Blockchain technology powers cheaper cloud storage

Pele FindsonOctober 19, 2018
Cheaper cloud storage powered by Blockchain

A Norwegian company says unlike Google or Microsoft, it can offer decentralised storage and processing, claiming its safer, more reliable and guarantees privacy.

Iagon uses a network of computers and laptops, including the home PC as decentralised clouds of storage for data which has been sharded.

The owners of these computers act as miners, who are then paid in tokens for the use of their storage.

“So you in a sense can be a miner if you’re with your laptop, you can provide storage space processing power to Iagon and in return you get tokens in return,” Dr Najvit Dhaliwal, CEO of Iagon, said.

The company earns a ten percent commission from the profits its miners make and uses

Artificial Intelligence to learn about its miners.

“So if you’re a miner we’re learning the behaviour in terms of performance, availability, cost benefit and trustability,” he said.

That information is used to give a miner a Cloud score that’s used to price their services.

The decentralised service solves three major problems with cloud storage, including security and privacy.

“We have no central point of attack meaning that we are completely secure and that’s the main advantage we have against vault sites,” he said.

“You can only access your data, your files through your private key and only you have access to that.”

Because it doesn’t need one giant computer for storage or processing, Dhaliwal says it’s up to 80 per cent cheaper. And because the data is sharded, the company guarantees that no one except the client can access it, making it hack proof.

“In order to get the full picture, you need all the shards combined together, then there’s no way of telling from the hacker point of view, where the rest of the shards are,” he said.

Blockchain powers the private key clients use to access their data. The decentralised cloud model is also used for companies or individuals looking for additional processing power.

“Let’s say virtual reality, they need a lot of processing power or gaming industry needs a lot of processing power so what we do is we provide that processing power from these miners,” he said.

This story first appeared on Coincast TV.