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Cloud services entrepreneur Stephen Garden on how cloud platforms are embracing the blockchain and cryptocurrency

By KELIN DILLON
19 November 2022   |   1:45 am
As the digital revolution continues to take new heights in the post-pandemic marketplace, the world seems to have been seized by the powers of ‘Web 3,’ a new era of the internet.....

As the digital revolution continues to take new heights in the post-pandemic marketplace, the world seems to have been seized by the powers of ‘Web 3,’ a new era of the internet based on decentralization, tokenomics and a lack of regulations. It’s here that some of the globe’s foremost trends have come to light – from paradigm-shifting cryptocurrencies like Bitcoin, infinite transparent storage opportunities on the blockchain, to the bustling yet contentious non-fungible token space.

Behind these emerging innovations in modern technology, however, is a backbone based on years and years of development in computing. The roots of cryptocurrency and the blockchain are planted deep in the world of hosting, so it should come as no surprise that as the hosting world rapidly crosses over to cloud computing, so do the services and tools surrounding cryptocurrency.

Originally founded in 2002, Amazon Web Services (AWS) currently dominates the cloud computing platform landscape, having been the early pioneers on many of today’s cloud native practices. Between its Simple Storage Service (S3) and Elastic Compute Cloud (EC2), Amazon Web Services has become a dominant force in the contemporary marketplace that’s now seeping into the burgeoning sectors of Web 3 and cryptocurrency.

For Stephen Garden, the Executive Chairman of Caylent, an Amazon Web Services expert consulting partner that employs over 200 specialist consultants across North and South America, cloud computing has numerous intriguing applications across the Web 3 space.

“We’ve seen AWS quickly embrace the customer demand created by technology companies operating in the cryptocurrency space. AWS Blockchain templates is just one example of such a service, allowing users to deploy an Ethereum network on AWS,” said Garden.

One possible use case for the cloud is Bitcoin mining, which is the method used to verify Bitcoin transactions, adding them to the public ledger through blockchain.

“It’s very feasible to use cloud platforms such as Amazon Web Services to mine Bitcoin, but my key caution is that you’ll struggle greatly to find a profitable return in doing so when you factor in the cost of your cloud consumption,” warns Garden.

“Putting aside Bitcoin mining, I strongly encourage all technology companies developing crypto and Blockchain solutions to do so natively in the cloud, which will provide a much more scalable path as your business grows,” concludes Garden.

With Web 3 expected to explode into a behemoth in the coming years, and is presently forecasted to grow from its $1.2 billion valuation in 2020 to an estimated $87 billion by 2030, companies in the space that embrace cloud computing into their crypto and blockchain developments are bound to benefit from heading Garden’s expert advice.