The advent of blockchain technology has brought with it the promise of a technological revolution. According to proponents, entire industries could be impacted, or disrupted altogether, by blockchain technology. While there is merit to this claim, many blockchain-based services in the world today handle a lot of data off-chain to bypass technical limitations.
Thanks to ILCoin’s Decentralized Cloud Blockchain [DCB], this is about to change in 2020. DCB is the world’s first data storage platform based on a decentralized blockchain system that operates without having to resort to off-chain services. In practice, this means that it is the first system of its kind to give users access to multimedia and data storage entirely on a blockchain that is both live and decentralized.
Why off-chain applications aren’t seizing blockchain’s full potential
There is no doubting the fact that blockchain could be one of the most disruptive technologies of its time. However, many platforms are not yet leveraging blockchain technology to its full potential. As a result, they are missing out on many of the technology’s true benefits.
One such benefit involves time — not as a concept, but rather as an attribute. When data is added to a live blockchain, it is time-stamped accordingly. Every transaction recorded on-chain is entered with a date and time that cannot be changed. This information is then easily viewable by all other participants and interested parties.
Knowing the exact time that an event occurred and displaying it accordingly is a massive win when it comes to transparency. The public at large can easily see when data has been forged, and both internal and external systems can use this type of information to make sure that no one has interacted with the blockchain maliciously.