Decentralized Cloud Storage as a Response to Cybersecurity Issues
- Cybersecurity trends in 2021 involve attacks at higher rates than in the past.
- Centralized storage solutions are prone to plenty of data protection challenges.
- StorX aims to introduce users to Decentralized storage solutions with blockchain.
Cybersecurity had a difficult time in 2021 with high-profile breaches such as Colonial Pipeline and Solar Winds. Aside from that, there were also dozens of other breaches that resulted in major economic and security-related impacts.
Work has rapidly shifted into remote and hybrid offices, and hackers have taken advantage of this. Vulnerabilities and gaps in security are prevalent in unsecured locations that remote working has introduced. These gaps have been exploited at higher rates than in the past.
This 2022, cybersecurity is something to look out for considering the trend in the previous years.
One section of cybersecurity is the Global Cloud Storage market. This market is estimated to grow from $50.1 billion in 2020 to $147.3 billion by 2025. This market– serviced by companies like Dropbox, Apple, and Google– have changed the way company operations work thanks to their cloud storage services. However, this service isn’t free of problems.
Centralized Cloud Storage has plenty of data protection challenges. Issues such as data privacy, cyber-attacks, and data manipulation still exist among others. This is a direct cause of having third-party entities govern users’ private data.
For this reason, Decentralized Cloud Storage is an important alternative to look out for. This concept aims to democratize the market of cloud service providers, which is highly monopolized. Rather than bringing users to a centralized service provider, it instead allows users to rent storage from individual farmers.
There are several advantages of a decentralized method of storage. Namely, the separation from centralized intermediaries increases security and decreases forms of censorship.
Companies such as StorX are proponents for Decentralized Cloud Storage. Companies that help users in securely encrypting, fragmenting, and distributing important data across multiple hosting nodes scattered across the globe.
StorX specifically is an upcoming start-up with a network based on the XDC network, allowing it to be faster; cheaper; and more energy-efficient than its competitors.