What Is Blockchain Storage?
Blockchain storage is a way of saving data in a decentralized network, which utilizes the unused hard disk space of users across the world to store files. The decentralized infrastructure is an alternative to centralized cloud storage and can solve many problems found in a centralized system.

How Blockchain Storage Works
Blockchain storage operates on a foundation of distributed ledger technology (DLT). Files are first broken apart in a process called sharding. Each shard is copied to prevent loss of data. The files are also encrypted with a private key that makes it impossible for them to be viewed by other nodes in the network. The replicated shards are distributed among decentralized nodes all over the world. The interactions are recorded in the blockchain ledger, allowing the system to confirm and synchronize the transactions across the nodes in the blockchain. Blockchain storage is designed to save these interactions forever and the data can never be changed.

Blockchain Storage vs. Cloud Storage
Blockchain storage is a potentially cheaper, more secure, and more reliable alternative to centralized cloud storage. Providers of centralized cloud storage prevent data loss by making copies of the data and storing it in different data centers. The large amount of data that is duplicated in this process can create excessive amounts of surplus information. Also, cloud storage requires enterprise-grade hardware for its data centers. These factors can make centralized data storage significantly more expensive than blockchain storage. By taking advantage of the empty space on users' devices across the world, blockchain storage can cut up to 90% of the cost of centralized cloud storage. Individuals and businesses can profit by renting out the unused space on their hard disks for others to use.

Advantages Of Blockchain Storage
In addition to the advantages explained above, having data stored across dozens of individual nodes also gives blockchain storage security benefits. Encrypting the files and distributing them across the decentralized network makes it harder for hackers to access the data. There is no central entity controlling access to files or possessing the keys needed to decrypt the files. The private keys are controlled entirely by the user, making it theoretically impossible for a third party to access the files. Sharding also promotes security and privacy. Blockchain storage could also allow faster and more customizable storage systems because users are able to manipulate settings, such as the speed of retrieval and redundancy.

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Application And Uses
Blockchain applications go far beyond cryptocurrency and bitcoin. With its ability to create more transparency and fairness while also saving businesses time and money, the technology is impacting a variety of sectors in ways that range from how contracts are enforced to making government work more efficiently.

Top 10 Real-World Applications
Financial Transactions: Blockchain can be used to streamline and secure financial transactions, including money transfers, international payments, and securities trading. By eliminating the need for intermediaries, blockchain can reduce costs and transaction times.Smart Contracts: Smart contracts are self-executing contracts that are stored on a blockchain. They can be used to automate a wide variety of tasks, such as releasing funds when certain conditions are met or triggering an insurance payout in the event of a claim.Supply Chain Management: Blockchain can be used to track the movement of goods throughout a supply chain, from raw materials to finished products. This can help to improve transparency, efficiency, and traceability.Digital Identity: Blockchain can be used to create secure and tamper-proof digital identities. This could be used to improve access to financial services, voting, and other government services.Healthcare: Blockchain can be used to store and share medical records securely. This could improve patient care and reduce the risk of fraud.Voting: Blockchain can be used to create secure and transparent voting systems. This could help to reduce voter fraud and increase voter confidence in elections.Intellectual Property: Blockchain can be used to track and protect intellectual property, such as copyrights and patents. This could help to reduce piracy and counterfeiting.Energy: Blockchain can be used to track and trade energy consumption. This could help to improve efficiency and transparency in the energy market.Gaming: Blockchain can be used to create secure and tamper-proof gaming platforms. This could help to reduce fraud and cheating in online games.Internet of Things (IoT): Blockchain can be used to secure and manage data from IoT devices. This could help to improve the security and privacy of IoT devices and data.

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Basic Blockchain Operations
Operations in a decentralized network are the responsibility of the peer participants and their respective computational nodes. These are specific for each type of blockchain.

In particular, these operations include:
Gathering Transactions: Imagine people on the network submitting requests to buy, sell, or transfer something valuable (like money or data). These requests are collected into a group.Validating Transactions: Just like a cashier checks your ID before a purchase, the network needs to make sure these requests are legitimate. This might involve checking account balances or verifying digital signatures.Agreement on the Next Block: Once the transactions are confirmed, they are bundled together into a "block." Different computers on the network compete to solve a complex puzzle to be the one who gets to add this block to the chain.Chaining the Blocks: The winner of the puzzle gets to add their block to the existing chain of blocks. Each block contains a unique code referencing the block before it, creating a chronological chain that's almost impossible to tamper with.
Bitcoin Blockchain Operations
There are two major participants in the Bitcoin network. The first participants are people who initiate transfers of value (Bitcoin) on the network. They create transactions specifying the amount and recipient. The second group of participants are called miners, These are the workhorses of the Bitcoin network. They provide the computational resources needed to:

Verify Transactions: Miners check if the transactions are valid (enough funds, proper signatures).Broadcast Transactions: Once verified, they share these transactions with the entire network.Compete for Block Creation: Miners compete to solve a complex puzzle. The winner gets to add a new block containing the verified transactions to the blockchain.Reach Consensus: By solving the puzzle, the winning miner proves they invested computational power, and other miners on the network accept the new block as valid. This is how consensus is achieved.Broadcast the New Block: The winning miner broadcasts the new block to the entire network.Confirm Transactions: Once the new block is added to the chain, the transactions within it are considered confirmed.
For these computational resources provided by miners, they are incentivized and rewarded with newly minted bitcoin, which is currently set at 3.125 BTC. The algorithm that miners use to reach consensus is called the proof-of-work protocol, which requires the miner to provide the computational work required to solve a puzzle and claim the right to add a new block to the chain. To summarize, the main operations in a blockchain include transaction validation and block creation with a consensus of the participants.
Beyond the Bitcoin Blockchain
Bitcoin blockchain is entirely open source and available on GitHub. In addition to the Bitcoin cryptocurrency, the Bitcoin blockchain supports an optional feature called scripts for the conditional transfer of values. The Ethereum blockchain extended this scripting feature into a complete execution framework called smart contracts.

A smart contract provides the powerful capability of code execution that embeds business logic into the blockchain.
Based on these capabilities, three major types of blockchains have emerged:
Only Cryptocurrency: These focus on transferring digital currency, like Bitcoin. They don't support complex logic or applications beyond basic transactions.Cryptocurrency + Business Logic: These blockchains, like Ethereum, allow for the creation of smart contracts. Smart contracts are essentially programs that run on the blockchain and can automate agreements or processes. This adds a powerful layer of functionality for building applications on top of the blockchain.Only Business Logic: This type, like Hyperledger Fabric, focuses solely on running business logic through smart contracts. There's no built-in cryptocurrency involved.
With the addition of business logic and code execution comes the consideration of who has access to the blockchain.
There are three main categories of blockchain access:
Public: Anyone can join and participate in the network, like with Bitcoin. This provides transparency and decentralization.Private: Access is restricted to specific organizations or pre-approved participants. This offers more control and potentially faster transaction processing.Permissioned (Consortium): A group of organizations come together to form a consortium and use a shared blockchain. This allows for collaboration while maintaining some control over who can participate.
In summary, smart contracts have taken the innovation of the Bitcoin blockchain to another level by opening up broader applications of the technology.

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