The market for cloud storage has exploded in recent years, and with a compound annual growth rate of 23.7%, it’s expected to reach over $88 billion by 2022. Businesses benefit as it allows them to minimise capital expenditure while offering their workforces increased mobility. Within the sector, data archiving solutions are predicted to grow the fastest: i.e. long-term secure storage of data kept for future reference or to comply with regulators.  

However, cloud storage has a major problem: how do you keep your data safe?

For most businesses, the cost of trying to ensure cyber-security exceeds the cost of storing the data. $30 billion is spent each year on cloud storage, and $120 billion is spent trying to protect that data. Worse, this expenditure is clearly ineffective as the losses from cyber crime are even higher. Cyber crime costs the world economy $750 billion per year and this figure is growing at 30%.

The biggest problem with cloud storage is its centralisation. Cloud storage providers are huge “honeypots” for hackers to target. If they can get past the defences then there is an enormous amount of data for them to access.

Award -winning ICO Cryptyk has an answer for this problem, decentralizing cloud storage with blockchain technology.

The Cryptyk Solution

Cryptyk have come up with an ingenious solution to the hacking problem. Rather than trying to prevent security breaches, which are likely inevitable, it has created a system which ensures that anything hackers can get their hands on is useless so “hacking now becomes a cost-inefficient or unprofitable pursuit.

The Cryptyk platform will offer a complete cloud storage and security solution to individuals, small businesses and enterprise. It is comprised of two complementary technologies, VAULT and SENTRY.

VAULT is “safe-to-hack”. That means that it assumes that “unwanted breaches will remain frequent and inevitable” so it makes sure “that any stolen data is rendered useless to external hackers.” Each file is encrypted and “sharded” into 5 different parts. Each of those parts is encrypted again, and then stored with a 3rd party storage provider like Amazon Web Services or Google Drive. Every file will have six associated encryption keys, to be stored on the user’s personal devices, not on the cloud.

This Decentralization and storage node redundancy means that VAULT protects your data from external threats such as hackers, viruses and operational failures. SENTRY offers protection against the internal threats — bad actors in your organisation — and intercept threats, someone accessing your data not while it is in storage, but when it is moving from one location to another.

SENTRY keeps a permanent record of all relevant events like user access and file sharing through the blockchain. Not only that, it allows companies a way to encrypt their email and messaging and “offers offline key back-up, digital leak protection, threat analysis, data geo-fencing and user quarantining for network administrators.

The SENTRY network will use the CTK token to track files, verify users and audit security functions. The CTK token will also have an associated economy, offering other benefits. It will both encourage the growth of the customer base while also incentivising third parties to develop new plugins and integrations for the platform.

Cryptyk is currently conducting a private pre sale for its CTK token. $3 million has already been raised and the minimum purchase amount is $5,000. The public sale will launch on July 18th, with a minimum purchase of 2,000 CTK, or around $250. The ICO hard cap is $25 million and the sale will close on August 31st.

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