The significant recent rise in Bitcoin prices has reignited the imagination of many investors, but Blockchain technology is not just about money. In this article, we will look at how significant an impact this revolutionary technology will have on classic web hosting services.
The concept of cryptocurrency is not rocket science. In fact, this means of exchange is no more complicated than traditional currency. However, it still needs a safe and reliable environment in which to operate, and this is provided by Blockchain.
What is Blockchain? There is a lot of confusion about it, but for the purposes of this article, we will simply define it as a distributed spreadsheet. We are all familiar with Excel or Open Office spreadsheets, but what makes Blockchain so attractive is the way it is distributed.
Just like the files in Torrent, Blockchain is a peer-to-peer network where there is no need to ensure trust between parties. Thanks to modern cryptography, trust is instead maintained at the level of a single record, not the party hosting it.
Okay, now we understand the basics of the cryptocurrency revolution, but we can ask how does it affect web hosting services? Essentially, in its simplest form, this would mean 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 electronic wallets to operate, so there is huge potential for traditional web hosting providers. If you have the trust of your customers and host their sites, why not host their e-officers?
Every cryptocurrency operation is a de facto transaction between two electronic assistants. Every exchange is held through a wallet, and you can also provide an interface for your clients to access. This factor is key to fully understanding the impact Blockchain can have on your web hosting business.
That said, Blockchain isn’t just about money. The latest versions of its protocols also provide the possibility of making any form of contract between the parties, whether it is a subscription to cable television or any other type of account. They all need to be stored somewhere, and there is a place to include web hosting companies.
The wallet is therefore the key to fully exploiting the potential of Blockchain. Once you understand this, what should be your next steps?