The remarkable recent rise in bitcoin prices has sparked the imagination of many investors, but Blockchain technology is not just about money. In this article, we will look at how significant this revolutionary technology will have on classic web hosting services.
The concept of cryptocurrency is not rocket science. In fact, this medium of exchange is no more complicated than the traditional currency. However, he still needs a secure and reliable environment in which to work, and this is provided by Blockchain.
What is Blockchain? There are many misunderstandings related to it, 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.
Just like the files in Torrent, Blockchain is a peer-to-peer network in which there is no need to guarantee trust between the parties. Thanks to modern cryptography, trust is instead maintained at the level of a record, not the host country.
Okay, now we understand the basics of the cryptocurrency revolution, but how, one might ask, does it affect web hosting services? In essence, in its simplest form, this would involve not only selling your services in your local currency, but also in bitcoin and other cryptocurrencies.
However, this is not the end of the revolution. Bitcoin and other digital currencies need e-wallets to work, and so there is huge potential for traditional web hosting providers. If you trust your customers and host their sites, then why not host their electronic maids?
Each cryptocurrency transaction is a de facto transaction between two electronic valet. Each exchange is maintained through the wallet and you can also provide an interface to your clients to access it. This factor is key to fully understanding the impact that Blockchain can have on your web hosting business.
That said, Blockchain is not just about money. The latest versions of its protocols also provide for the possibility of concluding any form of contract between the parties, whether it is a cable TV subscription or in fact another type of account. They all need to be stored somewhere and there is room for web hosting companies.
Thus, the portfolio is the key to fully exploiting the potential of Blockchain. Once you understand this, what should be your next steps?