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Bad things can happen when data that should be kept private falls into the wrong hands. A data breach at a government agency, for example, may provide hostile state access to top-secret material. A data breach at a company can put confidential information in the hands of a competitor. The data storage sector is about to be disrupted, with decentralized blockchain-based cloud storage technology providing a compelling alternative to centralized storage solutions that have been around for decades.
The internet has been completely altered by blockchain technology. Blockchain technology, which was first utilized for Bitcoin, has since expanded to include video/audio streaming, smart contracts, social media, and much more. This adaptable and secure technology can also be used for cloud storage by businesses. The decentralized network could have millions of nodes that store data. This translates to a substantial increase in inaccessible storage capacity.
And now, the space is going to get even better as one of the top data storage companies, Verida, is coming together with Primacy Technology, which is leveraging the Verida network to build decentralized data storage and sharing solutions. Let's see what this partnership has for us.
Verida and Primacy Together, Will Make Decentralized Storage Better
Primacy, a privacy-focused technology firm, assists customers in meeting their regulatory obligations in today's fast-changing world and creates decentralized applications (dApps) to protect and maintain the integrity of their client’s data.
Primacy's Desca is an end-to-end blockchain encrypted vault for delivering and storing secret documents. The system is intended to protect sensitive personal information as well as important business documents handled by its clients. Lawyers, accountants, and other professionals who use Desca can confidently request personal and sensitive information from their clients simply and securely. End users can also choose which personal information they share with others.
This solution makes use of the Verida network's decentralized identification and single sign-on capabilities. Primacy collaborated with a client in South Africa to develop a workforce solution that complies with the new Protection of Personal Information Act (POPIA), which went into effect in July 2021.
The Act requires businesses to protect the integrity and confidentiality of personal information in their possession or control by putting in place appropriate, reasonable technical and organizational safeguards to prevent personal information loss, damage, or unauthorized destruction, as well as unauthorized access to or processing. Primacy developed a solution that not only met regulatory standards but also allowed employees control over personal data sent to and from their company. The Verida network's decentralized identification and secure data messaging capabilities are enabled by this solution.
Aga Manhao, Primacy’s founder and Managing Director, is quite impressed with the progress that is made so far in the partnership and the project. He exclaimed:
“We have been collaborating for a year, and we have enjoyed working with Chris and his team. We both believe that data should be decentralized and owned by the user, so we started building solutions to meet our client’s requirements while utilizing blockchain technology for a decentralized secure environment.”
The Bottom Line
Load balancing is a principle used in blockchain-based decentralized storage systems. Without constantly visiting the server, hosts can cache frequently used data locally. This relieves the server's workload while simultaneously reducing network traffic. The server can also optimize and allocate data to alleviate bottlenecks in the central system's resources.
The multi-year partnership between Verida and Primacy is a fantastic fit for both firms as they continue to build decentralized solutions for protecting and securing user data.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.