Most people have, at the very least, heard of bitcoin and other cryptocurrencies. Bitcoin gets most of the attention, but the underlying technology, or blockchain, deserves more recognition.
Blockchain is capable of changing the way we do business online and blockchain-based web hosting is just one of its uses.
What is Blockchain-Based Web Hosting?
Blockchain-based web hosting, also known as decentralized web hosting, isn’t controlled by a single organization or third-party agency. Essentially, it offers peer-to-peer services rather than client-to-server hosting.
HostCoin is considered to be the first web hosting service built on blockchain. It strives to use blockchain-based hosting to provide enhanced security.
“Blockchain-based web hosting is a method of storing data so that it is difficult, if not impossible, to alter, hack, or defraud the system,” explained Katherine Brown, Founder and CMO of Spyic. “It’s a digital log of duplicated transactions and spread across the blockchain’s complete network of computers. Each block on the chain contains several transactions, and whenever a new transaction occurs on the blockchain, a record of that transaction is added to the ledger of each participant.”
What Are the Benefits of Hosting a Website on Blockchain?
Using blockchain technology has a myriad of benefits for businesses in particular, including better security, greater transparency, lower costs, better traceability, faster transactions, and improved efficiency.
“The benefits include storing various forms of data on a blockchain, but the most prevalent application to date has been as a ledger for transactions,” Brown added. “In the case of Bitcoin, blockchain is employed in a decentralized manner, meaning that no single person or group has power—rather, all users have control collectively.”
Another major factor of blockchain-based web hosting that makes it so attractive to individuals and businesses is the security it provides.