Hashgraph File Storage
Advantages of Hashgraph File Storage
Summary: Since the debut of cloud storage, a secular trend towards using large data center warehouses instead of traditional personal computers for personal and business related computation has occurred in the past two decades. Amazon web services (AWS) made a large impact on the market with the launch of the Simple Storage Service (S3), allowing businesses the convenience of inexpensive cloud hosting services without having to fund the purchase and maintenance of a battery of file storage and computer devices.
Despite the widespread commercial success of AWS and other similar file storage services, the infrastructure of the current cloud computing model is still plagued with malicious activity. The nefarious behaviors of bad actors on the cloud are still able to succeed at security breaches of sensitive data, use of distributed denial of service attacks and coordinated botnet attacks. In light of the recent General Data Protection Regulations (GDPR), a stringent set of enforceable rules has been enacted to protect user data. One of those requirements is the right to be forgotten, or a strict necessity to permanently erase files of users associated with commercial cloud services.
Hedera Hashgraph is a cutting edge distributed ledger technology (DLT) that is able to augment and even supercede the security and privacy standards that are currently deployed within the cloud with legacy companies, such as AWS. Features such as secured file storage with the ability to resist DDoS and botnet attacks, as well as confirmed deletion of files stored are innovative services only possible with a DLT. The future most likely will include a hybrid of both legacy cloud services like Amazon’s in addition to the revolutionary technology of Hedera Hashgraph File Storage Services to comply with GDPR and other growing privacy standards.
Focus Point: Understanding the role of secured file storage and deletion in the growing regulatory environment of the GDPR will help an investor make skillful maneuvers that will better estimate hbar utilization in the cryptocurrency market.
Anticipating the future hybrid of public computing cloud services, like AWS with the new Hashgraph File Storage Services, will also position skilled investors in more accurately foreseeing hbar price predictions and hbar token utilization for these services.
Discussion: In the not so recent past, purchasing a personal computer (PC) and connecting to the internet was one of easiest ways to expand one’s business into the world wide web. Creating a home page for products and services was a part of the dot.com explosion and allowed many businesses to prosper from the technology. However, as PC’s became expensive, software services increased license fees, and Information Technology (IT) needs became more sophisticated, these costs became much more difficult to sustain in the small business setting. The modern computing cloud helped reel in these costs by centralizing costs to a few large providers, reducing costs through wholesale pricing and increasing efficiency by optimized cloud solutions. The on-premise model of IT services and employees was eventually upended byt this greater service model and reduced business costs.
However, with the advent of the cloud computer solution, security breaches have become a widespread contagion. Many of the Fortune 500 businesses on Wall Street have suffered massive intrusions of these data centers due to their centralization and lack of ultimate resistant to various kinds of software hacks. Personal information of users as well as sensitive files of all business sectors have been stolen, exposed or destroyed in the process.The current centralized model of data collection, has unfortunately allowed for an even easier ability by hackers to steal data that is siloed into just a few geographic cloud locations. The largest hack of the 21st century involved a breach of yahoo.com involving over 3 billion user accounts. This was also followed by major data theft of Equifax exposing 100 of millions of user accounts as well as Marriott hotels, etc. These cloud file storage systems with their concentrated user data made optimum targets for hackers in combination with an insecure protection system.
Distributed Ledger Technology: After the development of bitcoin and the ethereum networks, a new wave of decentralized technology has been on the rise in response to the lack of global data security in finance and data storage. Distributed systems have shown preliminarily that they are resistant to various kinds of hacks and security breaches, but have not yet extended to the computing cloud and siloed user data systems.
Hedera Hashgraph is a novel distributed ledger technology that boasts some of the greatest specifications in class in regard to speed, scale, security and stability. In their network architecture, three major services are offered with their 21st century data solution: a cryptocurrency, smart contract platform, as well as secured file storage. The novel form of secured distributed Hedera file storage is the focus of this article in opposition to current cloud service providers, such as Amazon Web Services (AWS) Simple Storage Service (S3).
Hashgraph File Storage: In the Hashgraph file storage service, each file that is stored in the decentralized network has the full security of the network in its consensus mechanism. As a file is stored in the Hashgraph, all participating nodes in the network receive an exact copy of the file and its authors, as well as its expiration date. Being distributed in this way, all files are not only immutable, or unchangeable by the security function of the Hashgraph file system, but are also redundant like former RAID disk storage. This means that every Hashgraph file stored is available from any node in the network.
Furthermore, the files in storage using hbars to power the network, also benefit from the aBFT security that ensures that all nodes agree that the author(s) of the files are clearly stated and unequivocal in very short send times. Although these files are limited to 4kb sizes, it is easy to create a file append function to send larger files that are added cumulatively together in a series of transactions. The security function provided by the hbar file storage utility token also helps prevent from DDoS and botnet attacks on the available storage nodes. Additionally, each file send is charged a small file fee in hbars equivalent to $0.007 USD per transaction. In example, if a 4000 byte or 4kb file is sent to Hedera Hashgraph file storage, a total cost of $0.007 is incurred. However, if a 40 kb file is meant to be stored in Hashgraph, a cost of only $0.07 USD is incurred.Confirmed File Deletion: The most significant innovative feature of the Hashgraph file storage function is the ability to not only confirm the presence of a file in the network with aBFT security, but also to confirm its deletion. In an age of GDPR, or right of a user to be forgotten, is an invaluable function of hbar file storage. In example, if a person had a speeding ticket issued by an authorized user like a police officer or public court, and eventually paid the fine within a public Hedera file storage service, the speeding ticket could be absolutely removed with 100% confirmation. This is not a current feature of any public or private database structure, even if reported by the hosting web service provider. The reason is that in unsecured public networks, such as AWS, there is no current mechanism to assure such an assertion. With Hashgraph file storage it is mathematically provable to be completely removed.
Additional Features: Each file that is powered by the use of hbars and secured in Hedera file storage has an additional time expiration function. This is to ensure that all files that are uploaded are accounted for and do not take up needless file space forever without incurring a cost. The final fee for such a service have not been completely disclosed, but estimates are within a tiny fraction of a penny per amount stored. Having an expiration function may also serve certain use cases as well in a way that is beneficial for the application offered.
Controlled changes to files based on the authorizations to edit files with multi-signature key function is also possible with Hashgraph file storage. At any time, a files contents, authorization keys and expiration time can all be altered with the proper digital signatures. Queries are also possible and can be read or write based on key signature authorization. A clever solution in the use of Hashgraph file storage is to only store a small hash, or encrypted address to another location apart from Hashgraph in order to reduce total cost of large file storage.
Conclusion: The abilities to secure files in the Hashgraph network with unique authorization keys, fixed expiration times, file query abilities and confirmed reception and deletion, are all major breakthroughs for public databases. As public databases of major corporations continue to silo user data, creating vulnerabilities for security data breaches, this innovative solution is very welcomed.
The Hedera Hashgraph file storage service using hbar coins to secure and power the network is a leap forward in user file safety and reassurance. For a small amount of fees, the ability to perfectly delete a file as well as maintain network wide availability by all nodes seems to also offer an improvement in cloud services. The future seems to include a hybrid of current cloud solutions like the AWS S3 with the extra addition of the Hashgraph file storage in order to protect users from the inevitable hacks in their absence.