The recent sharp rise in Bitcoin prices has revived the imagination of many investors, but Blockchain technology is not just about money. In this article, we will look at the significant impact of this revolutionary technology on classic web hosting services.
The concept of cryptocurrency is not rocket science. In fact, this exchange is no more complex than the traditional currency. However, it requires a secure and reliable operating environment, which is what Blockchain provides.
What is Blockchain? There are many misunderstandings related to this, but for the purposes of this article, we will define it as a separate spreadsheet. We all know Excel or Open Office spreadsheets, but what makes Blockchain very attractive is the way it is distributed.
Like torrent files, Blockchain is a peer-to-peer network where there is no need to guarantee trust between parties. Modern cryptography allows trust to be maintained at the level of a single record, rather than participating in the hospitality industry.
Okay, so now we understand the basics of the cryptocurrency revolution, but how does it affect, we might ask, web hosting services? Basically, in its simplest form, this would suggest 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 require electronic wallets to operate, which is why there is a lot of potential for traditional web hosting vendors. If you trust your customers and are organizing their websites, why not host their e-services?
Each cryptocurrency transaction is a de facto transaction between two electronic valets. Each exchange is maintained through your wallet and you can also provide your customers with an interface to access it. This factor is key to fully understanding the impact that Blockchain can have on your web hosting business.
That being said, Blockchain is not just about money. Newer versions of its protocols also allow for any type of contract between the parties, whether it is a cable TV subscription or any other type of bill. They all need to be stored somewhere, and there is room for web hosting companies to get involved.
The wallet is therefore the key to fully exploiting the potential of Blockchain. Once you understand that, what should be your next steps?