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The recent remarkable increase in the price of Bitcoin has rekindled the imagination of many investors, but Blockchain technology is not just about money. In this article, we will look at how important this revolutionary technology has affected 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 secure and trusted environment in which it can operate, and this is what Blockchain provides.

What is Blockchain? There are many misunderstandings about it, but for the purposes of this article, we will simply define it as a distributed spreadsheet. We are all familiar with Excel spreadsheets or Open Office, but what makes Blockchain so attractive is the way it is distributed.

Just like the files in Torrent, Blockchain is a peer-to-peer network where it is not necessary to guarantee trust between the parties. Thanks to modern cryptography, trust is instead maintained at the level of a single record rather than the party hosting it.

Well, now we understand the basics of the cryptocurrency revolution, but how, we may ask, does it affect web hosting services? Basically, in its simplest form, this implies 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 need electronic wallets to function, and so there is huge potential for traditional web hosting vendors. If you have the trust of your customers and host their websites, why not host their online servers?

Every transaction in cryptocurrency is a physical transaction between two electronic servers. Each exchange is maintained through the wallet and you can also provide an interface for your clients to access it. This factor is pivotal to understanding the impact that Blockchain can have on your web hosting business.

However, Blockchain is not just about money. The latest versions of their protocols also provide the opportunity to enact any form of contract between the parties, whether this is a cable TV subscription or indeed any other type of bill. It all has to be stored somewhere, and there’s a place where web hosting companies get involved.

The wallet is thus the key to fully utilizing the potential of Blockchain. Once you understand this, what should be your next steps?

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