There is a huge buzz around the world about the concept of blockchain document storage. Companies are eager to explore the potential of this notion while experts are engaged in finding its reliability and worthiness of this notion.
In such episodes, a number of speculations and stories have appeared. Some people think that this is an absurd idea, and could cause huge damage to documents and privacy. While some believe that this can transform the overall document storage and accessibility aspects and take us toward a new future where each document will be highly secured.
There is no end to peoples’ perceptions and fables available around the world in both opposition and support of this concept. Therefore, in this article, we will glean insights about blockchain document storage.
The Rise Of Blockchain Document Storage
Since this concept is viciously creating magnetism and drawing businesses to make an investment. Do several questions arise in one’s mind such as what is this concept? How documents can be stored on a blockchain? Why it is so popular? Should I also invest in? and many more. Indeed, these questions are obvious.
Don’t you have the same questions?
Well! Since the arrival of bitcoin- the leading cryptocurrency in the market, blockchain technology has gained a huge appreciation for obvious reasons. People around the world are recognizing this technology just because of the cryptocurrencies and their robust architecture which makes it unintrusive.
Its basic structure is very strong and makes data tampering impossible. Therefore, developers and businesses are eager to use this attribute to the fullest to provide people with high-grade systems. This gave a blow to the notion of storing files on this ledger system.
How Blockchain Is Perfect For Storing Documents?
If we look inside the basic architecture of this technology, it includes the blocks of data coupled together in a chain. The chaining is done through the timestamp and cryptographic hash of the previous block that points to each other.
Basically, it is regarded as a growing list of records where blocks of data are termed as the record. This system provides huge benefits that make this technology a fit for storing documents.
Here are the aspects that make it perfect:
Temper Resistance that comes through the immutability is the most important benefit of blockchain. As mentioned that blocks in this system establish links Cryptographically. It provides records immune from tampering. Counterfeiting of documents and prevention of fraud is possible effectively and efficiently through tamper resistance. Besides, it is also possible to store the hash of the document only and skip the saving of the whole document over the blockchain. This provides the convenience of document storage in case of larger file sizes.
Basically, blockchain is designed for storing financial transactions like Bitcoins. While documents may require a lot of space to be stored. It means that it shall not be feasible to store a whole document over it. Thus storing a hash of the file can be the most efficient way to store the document. While hashes take a small fraction of space.
If you think that storing the hash would affect the tamper resistance then you don’t need to worry. As whenever someone changes the input of a file the value of its corresponding has will also change. So, if someone makes there shall be another block of data and a previous hash will not work out. This is a significant benefit of storing a file in a blockchain-distributed ledger system.
One can verify the authenticity of the document, regardless of the location where the document is stored such as a centralized system like MySQL or distributed like Azure.
Another aspect that makes blockchain a good option is visibility. The files stored on blockchain are accessible to the public. It means anyone from around the world can see your document.
Indeed, you have to be absolutely sure about making it fully visible. And! Once you store the files on it, they will be there permanently. Altogether, you can make a change in data once you store it in a block.
In fact, it is not the only system that enables you to show the file data to all. Though, the security and tamper resistance make it the most reliable solution. Moreover, private blockchain and federated are also available to let you limit access to your documents. Such systems enable you to provide permanent visibility to the selected audience.
The blockchain is a decentralized system where there is no single authority that controls the data. It means no third party is responsible to maintain this storage system, which could influence the data.
The most critical aspect that supports its use is that people need decentralization today. As you know that you can’t trust any third-party storage provider for storing your critical documents, as they are capable of tampering with or deleting the document.
Blockchain document storage comes with the assurance that nobody can make any change in the file, and you can live in peace. Though, the selection of the right blockchain system is very crucial here.
The Contemporary Advancements In This Space
A few projects are available that are aiming to bring blockchain document storage fully functional in the market. Blocking is a project that is only focused on the signed document. While Siacoin is there, which is based on a distributed network for storing an encrypted version of documents.
This space is growing rapidly and in the upcoming years it will surely show up. Right now, you have to wait to see what role this technology with play in document storage. Moreover, its use in mobile application development is also rising, which is driving developers around the world to test all the possible use cases.
If you are thinking to embrace it in your business strategy you must consult with expert digital transformation development companies. While for blockchain document storage systems, you have to wait until this concept comes into reality. To know more, stay tuned with us.