How Blockchain Technology Could Affect The Future Of Network Systems
The world was introduced to blockchain technology through the development and widespread use of cryptocurrencies such as Bitcoin. Also known as a distributed ledger or decentralized database technology, blockchain technology fundamentally involves a network with a distributed database. As such, unlike traditional networks where storage of data is stored in just 1 central database that control the transactions within the network, in decentralized database architecture, there is no single authority that controls the flow of information or the transactions made.
Instead, the network works by relying on having the information and transaction recognized by all nodes within the network. Information is continually updated and shared through multiple nodes. Everyone within the network can view the transactions made and verify the information made. Therefore, when new information (aptly known as a block) has been introduced into the network, it is registered with other users in the network.
Another added benefit of using blockchain technology and smart contracts is the optimization of failover processes.
As such, there is a high degree of accuracy associated with this information architecture. This is in part due to the fact that there is no single point of failure, the total opposite of what is experienced with centralized databases. Furthermore, the fact that there is no one entity that controls the network ensures that no one can control the network of change information found within the network at will.
Every interaction is effectively made in public. This provides a means of developing networks infrastructures where accuracy and dependability of information is of critical importance. As such, the technology lends itself to usage in numerous industries. As such, it has the potential to change or influence network systems. Some reckon that it will influence the impending shift to cloud-based data storage. Others have stipulated that its stellar and effective peer-to-peer communications will influence the implementation and usage of IoT systems. With this in mind, let us look at how blockchain technology will influence and or affect the future of network systems.
#1. Data Storage
Using the stellar peer-to-peer networking capability that blockchain technologies come with, there is a possibility of developing decentralized databases. This will allow the application to be developed and hosted on a distributed database networks. This is very much the case it is with cryptocurrencies. However, in the case of other applications, the various distributed networks, blockchains, may be connected, further increasing the potential capabilities of the individual app. We already have the potential technology to connect various distributed networks, including the cross-chain bridge technology developed by Oracle.
In this regard, a wide acceptance and usage of blockchain technologies may influence and lead to the development of networked decentralized systems. This is a new form of network system currently not in use.
#2. New Technology To Control And Track A Large Network Of Devices
Very similar with to what TCP/IP protocol allows network managers to do, there is a potential for using the blockchain technology to track and manage a large number of devices connected to a network with the added benefit of not needing or using a centralized database. Such network control and management technology, when added to the current network systems, has the potential to lower the overhead cost associated with running and maintain such networks. Furthermore, there is a potential for networking system using this technology to be easier to run and use.
Adding smart contract script in the blockchain to a network has the potential to add simplicity and automation to running and managing networks. For instance, smart contract scripts may be added to a blockchain controlled network to perform certain tasks automatically when certain conditions are met and verified by the distributed database. Furthermore, smart contract scripts in association with blockchain technology may be used by network managers to program multi-step automation into their networks. This will ease the process of managing networks, further lowering the cost associated with network management.
Another added benefit of using blockchain technology and smart contracts is the optimization of failover processes. The uptime monitoring software from Path Network may be used to initiate troubleshooting and network restoration procedures when the network experiences power outages and or packet losses.
#3. Implementing Internet Of Things Systems
In the development and implantation of internet things, blockchain technology may be used as the driving network. This software-based approach will involve devices being connected and programmed to directly talk to each as they function. Information regarding every transaction activity performed by one device will be stored and shared among the various devices, with the entire network of devices being the database.
As such, troubleshooting and diagnosing the problem arising from the various devices will be done more efficiently and much faster. Additionally, identifying bugs becomes a much-simplified task as every action taken by one device is shared to all devices.
Furthermore, the smart contract will increase the autonomy of the entire system. The network of devices may be programmed so that when one device performs a task and a smart certificate is issued, another device may go ahead and perform a subsequent activity or task.
#4. Development And Implementation Cloud Storage
Instead of using cloud storage in the traditional sense where one upload their data directly from their node to a centralized database, there is a potential to use blockchain technology to lower the cost of the network and increase the resilience of network between a storage company and their clients.
In this regard, storage companies can make use of the peer-to-peer network to afford their clients and customers faster network speed and guaranteed availability of their database. Anyone with some extra space in their computers and internet connection can rent out that space for networking while the storage vendor will be final storage space. The information is encrypted ensuring that as the information is passing in through the peer-to-peer network, it is not distorted or end up in the wrong hands. In such as cloud-based storage network, clients will benefit from increased speed and guaranteed network availability regardless of where they are on earth.
There is numerous way in which the blockchain technology will affect the network system. It is all matter of time.