Data Service Providers May halt if Care is not Taken. What can the Blockchain do to prevent such?February 27, 2019
The Internet and the World
Statista forecasts that there are a total of about 4.68billion mobile phone users in the world in the year 2019. Of this, there about 3.9billion users connected to the internet. As recorded, the world population stands at 7.53billion. This means that more than half of the world population currently owns a mobile phone and are connected to the internet. Being connected to the internet means that 4billion people are generating data every day. This value doubled what was recorded by Mobile Cloud Computing Research Lab, University of Malaya, Malaysia in 2014. This in fact means that by 2024 there will be more than 8billion internet users making over 70% of the world population.
Data and Humanity
Data is human life as we know it. Life today is almost on the internet. There is a transfer of data from day-to-day on the internet no matter the location. Music, video calls, messaging, news, etc. all makeup data that is produced every day by people in the world.
Phones or electronic gadgets with which people use to create data each day advance as time goes on. The picture quality that is produced back in 2009 by the best of phones is now like nothing in the face of ‘big phones with a super camera’. The side effect of this is that the storage size or capacity needed to store data have now increased exponentially. And with the way things are going, it will continue to increase until service providers like YouTube, Google, etc. can no longer contain some of these data for storage capacity problems.
The HALT- A Possibility
Applying the laws of diminishing returns, it means that as users demand more and more quality services from providers, the cost needed to provide these services will continue to increase until a point where they can no longer serve users again. This suggests that if nothing is done to ensure that the spaces needed to store data from users are reduced, there may be a collapse of service from these providers in the future.
When a user makes a video call, the video data is first sent to the service provider where they are stored, then sent to the recipient’s phone. All of these happens in a short time depending on the internet connection strength. This is the case with most people when they create and send data over the internet using some of the popular service providers like Facebook, Google, etc. The fear many have is that since the storage or processing of data is centralized, there is a possibility for hacks and bridge of privacy. There is news (the reality no one has ascertained) that there are leakages of private data which are stored by many of these providers.
What the Blockchain can do to be of Help
The blockchain technology is built with the special feature of decentralizing the storage of data, therefore, reducing the cost for service providers. VANTA is a new blockchain solution that specializes in the aspect of real-time connectivity and storage security for users who wish to retain their absolute privacy. In its vision, VANTA is using a cutting edge technology- blockchain and decentralization to help service providers reduce costs related to the provision of service and increase security. Any user or provider’s device that uses the VANTA API becomes a node to store, process, verify and relay data on the network. Each node is incentivized for the work done.
The network uses end-to-end encryption through the private and public key to prevent data access by unauthorized parties. Byzantine Fault Tolerance (BFT) is also used to ensure bad players are kept out since validation of data is needed for the nodes to relay correct data.
In essence, storage will not be in a particular location. Data will be spread on all users device, thus reducing the storage capacity needed and the cost needed for it maintenance. The security of data is increased since storage is decentralized and secured with private and public key in addition to BFT.
There is no doubt that the biggest media service providers need to do something quick about the issue of storage and security of its users else our biggest fear may be realized someday. The best answer is the blockchain technology like VANTA’s solution.
What can you do as a User on the internet
One of the best things to do to help is to promote Real and Authentic information that can be of help to these centralized providers. The Currency Analytics and FinancialReport24 make sure that REAL and authentic information is given on daily basis to users about the happenings on the cryptocurrency sphere. Stop the spread of fake news and help us put an end to it by reading and spreading news from The Currency Analytics. With this we can be sure that providers who need to adopt the blockchain technology do so, to benefit all.
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