The recent sharp rise in Bitcoin prices has sparked the imagination of many investors, but Blockchain technology is not just about money. In this article, we’ll look at the impact this revolutionary technology can 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 traditional currency. However, it needs a safe and trustworthy environment, which is what Blockchain offers.
What is Blockchain? There are many misunderstandings associated with this, but for the purposes of this article, we will define it as a spreadsheet. We all know Excel or Open Office spreadsheets, but what makes Blockchain so attractive is the way it is distributed.
Like Torrent files, Blockchain is a peer-to-peer network where there is no need to ensure trust between the parties. Modern cryptography allows trust to be maintained at the level of a single record instead of the party that organizes it.
Okay, so now we understand the basics of the cryptocurrency revolution, but how can we ask, how does it affect web hosting services? Basically, in the simplest way, this would suggest selling not only your services in your local currency, but also in Bitcoin and other cryptocurrencies.
However, it is not the end of the revolution. Bitcoins and other digital currencies require electronic wallets to operate, so there is great potential for web hosting vendors. If you trust your customers and host their sites, why not host their e-cars?
Every cryptocurrency transaction is a de facto electronic transaction. Each exchange is maintained through the wallet and you can also provide an interface for customers to access it. This factor is key to a good understanding of the impact that Blockchain can have on your web hosting business.
That said, Blockchain isn’t just about money. Newer versions of the protocols also offer the option to enter into any contract between the parties, whether it be a cable TV subscription or any other type of bill. They all need to be stored somewhere, and there is a place for companies to participate in hosting a website.
The portfolio is therefore key to fully exploiting the potential of Blockchain. Once you understand that, what should be your next steps?