January 8, 2019

BSV File-Storage Solutions –Visions for Bitcoin from Dr Craig S Wright

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nChain’s Chief Scientist Dr Craig S Wright has started a new series on his Medium account, to begin revealing new applications and uses for Bitcoin (only possible on Bitcoin SV, because they use nChain intellectual property).  In the powerful series, he plans to share his ideas about and expertise on new ground-breaking applications and services that the Bitcoin SV blockchain enables.

Wright’s first entry in the series is entitled An immutable file and data store,” and focused on advanced file-storage solutions using the Bitcoin SV blockchain as their backend. The proposed solutions offer similar functionalities to Google Drive, Dropbox, or OneDrive, yet because of the security and efficiency of the Bitcoin SV blockchain, a more complete yet user-friendly service can be offered:

1. Because each file is secured in a new transaction, the security breach of one file does not affect the security of other files held in the same organised drive (because they are essentially separate).

2. Enabling cross-platform capability, since the same file is stored on the same secure blockchain (BSV); which one can think of as sharing one file on Google Drive with a user on Dropbox, for example, seamlessly and without the need to duplicate the file oraffecting the file path.

3. File authorisation can be organised in a hierarchical key structure, where the user keeps his privacy and complete control of his files—sharing merely what he needs to share for effective security.

4. Because storage is secured through a new key pair (a common secret) for every transaction (and therefore file), we are no longer required to use passwords; instead, a security device such as a smartphone can be used, allowing both greater security and ease of use.

To build such an immutable, efficient, yet user-friendly file-storage solution (“MetaDrive” or “bDrive”—you name it), see a more detailed and technical elaboration in Craig Wright’s article here.

Or get in touch with nChain Professional Services here.