How will Blockchain and BlockCloud Change the Cloud Computing and Which Stocks to Buy?
Usually, people relate the Blockchain Technology only to the crypto currencies, i. g. Bitcoin. But the technology has more potential than serving to the Bitcoin; it is becoming a game changer in cloud computing business. And thereof, some tech-companies will tremendously benefit from this new trend and some of them will even dominate the cloud industry, thanks to being an early pioneer in the blockchain technology.
Main Drivers of the Cloud Computing Trend:
The Cloud Industry is growing at double digit rates because the cloud providers offer several advantages to their customers:
Cloud computing is very cost effective:
Cloud users can save on capital expenditures because
(1) they pay per use and
(2) cloud’s economy of scale reduces the IT costs on software, hardware, security and maintenance
Cloud computing is more secure:
(1) Cloud platforms are better protected against malicious attacks.
(2) Compared to small and mid-sized companies’ IT, the cloud is more reliable and stable.
(3) Cloud has a better backup system and even if a user falsely deletes his data it can be easily recovered.
Cloud computing is more efficient and practical:
(1) The users have the access to software and data everywhere and every time.
(2) The users can easily share data only by granting access, they don’t need to transfer the data.
(3) The users don’t have to bother with maintenance and upgrades.
Cloud Computing provides Artificial Intelligence and Data mining:
Those services are usually too expensive, especially for small enterprises but cloud technology makes them affordable for many users. More importantly, cloud platforms also feed artificial intelligence (AI) with data which is necessary for AI to improve its algorithms. Because AI needs to be fed with data as much as possible, AI is usually provided as cloud service.
Cloud Computing with the Blockchain Technology:
Blockchain in short:
The blockchain is a network of blocks (dots) and every block has a ledger (book). The information is stored in the ledgers as an encrypted data. In case of Bitcoin, the ledgers contain all the transactions between Bitcoin wallets, therefore, everybody (block) stores everybody’s transaction as an encrypted data in his ledger (book).
How can Blockchain Improve Cloud Computing:
Data security concerns are the most important barriers to the cloud adaptation. Chief information officers (CIOs) demand a reliable, secure and auditable cloud platform.
Blockchain can store every data transaction and process in the ledgers. Therefore every step in cloud computing can be traced back, controlled and verified. In case of any trouble, the responsible person can be found from records of the ledger which does not allow any deletion or upgrades but only additional entry to correct the failure.
In Blockchain Technology, the Data is encrypted and distributed in ledgers which reduces the fraud and makes the whole process more secure.
The more users participate in blockcloud the more the process will be streamlined and therefore the system will become more secure. But increasing users and data in Blockchain will require more data process at an exponentially growing rate.
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Which Companies offer Blockchain Technology for cloud computing:
IBM and Hyperledger Fabric Project:
IBM joined the Hyperledger Fabric Project which includes several multinational corporations as members, i. g. Intel, Fujitsu, Cisco, Daimler, Wells Fargo etc.. The project aims to build a blockchain platform for Finance, Healthcare and Supply Chain Management. IBM contributes the project with its cloud technology and security system.
related article: IBM’s blockchain technology for finance
Recently, Wall Mart, Nestle, Unilever and Tyson Food joined to IBM to develop a blockchain platform for a safer food supply chain.
“It is not just about building the technology, it is about building the ecosystem,” Brigid McDermott, vice president for blockchain business development at IBM
Microsoft and Ethereum:
Since late 2015, Microsoft offers ethereum based blockchain as a service development platform (BaaS) on its Azure Cloud. The company collaborates with ConsenSys, Blockstack Labs and other developers around the globe.
“We can imagine a world where an individual can register their identity in a cross blockchain fashion, providing a single namespace for lookup regardless of blockchain of choice,…. We are excited by the potential societal benefits that can be derived from an identity that transcends borders, blockchains, organizations and companies.” Microsoft announcement
Microsoft and Tieron offering a service to generate, manage, and validate attestations in a collobaration. “This attestation is digitally signed by the educational organization’s decentralized identifier and a timestamp proof that is rooted in a secure public blockchain. Anyone can verify the identities and validate this data without trusting the signers or their service providers. The blockchain serves as the root of trust. Attestations will be kept in secure datastores that are fully controlled by users. The industry sometimes calls this self-sovereign identity.” Cale Teeter at Microsoft’s Azure Blog
In August 2017, Oracle joined the Hyperledger Fabric Project:
“Using Hyperledger Fabric as a starting point, Oracle plans to make a Blockchain Cloud Service available, with a goal to offer a highly advanced and differentiated enterprise-grade distributed ledger cloud platform for customers who are looking to build new blockchain-based applications and/or extend their current SaaS, PaaS, IaaS and on-premises applications. We are focusing on strengthening the fundamental technology foundations of distributed ledgers, simplifying and accelerating deployment of blockchains, and supporting customer use cases” Eric Jacobsen, Product Marketing Director at Oracle
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