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Real-world Use Cases and Applications of Filecoin and Storj
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- Stackademic Blog
- @StackademicHQ
Filecoin and Storj pioneered decentralised storage platforms. Both platforms are used by corporations and individuals globally, proving blockchain's potential to revolutionise data storage. In this article, we compare Fil and Storj and how these platforms are used in real life.
General information
The current trading value of Filecoin stands at 5.04 billion USD. The trading volume over the past 24 hours has reached $670.42 million USD. The FIL to USD exchange rate is continuously updated, capturing real-time movements. Over the last 24 hours, Filecoin has experienced a growth of +4.71%, with a circulating supply of 519.84 million FIL.
Today's value of Storj stands at 84.52 million in the last 24 hours. STORJ has seen a rise of +7.45% within this period. At present, it's down -4.53% from its weekly peak of 0.6299. There are currently 411.85 million STORJ in circulation.
Decentralised Cloud Storage Services
Decentralised cloud storage is a simple use case for Filecoin and Storj. Filecoin and Storj distribute data across numerous nodes globally, making them more safe, private, and cost-effective than Amazon AWS or Google Cloud. This method improves data security, privacy, uptime, and data loss resistance.
Businesses, especially those in nations with strict data privacy laws or seeking data protection, are using these platforms more. A European data analytics organisation decentralised its data storage with Storj, cutting operational expenses and complying with the GDPR.
Media and Entertainment Industry
Decentralised storage is also useful in the media and entertainment industry, which needs lots of data. Filecoin is used by film production businesses to store and manage HD video files. Filecoin's decentralisation makes these enormous files available worldwide without a single point of failure, a problem with traditional storage options.
Independent content makers use Storj to distribute their work securely and efficiently. Fast, decentralised content access lets producers reach a global audience without relying on centralised platforms that may censor or restrict access.
Healthcare Data Management
Another area where Filecoin and Storj are making progress is healthcare. Healthcare data storage must be secure, compliant, and accessible for patient and research records. By encrypting and distributing data across a worldwide network, decentralised storage makes sensitive data secure and accessible to authorised users.
A research organisation stores and shares massive genomic datasets in Storj. Decentralised storage allows the institution to keep data private while making it available to researchers worldwide, encouraging collaborative medical research.
Backup and Disaster Recovery
Decentralised storage systems like Filecoin and Storj are powerful enough for backup and disaster recovery. Businesses and individuals use these solutions to secure, off-site backup crucial data. Distributed storage keeps data safe and recoverable even after local hardware failures or natural disasters.
An IT services company uses Filecoin to secure customer data across many geographic locations during catastrophe recovery. This arrangement adds protection and peace of mind by allowing important data restoration from anywhere, anytime.
Bottom line
Filecoin and Storj are more than just theoretical constructs in the blockchain space; they are practical, versatile platforms being used in a variety of industries worldwide. From media distribution to healthcare data management and disaster recovery, these decentralised storage solutions are proving their worth by offering secure, efficient, and cost-effective alternatives to traditional storage methods. As blockchain technology continues to mature, the applications and use cases for Filecoin and Storj are likely to expand further, paving the way for a new era in data storage and management.
Are you interested in expanding your portfolio with another great pair? Take a look at Wax to Sol as your next great crypto business case!