Cloud Technology Insights

Sia Leverages Blockchain to Develop Decentralized Data Storage Services

By Cloud Technology Insights | Tuesday, May 07, 2019

Blockchain technology has reinvented human thinking over the years, offering one service after the other. It has aided individuals in regaining governance and ownership rights from corporate control through its transparent networks, eliminating the need for intermediaries and their exploiting practices.

In the ocean of blockchain ventures and services, many ambitious projects have emerged with the promise of delivering viable services to the public. The heavy reliance of society on data has necessitated the development of data storage devices via cloud technology. One such noteworthy decentralized cloud storage that has surfaced is Sia.

Few Blockchain Technology Companies: (Aurora,DoubleChain,DynaQuest)

Sia has delivered accessible cloud data storage for the last four years. It has over 300 storage providers with the capacity of 3.1 PB and 202 TB of used storage. The storage capacity can be bought and sold with Siacoin (SC), a form of cryptocurrency, which is available on almost all exchanges. Sia has witnessed a successful value growth over the years and has active communities on Reddit and Discord. The Sia team, based in the city of Boston, develops easily accessible storage solutions for consumers who struggle with the heavily skewed traditional storage options.

Sia leverages blockchain technology to connect users in need of storage solutions with individuals willing to sell underutilized storage capacities in a peer-to-peer transaction. It offers both options of buying and selling storage space from fellow users on the Sia network. Users can also lend their storage space and earn Siacoins as rewards. The user data is safely logged on blockchain, and the transactions are carried out in a secure and automated way using smart contracts. The Sia platform is designed to thwart any attempts to tamper or sensor with user data rights.

Sia’s storage platform costs 90 percent less than the traditional platforms. It has all but declared a rebellion against large corporations, claiming that no individual should be beholden to their exploitation. The blockchain technology serves as the underpinning pillars of Sia’s data storage platform and enables transparency and full accountability into individual assets and transactions. On the long term, Sia aims to bolster the storage layer of the internet.

Check This Out: Top Blockchain Technology Companies

New Editions