A Closer Look at Block Chain Technology
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Eric Piscini, Principal Global Blockchain Leader, Deloitte
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Safwan Zaheer, Director, Financial Services Digital & Head of FinTech, KPMG US
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Joshua Leland, Director of Blockchain for Development Solutions Lab, Chemonics International
Solving Data Storage Problems with Blockchain
Blockchain technology could simplify trusted information management by facilitating the access and use of critical public sector data by government agencies while maintaining the security of the information.
Pavel Bains, CEO of the Bluezelle, a blockchain based start-up company, says that blockchain can introduce several improvements to the current database ecosystem landscape. Bluzelle allows users to rent unused data storage capacity from their devices such as computers, smartphones, and consoles for video games and other purposes. The project establishes a decentralized network of these devices with free rental space. The Singapore-based company, founded in 2014, implements the blockchain technology principles for the development of decentralized databases. That is, to store data on various data ecosystems instead of having it as an all in one host. The company claims that this method would circumvent traditional databases scale and security issues.
At the East Tech West Conference in Guangzhou, China, Bains told the CNBC that Bluzelle could become a cloud storage industry Airbnb. According to Bains, blockchain technology is the key to solving many of the industry’s painful problems.
At present, these cloud database providers are all centralized and deal with some issues such as scalability, security, Bains said, pointing to data breaches experienced this year by the U.S. company Under Armour and Hong Kong flag carrier Cathay Pacific.
Bains says that the decentralized network architecture of Bluzelle offers better scalability and safety. Data breaches with centralized platforms are a recurring theme with the company CEO. Hackers are encouraged to attack such massive data troves with the sheer volume of data on single networks. With blockchain networks and data distributed over a decentralized network, however, there is no single failure point. The CEO goes on to say that even if a breach occurred, the attackers could only collect a small amount of information. Such hacks would not be sufficient to compromise on security over user data.
In a panel meeting at the conference, Bains also said that the goal was to treat data as a currency, giving consumers and companies individual control over their data. Not only Bluzelle, platforms such as Storj and iExec also make significant progress in the use of cloud storage blockchain technology. They offer some free storage and bandwidth to the registered users.