Filecoin Foundation, a volunteer organization that looks after the FIL blockchain ecosystem, has partnered with Protocol Labs, an open-source R&D lab, to store the New York City Open Data on the decentralized web for the next five years. The incoming New York Mayor, Eric Adams, is a known Bitcoin and blockchain enthusiast, and it seems that NYC is the next hub of blockchain technology.
Filecoin and Protocol Labs to provideco free services
The Filecoin Foundation and Protocol Labs’ partnership will enable New York City to explore the decentralized web at no cost. The authorities will be working with the Foundation to figure out “how it [blockchain tech] can be an asset to the City and improve government operations.”
“We are a global hub for innovation and home to the second-largest tech sector on the planet. It is important for us to be at the vanguard. This is a terrific opportunity to test how decentralized technology can benefit New York City,” said the Chief Technical Officer of New York, John Paul Farmer.
As per the report from Filecoin Foundation’s report, moving the NYC Open Data to a decentralized version of the web will “create a more reliable, more resilient, more secure, and more cost-effective archive of the city’s public records.”
There are a number of benefits of moving the NYC Open Data to a decentralized web. Firstly, there is no loss of data in any cause because, in a decentralized system like Filecoin, there is no chance of data loss once it’s stored. Secondly, the cost of storing data on Filecoin is extremely low (about 0.02% as that of Amazon S3).
Lastly, only 3 major networks around the world have the majority of the data around the world, and in case of an outage or blackout, huge losses can occur. This happened in the recent Facebook outage, due to which 3.5 billion people suffered.
“The best way to preserve and protect humanity’s most important information is to expand and strengthen the decentralized web. No single person, company, or nation should be responsible for preserving our collective history,” said Marta Belcher, board chair of the Filecoin Foundation.