Data storage capacity needs are doubling every one to two years. What happens every minute on the internet creates the need for massive data storage.
The opportunity that cloud computing provides to business has led to a shift in I.T. from traditional models to cloud models. This shift will hit over USD 1 trillion annually over the next decade. It is for this reason that businesses have been prompted to establish relationships with multiple cloud providers across numerous geographies, in addition to maintaining some of their own hosted or colocated I.T. capabilities by this shift, and this is playing out very well for many companies – Amazon being a very good example. In fact, as of the end of the 2nd quarter of 2018, 55% of Amazon’s consolidated operating income is currently coming directly from their Cloud data storage business or AWS.
At a recent media forum held in Sofitel Hotel in Manila, Monsoon Blockchain Storage USA (“Monsoon”) was formally introduced to the Philippine market. Monsoon is a blockchain-based decentralized protocol that aims to construct a worldwide storage and cloud optimization network of users and providers based on their innovative technology which distributes more than ample storage and optimizes the cloud.
The event was spearheaded by Monsoon’s Chairman and Co-founder Michael J. Woods, former CEO of the prestigious Rothschild & Co. Asset Management Inc., USA, and a world-renowned finance expert; and, Gracie Llana-Walker, the former Director of Technology for the Archdiocese of LA and Montebello USD and an active community leader, who was appointed as Monsoon’s Southeast Asian Consultant for Strategic Partnerships. During the event, Mr. Woods discussed global investment trends, cloud-based storage solutions and wealth management. He also identified a number of challenges that currently exist with the movement to cloud computing; albeit having unlocked a vast number of opportunities as well. He also stressed that investors should not only consider these trends and usage growth, but also to take action upon them in some way.
Mr. Woods explained that Monsoon seeks to address the two main limitations of cloud computing, namely: a centralized network of servers; and, limited optimization of data cost correlated to data usage. Monsoon’s goal is to solve limited cloud optimization technology by optimizing client data storage across multiple cloud based providers. At the same time, Monsoon’s blockchain security protocol solves many security risks inherent in cloud computing.
Atty Raji Mendoza of Mendoza, Anterro & Associates law firm, however, raised his concern on whether this sector should be more regulated or not, since some economic zones offering Fintech opportunities have tightened the noose by requiring these companies to be backed up by hard assets, among other conditions. These restrictions, however, seem to run contrary to its nature of decentralized transactions.
Despite this, Ardy Mejorada, Secretary of World Blockchain Organization (WBO), ASEAN, an organization registered under the United Nation Economic and Social Council (UN ECOSOC), welcomed the entry of Monsoon in Manila and said “We look forward to collaborating with the company in sharing best practices and disseminating the effective adoption of blockchain in general via the Monsoon company.”
Mr. Woods believes that blockchain and Monsoon will impact almost every business sector globally. “With the vast demands presented by the digital era, Monsoon, through its seasoned management team, specialized engineering team, and industry partners such as IBM, is more than prepared and able to help businesses manage the explosion of data created and stored into their cloud-based systems and link them to our blockchain technology platform so they can keep stride with the 4th Industrial Revolution,” Mr. Woods added.
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