The notable recent increase in Bitcoin prices has rekindled the imagination of many investors, but Blockchain technology is not merely about the money. In this article, we will take a look at how meaningful an impact this revolutionary technology will have on typical web hosting sets.
The concept of cryptocurrency is not rocket science. In fact, this medium of exchange is no more complicated than traditional money. However, it nonetheless needs a obtain and trusting ecosystem in which it can function, and that is provided by Blockchain.
What is Blockchain? There are many misunderstandings relating to it, but, for the purposes of this article, we will simply define it as a distributed spreadsheet. We are all familiar with Excel or Open Office spreadsheets, but what makes Blockchain so attractive is the way it is distributed.
Just like the files in Torrent, Blockchain is a peer-to-peer network where it is not necessary to ensure trust between parties. Thanks to modern cryptography, the trust is instead maintained on the level of a single record instead of the party hosting it.
Okay, so now we understand the basics of the cryptocurrency dramatical change, but how, we may ask, does it affect web hosting sets? Essentially, in its simplest form, this would suggest not only selling your sets in your local money, but also in Bitcoin and other cryptocurrencies.
However, this is not the end of the dramatical change. Bitcoin and other digital currencies need electronic wallets to function, and there is consequently huge possible for traditional web hosting vendors. If you have the trust of your customers and are hosting their sites, then why not great number their electronic valets?
Each operation in cryptocurrency is a de facto transaction between two electronic valets. Every exchange is maintained by the wallet and you can also provide an interface for your customers to access it. This factor is pivotal in order to fully understand the impact Blockchain can have on your web hosting business.
This said, Blockchain is not only about money. The newest versions of its protocols also provide the opportunity to enact any form of contract between the parties, whether this is a subscription to cable television or indeed any other kind of bill. They all need to be stored somewhere, and there is a place for web hosting companies to be involved.
The wallet is consequently the meaningful to fully employing the possible of Blockchain. Once you understand this, what then should be your next steps?