• Blockchain technology provides a secure solution for data storage.
• Blockchain-based data providers must be able to scale to meet the demand.
• Tips are provided by members of Cointelegraph Innovation Circle for scaling blockchain-based data providers.
Scaling Blockchain-Based Data Providers
The amount of data generated each year is growing exponentially, requiring secure storage solutions. Blockchain technology offers a decentralized, immutable, and secure solution for multiple industries. However, blockchain-based data providers need to prove they can scale to meet the increasing demand and take advantage of this opportunity. Here are 10 tips from members of Cointelegraph Innovation Circle on how blockchain-based data providers can do this:
Form purposeful partnerships and leverage decentralized networks in order to collectively scale capabilities and address the evolving needs of the broader data storage space.
Ensure Seamless Integration
Develop standards and protocols that enable seamless integration with existing data storage systems in order to attract a wider network of clients. This will allow existing infrastructure to remain intact while repurposing its use with an upgrade allowing for more client traction.
Sharding partitions data across nodes, increasing capacity while layer 2 solutions process transactions off-chain reducing network load. By integrating these strategies, providers can efficiently meet the growing demand for data storage.
Smart Partnerships & Familiar Solutions
By leveraging smart partnerships and building new solutions that are compatible with what’s already in the market (and familiar), the blockchain industry can lead the way in addressing an issue in genuine need of a solution.
Be Innovative & Adaptive
Data storage is constantly changing with emerging technology so it’s important for blockchain-based providers to stay innovative and adaptive when it comes to scaling their infrastructure. Companies should be prepared for unexpected changes such as increased demands or spikes in traffic when implementing their scaling plans as well as potential security issues or performance issues that may arise during implementation phases.