Information is one of the most valuable commodities today and in order for businesses to ensure their livelihood, it is vital for them to move from static to dynamic automated and reliable data storage models, says MARK TAYLOR, CEO of Nashua.
Information is one of the most valuable commodities. Every day, 2.5 quintillion bytes of data is created and either has a direct monetary value or can be mined for business intelligence to get a competitive edge. Data is the lifeblood of any organisation. Without the Internet and connectivity, business survival and economic growth is impossible.
The original intent of the Internet was the unrestricted flow of information in an open and shared network owned by the community. Data ownership was intended to reside with its creators in a decentralised model, free from monopolistic or centralised control.
However, large corporations quickly realised the value of tracking, storing, organising and monetising information for use in centralised services. Although not owned by a single entity, large corporations and data giants like Google support some of the most critical components of the Internet, such as search engines, web hosting, cloud computing and email services.
The case for decentralisation
As the reliance on the Internet deepens, so does the sharing of sensitive data and the need for greater privacy, data security and integrity. One proposed solution is a fully decentralised Internet independent of centralised control. This can be achieved with Blockchain technology – a decentralised and distributed ledger system that facilitates and verifies secure peer-to-peer data exchanges.
The biggest issues facing the Internet, such as net neutrality, privacy and security, pertain to issues of structure. Under a centralised model, access and convenience is offered to users at the expense of data ownership and privacy. While many service providers offer to store and safeguard data, security can’t be guaranteed. Servers can fail, networks can be hacked and privacy rights can be violated.
Decentralisation enables data and vital services to be owned by users and powered by a network of independent computers. This creates a setting much more resilient to hacks and failures as encrypted data can only be released and accessed through private keys. Decentralisation also breaks down the centralised barriers to business. With reliable high-speed Internet connectivity from Nashua, any business can access better, faster and cheaper services.
Here’s how decentralised models can revolutionise the Internet and cybersecurity.
A truly decentralised Internet is possible with Blockchain technology. Ethereum is a platform on which apps can be built and run without fraud, censorship or third-party interference. User information is encrypted and stored on the Blockchain which prevents service providers from hoarding and mining user data.
Decentralised web hosting
With only one target to hit, cybercriminals can quite easily shut down a website hosted on a centralised system. On Blockchain-based platforms, thousands of nodes or computers are employed to each serve a part of the website. This makes targeted attacks much harder and reduces hosting costs. It speeds up user access to websites by bringing cached content closer to site visitors. Self-executing smart contracts can also be used to manage resources and payments while users also have the opportunity to rent out idle network and computing resources.
Decentralised data storage
Blockchain enables users to use applications while retaining ownership of their data. By storing data on a decentralised and distributed network, the data is broken up, encrypted and stored across the Blockchain network. To access information, users need a private key to download the data from several locations at once. This not only speeds up the file access speeds but makes it increasingly difficult for cybercriminals to gain access.
Decentralised search engines
Google controls up to 95% of searches. The engine tracks search activities and has access to personal user information. Decentralised search engines store encrypted user data across a network as opposed to in a central location where it remains vulnerable. They also use open and transparent search ranking factors. This will level the playing field for businesses and content creators.
Decentralised social media
Social media platforms add significant connectivity value but at the cost of user privacy and data ownership. Decentralised social media channels will give back to users the ownership of data and reward users who choose to share information.
The full potential of a distributed economy is still unwritten but innovative solutions by emerging Blockchain innovators have already proven that the sky is the limit.