The last decade has seen cloud computing services fuel many internet-based applications and services, generating $17 billion and above every quarter. Even if you don't know it, you use the Cloud every day.
Similarly, blockchain technology has become one of today's most fabulous digital creations. Digital currency, cryptocurrency, or Bitcoin are all possible because of blockchain technology.
This post will explore blockchain technology and cloud computing and how Wisebitcoin, an 'innovative international decentralized cryptocurrency exchange,' has benefited from joining the blockchain cloud storage market. Before that, let's understand what blockchain technology and cloud computing are.
Blockchain is defined as "a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network."
To put it simply, blockchain technology uses data encryption methods in a peer-to-peer network to exchange information (or cryptocurrency) without the need for monitoring by a central authority. Blockchains use decentralized computing, which means that the data is not stored in one place but is cut into encrypted chunks and stored across several computers.
Cloud computing allows you to store, exchange, and process data online from remote servers. This eliminates the need for storing vast amounts of data in one place. Gmail, Google Drive, and Dropbox are some of the most common cloud storage examples. The Cloud's popularity is that users can store their data online and access it from other locations at any time. All the data stored in the Cloud is encrypted.
Decentralized Cloud Computing
The intersection of cloud computing and blockchain technology, specifically in cryptocurrency transactions, offers so many more opportunities for businesses than before.
Blockchain is currently the cheapest way to get cloud storage because small entities can participate in cloud storage by providing their computing power and space to store data. This decreases the overall costs and provides more profits per quarter.
Businesses can widely benefit from the union of blockchain technology and cloud computing in many ways. The decentralization of cloud computing networks allows business owners to utilize only the storage they need, thanks to a host of security measures that blockchain technology offers. Only the authorized personnel can have access to stored data.
Some of the benefits of a decentralized cloud computing solution are:
- Access to better infrastructure and Fast Execution: A decentralized cloud computing system is usually linked to a high-end computational application available for all authorized users at all times.
- Better security against breaches: Since the data is encrypted on numerous platforms, violations are rare. Its architecture's very nature can stop an unauthorized person from retrieving data by intercepting the person first.
- Flexibility in data storage costs: In decentralized cloud computing, businesses don't have to restrict to one location for storing their data. The providers don't have one large facility, which brings down the overhead costs. This means lower fees for small business owners who can only pay for the storage they need. The costs are less manipulated as it’s not one monopolist, but many participants.
The future of cloud-based decentralized blockchain technology can revolutionize how individuals and businesses interact with data. This type of cloud computing solution allows people to work together virtually and securely to analyze and maintain information.
Wisebitcoin – Cryptocurrency Trading Just got Faster, Easier
Keeping to the new world's spirit, Wisebitcoin, which announced its official launch in January this year after its beta launch in 2018, has cloud computing at its core for its international decentralized cryptocurrency exchange. With the cloud services, the company - that consists of a diverse team of crypto enthusiasts, financiers, traders, and developers - has managed to bring together over 200 other global cryptocurrency exchanges, connecting more than 15 million users and 300 merchants.
Wisebitcoin's Superstructure is based on the most secure and efficient platform. Based on the unique hybrid cloud trading platform technology of Wisebitcoin, it offers assets security, transaction credibility, and strong performance of horizontal expansion. Besides, Wisebitcoin has created a financial-level architecture with completely independent exchanges, brokers, clearing & custody.
In an interview, Wisebitcoin’s Senior Advisor JW Cho spoke about how the firm's cryptocurrency trading became faster and more comfortable after the upgrade.
With cryptocurrency cloud services, Wisebitcoin provides deep liquidity while maintaining a stable and secure trading environment in the volatile crypto markets. This means over $6 billion in daily trading volume!
Next to that, Wisebitcoin features up to 100X leverage and over 2.3 million tps single trading pairs. Perpetual trading for USDT swaps and coin swaps in the futures exchange are also available with over 100 trading pairs and 50 cryptocurrency deposits and withdrawals, including BTC, ETH, and USDT.
Mr. Cho said that cloud connection upgrades had brought many changes to the system. This includes changes to asset custody and clearing technology, making the platform efficient, transparent, and secure. The second factor is the increase in performance. This was possible because the platform can solve real-time transactions in a distributed environment. This means that the operation remains unaffected even if one or two nodes fail.
Finally, cloud computing allows for diversified liquidity. Partners are allowed to share liquidity and freely access the depth of other exchanges. Headquartered in Singapore, Wisebitcoin promises to provide its merchants and users unparalleled service levels, including 24/7 live phone support, cloud service, an affiliate program, deep liquidity, and more. To get started with crypto trading, visit Wisebitcoin.