Cloud Computing and Blockchain Technology
1. What is cloud computing?
Cloud computing is the delivery of services including servers, storage, databases, networking, and softwares over the Internet to offer faster and flexible resources.
2. What are advantages of cloud computing?
Cloud computing helps to eliminate the cost of purchasing expensive hardware and software
Services offered by cloud computing are extremely fast.
ii. Global scale
Cloud services can be provided at global level. For example, services can be provided anytime and anywhere they are needed.
Cloud computing removes the need for time consuming hardware and software setups. Organization can spend more time on achieving more important business goals.
Cloud computing makes data backup, disaster recovery and business continuity easier and less expensive.
Different types of security measure and settings are implemented by cloud servers that help to protect data, softwares and infrastructure from threats.
3. What are different types of cloud computing?
There are three different types of cloud computing services
Public clouds are owned and operated by third-party cloud service providers which deliver their resources like servers and storage over the Internet. Google Drive is an example of a public cloud.
A private cloud refers to cloud computing resources used exclusively by a single organization.
A private cloud can be installed at an organization’s own location or they can hire third-party service providers to host their private cloud.
Hybrid clouds are combination of public and private clouds. They allow data and applications to be shared between them.
A hybrid cloud gives greater flexibility and helps and organization to optimize existing infrastructure and security.
4. What are different types of Cloud services?
Cloud computing services are of three types:
i. Infrastructure as a service (IaaS)
With IaaS cloud service providers provide servers, storage, networks, operating systems by charging some money from a client..
ii. Platform as a service (PaaS)
With PaaS cloud service providers provide platform for developing, testing, delivering and managing software applications.
It helps developers to quickly create web or mobile apps without worrying about setting up hardware, software and databases needed for development.
iii. Software as a service (SaaS)
With SaaS cloud service providers provide softwares services over the Internet. Cloud service providers manage software applications along with software upgrades.
They allow users to connect to these softwares over the Internet usually with a web browser on their phone, tablet or PC.
5. What is Blockchain Technology
Blockchain refers to digital information (block) stored in a public database (chain). So it is referred as group of information stored in the form blocks in hierarchical manner.
Blocks are made up of digital pieces of information. They have three parts:
- Blocks store information about transactions like the date, time, and other information about transactions For example, your purchase from an e-commerce website like Amazon or facebook updates etc.
- Blocks store information about the people participating in transactions. They store information in the form of digital signature rather than actual name.
- Blocks store information to distinguish them from other blocks. Each block has a unique code called a “hash” to separate it from other blocks. Hash codes are encrypted codes created by special programs.
6. Explain working of Blockchain.
When a block stores new data, it is added to the blockchain. For a block to be added to the blockchain, four things must happen:
- A transaction must occur.
- The transaction must be verified.
- The transaction must be stored in a block. After transaction is verified as accurate, transaction’s amount and digital signatures are all stored in a block.
- The block must be given a hash. Once hashed, the block can be added to the blockchain.
7. Explain Features of Blockchain.
- Blockchain is Public i.e. anyone can view the contents of the blockchain but users need to connect their computers to the blockchain network. So their computer receives a copy of the blockchain that is updated automatically whenever a new block is added Example: you get live update from Facebook whenever a new status is posted.
- Blockchain is Secure as users need to prove themselves before they can participate in a blockchain network.
- They are considered hacking proof.
- It is very beneficial for banks to carry out their transactions very quickly and securely.
- It is very useful for cryptocurrency.
- It is a decentralized form of record-keeping without any limit.
- It provides greater user privacy and heightened security to lower processing fees and fewer errors.
8. Explain Advantages and disadvantages of Blockchain.
- Improved accuracy by removing human involvement in verification.
- Cost reduction by eliminating third-party verification
- Decentralization makes it harder to tamper .
- Transactions are secure, private and efficient
- Transparent technology
- Hospitals can use blockchain to securely store their patients’ medical records. These personal health records can be encoded and stored on the blockchain with a private key so that they are accessible by specific people.
- They can be used by suppliers to record the origins of materials that they have purchased.
- It can be used in election voting to eliminate frauds as it is almost impossible to tamper the results.
- Low transactions per second
- History of use in illegal activities