Decentralized Storage: Benefits of Storing Data on a Blockchain
Digital data is growing at an exponential rate. The world is generating about 2.5 quintillion bytes of data daily, which is only continuing to rise. For years, sites like Flickr and Instagram have allowed users to store photos and videos on their respective centralized servers. Similarly, keeping your documents on Dropbox or another cloud storage service is convenient and straightforward, but it comes with risks. The concept of centralization comes with several disadvantages that a decentralized storage solution can mitigate. For example, if you store your information with a third-party provider, it can be hacked or go out of business — and you might lose access to your files. Apart from that, there are plenty of examples of data breaches in centralized storage systems that lead to extortion and privacy breaches.