks are extremely more difficult to execute, and any data breach wouldn’t affect nearly as many users.
Another vital component driving the adoption of decentralized file storage is the fact that prices will be much lower than current solutions. That’s because files will be stored across a P2P network instead of via expensive database centers. This will likely be done by using cryptocurrency payments as incentives for individual users to join the network.
Check out our complete guide to decentralized file storage solutions.
Mesh networking has grown from a commercially-used technology to a consumer-level technology in just a few short years. Today’s products like Eero, Luma, and Google Wi-Fi all help to decrease wireless internet connection dead spots and boost connectivity levels for devices. Mesh networks work by adding nodes to Wi-FI network so that devices have multiple possible connection points, not just the single connection point offered by traditional routers and existing IT infrastructure.
Projects like Althea and SmartMesh (SMT) can be applied to solve internet connectivity problems in previously unconnected, remote places as well as those with high network congestion (i.e. sport stadiums and concert venues). Because data with SmartMesh, for example, doesn’t have to go through centralized networks and can instead remain within the mesh network, connection speeds are faster and electricity consumption is lower. Althea goes beyond just offering wireless internet to coffee shops and airports. It offers the ability for communities to create their own decentralized ISPs, which also make browsing private and neutral by default. Decentralized mesh network projects won’t just make the internet itself faster and more widely available but will also advance the capabilities of newer technologies like IoT and IoE.
While the computing power of regular computers is increasing every year, the capabilities of one machine are still no match for that of a supercomputer. That’s why projects like Golem (GNT) and iExec RLC (RLC) have become popular.
Allowing people to buy and sell computing power necessary to complete more complex tasks essentially allows anyone to create a supercomputer from using the power of multiple computers across the network. For now, Golem is focusing on a single use case: CGI rendering. However, as the projects like these continue to develop their technologies, it’s easy to see how this concept could also be applied to solve current computation limitations. For example, scientific modeling, data science, machine learning, and many more potential applications could all benefit from decentralized computation.
Decentralized computation will allow businesses to scale their IT infrastructure by giving them more computing power at lower costs. Instead of having to buy a supercomputer which could run in the millions or even billions of dollars, businesses could one day have access to a similar level of computing power at a fraction of the cost. The best part about this model is the flexibility it can offer for those needing extra computing power. Instead of having to buy a large amount of dedicated equipment, users would simply pay the network only when extra amounts of computation are required.
File storage, mesh networks, and computation will all see the benefits of advancements in blockchain technology. Even though the above-mentioned projects have already produced some promising results, there could very well be even more projects that will change these and other important sectors of IT. In the coming years for IT infrastructure, we will likely see increased security and privacy as well as decreasing costs.
Blockchain is Eliminating ‘Fake News’ & Returning Ethics to Journalism
Ethereum co-founder Joseph Lubin recently suggested that blockchain-based journalism platforms like Civil can help return ethics to the journalism industry. In order to fully grasp this idea, here’s your technical insight into how this feat can be achieved using the technology lying behind bitcoin, blockchain.
Blockchain removes the presence of middlemen from a framework as it provides a decentralized network where various nodes are directly communicating with each other. Blockchain-based decentralized networks also have their own native tokens which represent value in the network. So the economy that is built around this token unlocks the potential to remove central party where rewards and incentives are shared between the users through specified network rules.
SEE ALSO: An Understandable Explanation of The World’s Most Hip Tech: The Blockchain
Brave, which is an ad-free browser and uses Basic Attention Token as its native digital currency, is one of the best examples depicting the elimination of third-parties while maintaining a sustainable economic model. Through its unique framework, it eliminates middlemen ad-exchanges and directly puts the users, publishers, and advertisers in touch with each other in the network. Based on the metric of ‘Attention’, publishers get their rewards directly from the network. Advertisers pay the network in order to run their ads. Users get to earn rewards if they choose to view the ads. Middlemen ad-exchanges which take up a huge cut in the current frameworks and Brave gives us a glimpse into how they can be eliminated for good using blockchain. But how can this all help improve journalism? Before moving into the matter, the need is to understand the shortcomings associated with the current journalism framework.
UK Parliament Presented Showcase of Real-World Blockchain Applications
The U.K. Parliament has been presented demonstrations of real-world blockchain applications designed to educate policymakers.
Organized by the All-Party Parliamentary Group on Blockchain (APPG Blockchain), the Monday event featured live presentations from four firms working in the blockchain industry: IOTA, Oracle, Everledger and Lloyd’s of London. Among the audience were members of parliament, government officials and industry leaders, according to a statement from organizers.
The live demonstrations highlighted the potential of blockchain in real-life applications in supply chains for olive oil and diamonds (Oracle and Everledger, respectively), international trade (IOTA) and insurance claims and transactions settlement (Lloyd’s).
Fernando Santiago, blockchain research and project manager at Big Innovation Centre, suggested the event could mark an important step for the U.K.’s blockchain industry, saying:
“This is a pivotal moment for UK, which could define our future leadership in governance, commerce and competition.”
In the run-up to the event, the group also published the Online Blockchain Showcase, featuring videos of 10 companies working in the space.
The 10 firms also took to the floor at the live showcase, undertaking a “One-Minute Challenge” proposing how government could drive the use of blockchain, including in the healthcare and education sectors, as well as finance and industry.
According to its organizers, the event was inspired by the positive results of a 2018 analysis of the U.K. blockchain industry, presented by APPG Blockchain on its website along with associated organizations.
APPG Blockchain was set up by cross-party members of parliament to help ensure that the U.K. plays a “key role” in the potential opportunities that blockchain can provide for the nation’s economy, society, governance and provision of public services, according to its parliamentary web page.
Energy sector companies gather in Vienna to discuss blockchain application in the Energy Sector
More than 50 professionals from energy companies are gathering in Vienna from April 10th to 11th for Blockchain and Smart Contracts: Transforming Energy Industry Forum to discuss blockchain application and ongoing digital transformation in the energy sector.
Blockchain has the potential to bring significant benefits and innovation and promise transparent, tamper-proof and secure systems that can enable novel business solutions, especially when combined with smart contracts. The blockchain is expected to lead to much more direct relationships between energy producers and consumers and to strengthen market participation opportunities for small energy providers and prosumers.
During the Forum the participants will understand the fundamentals of Blockchain technology; learn about current development, opportunities and challenges of Blockchain adoption in the energy industry; discuss the role of Blockchain in reducing carbon emissions; get the insights on current innovation trends and new business models; and discuss the role of Blockchain for local energy communities.
Some of 15 real-use case studies which will be presented include:
Lessons learned implementing the Blockchain – by IBM Global Business Services
Current Blockchain projects from PwC – by PwC Deutschland
Digital Class Assets and Multi-signature Counterparties on Blockchain – by NEM Africa
Decentralized Trading of Power. NEW 4.0 – by Ponton GmbH
What is still missing in the Blockchain ecosystem – by Enexis Groep
Blockchain in Practice to Enable Green Local Energy Communities – by Enervalis
Curtailment vs. Renewable Energy Certificates – by Sonnen GmbH
Regulatory obstructions and other challenges regarding Blockchain – by E-Control
The Forum is organized by BIS Group (Business Intelligence Services), an event production and management company based in Europe, specializing in organizing small-scale business meetings and forums. BIS Group supports and empowers progressive and forward-thinking companies with the best practices for today’s fast-changing market.
Save the date and join us on April 10-11 in Vienna!
Venue: Das Reinisch Hotel – Vienna, Austria
Agenda | Registration
Contact person: Lina Kozina, Project Lead – Marketing