The innovation in the cloud technology is the causative agent of a trillion dollar industry! However, it was just a baby step towards the next technological giant – the blockchain. Blockchain is out to be the next and bigger version of cloud. It was the innovation in the technology which made the cloud computing model a decentralized system to store and access data. There was a compelling corporate need to store folders and files so that the required processing capacity by the computer utilities having gigantic bandwidth were able to accommodate their requisite requirements. But companies needed to have big server rooms for the upkeep and 24 X 7 security provisioned with proper and timetabled updates. It was made possible by the cloud technology that the companies were able to move their servers to remotely located data centers by subcontracting their services to third party cloud service providers. This way they were able to free their limited resources so that their operations could get an expansion beyond the range of their legacy hardware.
Therefore, by using the cloud innovation provided by the third party cloud companies; it is now possible that corporate sector can randomly choose offices which are disconnected in geographical sense; but are connected by virtual means! The hiring of workers from the remotest locations is now made possible by the cloud. Similarly, the revolution in the field of personal computers as well as smartphones has caused an urgent requirement to bridge the gap of more and more processing capacities which are focused at remote locations. So, it was cloud which made possible that decentralization of not just the computer resources but of human work force resources too.
But, now the times have moved on. Now, the innovation of blockchain is going to revolutionize a second wave of computational structuring. By effectively employing a distributed and dissipated ledger system the blockchain is now able to makeup networking of computers which are safe, impermeable to mutation and democratic as well! The systems based on the concept of blockchain are those programs which are un-hack-able. This would give birth to such web services which are based on transparent and open networks having greater reliability of inherent systems.
By using the system of blockchain we need to employ dedicated mining machines to arrive at the solution of those mathematical problems which are too complex for a human to be solved manually. Pooled mining includes the process of pooling of computational resources for the very purpose of cryptocurrency mining which provides proportional amount of crypto currency to the miners; depending upon their pooled-in resources. Working in tandem, these individual crypto currency miners comprising the network ultimately go for the verification of the ‘process of making of extra blocks’. Such teams of miners create a holistic system comprising of nodes present in network the very purpose of which is to process and store the data. In simpler words, what these individual mining endeavors do is – they make-up the computing tools across the globe for the purpose of allocation of their processing capacities to:
Retain The Copy Of Blockchain
Process And Verify The Transactions
Execute Smart / Utility Based Contracts
Ethereum is one of the most used platform of blockchain which is in the business of allowing crypto currency developers to let them access its blockchain via the method of Ethereum Virtual Machine (EVM). Ethereum Virtual Machines makes it possible for the developers to develop and deploy search utilities which are made for the decentralized applications. Such decentralized applications are colloquially known as D-Apps.
Such D-Apps are broken into the pieces like the technology of BitTorrent and are executed concurrently. So in effect, numerous computing devices get executed in pieces and bits, that is, a system of parting of a software having many redundancies makes up. Such programs create an order based ledger which is untiringly verifying the execution of the code. As there is an absence of a single centralized computer which has the full copy of the code; which will, in effect, make that machine the owner of the entire backend of that application. Therefore, it shall become next to impossible to corrupt or hack the program.
The major contrast of cloud computing and dissipated blockchain is that; the blockchain doesn’t reside in any of the centralized servers or data centers. Cloud computing, however, employees a few of the nodes; but it is nowhere in contrast of millions of notes which work over the platform of Ethereum. Blockchain has immense potential to be harnessed into the domain of entire World Wide Web’s computer technology. Hence, it would be prudent to say that it is a MYTH that the phenomenon of crypto currency is valued at zero, or is a kind of bubble, or is just a technological toy which would fade away soon! Also this cloud phenomenon is going to give birth to the next-generation blockchain model of entities.