Bitcoin Inspires Cloud Storage Solution
FREMONT, CA: A start up named Storj.io has come with the novel idea of using the technology behind Bitcoin transactions to create cloud storage solution. In the whitepaper titled ‘Storj: Decentralized Autonomous File Storage’ the Storj team details about the technology used. The main authors of behind the solution and whitepaper are Shawn Wilkinson and Jim Lowry.
“It uses of blockchain, or the ledger of Bitcoin transactions distributed across computers that interact with Bitcoin's network as a way to denote where files are stored in participating servers on the network,” reports Serdar Yegulalp for the InfoWorld.
According to the team at Storj, when a new user signs up, it will provide a public/private key similar in Bitcoin transaction. BitCumulus then transfers the encrypted file to 3 separate locations on the network. Every time the user uploads, it gets recorded and a storage -spot will be created and confirmed on the blockchain. In this procedure, third parties will not be able to access the files due to the public/private key structure.
The project has yet to come out fully developed but it seems to have opened new alternatives to the conventional cloud storage.