The notable recent rise in bitcoin prices has revived the imagination of many investors, but Blockchain technology isn’t just about money. In this article, we will look at how significant the impact this revolutionary technology will have on classic web hosting services.
The concept of cryptocurrency is not rocket science. In fact, this method of exchange is no more complicated than traditional currency. However, it nonetheless needs a secure and trusted environment in which it can operate, and this is provided by Blockchain.
What is a blockchain? There are many misunderstandings associated with this, but for the purposes of this article, we will simply define it as a distributed spreadsheet. We’re all familiar with Excel or Open Office spreadsheets, but what makes Blockchain so appealing is the way it spreads.
Like the files in Torrent, Blockchain is a peer-to-peer network where there is no need to provide trust between the parties. Thanks to modern cryptography, trust is instead maintained at the level of a single record, rather than the participant receiving it.
Okay, now we understand the basics of the cryptocurrency revolution, but how, one might ask, does this affect hosting services? In fact, in its simplest form it involves not only selling your services in your local currency, but also bitcoin and other cryptocurrencies.
However, this is not the end of the revolution. Bitcoin and other digital currencies need e-wallets, and so a traditional hosting provider has huge potential. If you have the trust of your customers and host their websites, then why not host their electronic valet?
Each cryptocurrency transaction is an actual transaction between two electronic valet. Each exchange is supported through a wallet and you can also provide an interface for customers to access it. This factor is crucial in order to fully understand what impact Blockchain can have on your hosting business.
At the same time Blockchain – it’s not just money. The latest versions of its protocols also make it possible to enter into an agreement between the parties in any form, whether it be a subscription to cable television or any other type of account. They all need to be stored somewhere, and there is room for hosting companies to participate.
Therefore, a wallet is the key to making full use of the potential of Blockchain. Once you understand this, what will be the next steps?