How Blockchain Storage is Critical for Internet of Things Growth
You’ve likely heard it said before, but it bears no less repeating, that the blockchain is the very future of all things IoT (or Internet of Things), and that, in fact, is likely an understatement of epic proportions. But what we mean is the following: When you truly stop to just think about the rapid expansion of everyday life and the radical transformation through IoT, you will quickly begin to see that homes, farms, cities, manufacturing plants, and countless other smart-enabled locations and items are truly blessed as the result. But you will also note that countless other growth prospects may begin to emerge for the Internet of Things’ market as well, as the result, and much more so considering the recent Gartner report’s latest predictions and findings altogether, which are continually updated. Among their strongest points of analysis, they have concluded that —- and you’ll note —- by the year 2020 alone, more than 20 billion different areas will have become connected.
Lucy Wang, Co-Founder and CMO of Lambda, a decentralized infrastructure startup that provides unlimited data storage via the blockchain, offers her insight on why the IOT is critical for blockchain storage.
But more so, you will also find that some of the strongest developments toward this unstoppable trend are already taking place before our very eyes, even as we speak; yet the current internet architectural elements, as well as the current server infrastructures present on a global scale, remain unlikely to full support the current IoT revolution that now stands, but hopefully this will not be the case for too much longer as tech. progression is always advancing at an unprecedented level. And since countless devices connect to the Internet on a regular basis, minute by minute and second by second, this also means that security and management have become a current concern, which experts are still attempting to deal with as we speak. It is quite easy for multiple servers to become overloaded, even representing one sole point of failure, thus allowing the system in play to become far more vulnerable to any type of cyber attack —- or even the mere threat of one to come…
The best of modern blockchain tech., on the other side of the spectrum, presents a unique solution all of its own, and this is so for more reasons than one. For instance, this highly-growing, quickly more popular than ever, distributed ledger system itself behind all global virtual currencies —- like Bitcoin, Litecoin, Zcash, etc. —- is an open source software that can allow its users to do so much more than ever dreamed before. And to keep it all simple, it retains its basic name that everyone is coming to love: Blockchain. It is the ultimate in currency technology and beyond.
Blockchain is, simplest put, a public storage ledger that can work with all crypto transactions that its users have executed; the system will add each of its transactions as blocks, falling within both a linear and chronological order, all done by a computer or “node” that’s already been connected to the crypto network involved. Such storage method allows for the complete, accurate record of all transactional data, even starting from the very first block in the process — and, of course, concluding with the most current one as well. Satoshi Nakamoto is the renowned mastermind behind all of this; blockchain storage is his own proud creation, and he accepts it in full. Yet many argue as to whether this name represents one person or a group of people, a question that remains in mystery to this very day. Regardless of the full, exact details behind the name and origin, what we know is that blockchain storage is revolutionizing not only our country but the world, and it is advancing at an unstoppable rate; talk about unparalleled global growth and belief in a system that works.
Since the ecosystem of any blockchain will allow for its users to distribute digital information, though they may not necessarily be able to illegally copy it (which is already intensely beneficial in multiple ways of security and legality), it has thus become the master creator of a new form of internet altogether, one that is perhaps on its way to becoming fully incorruptible in good time. The creators of blockchain storage initially designed their innovation for financial transactions, but this is not all it can now do; in fact, one can practically record anything that is of value. The means and process for doing so have now become easier than previously imagined.
The objective behind it all has always been to create a sole version of any specific transaction, which should alone contain far more information than what any other singular system could offer of its own accord. This, in turn, should be able to properly reveal real-time, transparent data that could serve multitudinous uses alike. Furthermore, one will find that the storage technology at play behind the blockchain is comprised of both security and anonymity that are encryption-enabled, not to mention mutual consensus verification. The latter, as follows, should result in collective network updates that are quick and effective, as well as the full procurement of a continually accurate dataset, one not requiring a centralized governing authority.
And as briefly mentioned, this also allows for greater digital representations of the real world to formally introduce themselves to it. Some include applications by means of the Internet of Things’s countless applicable areas, such as within Healthcare, the auto sector, wearable brands, Smart grid, Smart water, Smart homes, and more. Further digitizing all industries, as well as optimizing production everywhere, are two main goals behind all of this.