Blockchain-based cloud computing – Key benefits and applications
In today’s modern business era, Blockchain is not just limited to cryptocurrency and payment gateway solutions, and the technology opens the door to new opportunities for every industry vertical. One such disruptive innovation is Blockchain based Cloud computing technology. Businesses worldwide use cloud computing for data storage, backup and recovery, data management, software development, testing, and more.
While Blockchain provides better network security, decentralization, and data privacy, the cloud offers high scalability and elasticity. Therefore, businesses adapting to blockchain development services integrated with cloud solutions utilize better data services and improved system operability.
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The concept of Blockchain-based Cloud Computing
Blockchain-based cloud computing service is also popularly known as Blockchain-as-a-Service (BaaS), where the technology is offered in the cloud as a service business model. On the operational front, BaaS is very similar to IaaS (Internet-as-a-Service), PaaS (Platform-as-a-Service), and SaaS (Software-as-a-Service) models used for developing and managing Blockchain apps.
How does Blockchain-based Cloud Computing work?
In CoT (Cloud of Things), Blockchain technology is used for secure network management by hosting the blockchain network (BaaS) in a cloud environment. BaaS, in turn, supports cloud applications by offering different services such as smart contracts, cloud blockchain storage, and verification services on user transactions.
It seems promising for modern businesses to integrate advanced Blockchain-based cloud computing solutions for better outcomes. Hence, If you are willing to on-demand blockchain cloud resources in your operations, you might need to look at a few technological applications.
Applications and Benefits of Blockchain based Cloud Computing Platforms and Solutions
Here’s a list of a few applications, use cases, and benefits of Blockchain based cloud solutions in every industry vertical :
1. Smart Healthcare
BCoT (Blockchain Cloud of Things) shows excellent potential in modernizing current healthcare infrastructure and procedures. BCoT integration in healthcare offers solutions to critical security and patient record management issues. With the help of BCoT, efficient healthcare data-sharing environments with enhanced communication are leveraged worldwide.
Another instance is data processing and management of EHRs, where the data is accessible from any device to monitor health.
2. Cloud and Hyperledger
Hyperledger is a type of Blockchain technology that consists of distributed copies of an identical blockchain record where manipulating data in authorized ways is nearly impossible. With cloud computing, these records can easily be shared in the cloud ecosystem, where multiple parties can maintain identical copies of the records for audit verification.
Moreover, specific cloud-based hyperledger applications can attain a restricted set of authorized users known to the central authority.
3. Ownership tracking
One of the key benefits of using cloud-based Blockchain solutions is that the technology creates several opportunities for efficient management of legal agreements, stock ownership, real estate titles, and more.
For instance, migrating to cloud technology, your management of the hyper ledger system would dynamically improve the currently used archaic process of DTC for stock transfer which usually takes three to six days to process. However, with cloud storage, these transfers can take place in microseconds.
4. Permanent Audit Trail
We all know Blockchain creates a permanent record of transactions. One additional innovation of blockchain technology is the PoH (Proof of History) function. PoH works with a verifiable delay function that can provide the cloud computing network with a time record without user authentication.
Now with BCoT, you can get an audit trail of all transactions in the correct order, and with PoH, there will be a permanent stamp on all your transactional data.
5. Geo Independence
If you have a large-scale business where you can deploy cloud computing solutions globally, there is an option to manage your business data in a variety of physical locations. Suppose your Blockchain-based cloud solution has enough cloud storage in multiple countries. In that case, the processing node can simply be switched to another fully operational node on the system, which helps in preventing data loss.
Blockchain technology is inherently a distributed data system in design; therefore, when combined with cloud networks, it acts as an effective tool to broaden geographical diversity.
With the cloud computing cost graph going downward, the ability to process small transactions increases. For instance, the processing cost has always been challenging with Bitcoin mining. It is not sustainable to create Bitcoins if the utility and network resource cost is more than the Bitcoin itself.
With BCoT, the advanced cloud computing virtual servers only require duplicating the operating system to process applications. This helps decrease cloud servers’ processing costs, making microtransactions more feasible.
7. Distributed supercomputing
Blockchain technology in cloud computing can be leveraged in collaboration with millions of individual computer nodes, creating a supercomputing system. Blockchain-based cloud solutions can help you manage and distribute data to each node if your project requires massive computational processing.
Not only does this saves you a lot of time and effort, but it also scales productivity and scalability in your work system.
From smart home automation to smart supply chain and logistics, Blockchain-based cloud computing solutions can rescue every industry vertical with their applications and benefits. However, you would require reliable and experienced Blockchain development services to incorporate decentralized solutions in cloud computing. Make sure you are backed up by a team of dedicated cloud and blockchain experts to guide you through the entire development process.