What are the two main ways to store a document on the blockchain
Cryptocurrencies such as Bitcoin have shown the use of blockchain technology for different forms of money and currency. Although they store transactions within blocks, we can no doubt extend this data beyond financial data. In theory, we can store any form of data on a blockchain.
2 Main Ways to Store a Document on the Blockchain
In the last few years, curiosity has increased in using blockchains for storing documents. This offers many benefits such as immutability, decentralization, etc. for storing documents on a blockchain.
Besides the benefits it has to offer, there are multiple ways you can store your transaction on the blockchain network. The two main ways to keep a document on the blockchain are:
1. Storing a Hash
2. Storing the Whole Document
Storing a Hash
Storing the hash of the document on-chain while maintaining the document someplace else is the most efficient method. You can keep the document either on a distributed storage system or in a centralized database. The document will be put through a safe and secure hash algorithm, and then the hash will be stored in a block. It will, in return, help in saving a lot of space and money. Any change will result in a whole new hash value, entirely different from the original document. As a result, you will know if someone attempts to make any changes to the original document.
Storing the Whole Document
Certain blockchains allow storing the whole document on-chain. However, there are certain restrictions involved when uploading the entire document to the blockchain. One of the most efficient ways to keep the documents on-chain is using the Ethereum blockchain. This does not have any size restrictions, so users can easily upload large files to the chain.
Another way to store the document is by mixing both the above methods, keeping the data subsets along with the hash. This strategy involves storing some parts of the document, such as signatures or the document hash on-chain; therefore, maintaining decentralization and complete transparency.
SAFEBOX, allows users to share documents with anyone on the network. It works similar to any email service, except for the added blockchain security. Blockchain security will ensure that the data is untampered and safe.
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