Bluzelle Networks Pte Ltd, a company based in Singapore and spearheaded by Pavel Bains, aims to disrupt the data storage industry in a decentralized fashion. Ethereum projects have been launching at rapid rates but we do not see a solution to storing all of this data and this could create quite a demand for what Bluzelle has to offer. Bluzelle Networks Pte Ltd, was started in 2014 and it’s first big project was launching the Canadian Ripple Gateway connected to the Canadian banking debit network. They then repositioned in Singapore where they began to raise seed funding through global ventures. The company currently provides IT solutions for Zag Bank, KPMG, Microsoft, HSBC, MUFG and other large organizations worldwide already. The CEO, Pavel, spent 13 years prior to starting Bluzelle at M2SIX ventures, an advisory and consulting firm for both startups and larger firms. He also started Storypanda in 2011 which focused on building relationships between investors. Bluzelle also has a somewhat large team: Neeraj Murarka (CTO) and former CSA of San Francisco based Digital Infinity Systems Inc., Nitin Cunha (Systems Analyst) for 1.3 years at Bluzelle. Prior to joining Bluzelle he was a talent manager at TEEMA Consulting Group. Scott Burch, Mehdi Abdeh Kolahchi, Richard Nistuk, Dmitry Mukhin, Fatma Ahmed, Leandro Bark, and Yingyao Xie are also onboard.
“Just like decentralized services like Filecoin and Storj are needed for file storage & management; there is a need for data storage & management. Bluzelle is a decentralized, on-demand, scalable database service for dApps. Bluzelle fills a need and is complementary to the other components to make the decentralized Internet complete. Without these decentralized components, the decentralized Internet would not be able to run efficiently and scale to massive use.” -Bluzelle
The Oracle of Blockchain?
Blockchain is in need of data storage, and currently the centralized web has Oracle. Filecoin, another project on the Blockchain is planning to cover the file storage market. Seeing Blockchain as the future of the web, Pavel and Neeraj thought that data storage was a need that need to be filled. If it is true that in 5 years 20 Billion devices will require data storage, particularly on the Blockchain, Bluzelle could serve a massive purpose. Further research has also suggested that the DBaas market could grow to $14 Billion by 2019. I personally think that IOT will serve a large portion of this data and not including Apps, or even (D)apps (Decentralized Applications) which are built on the Blockchain. The way this will look can be seen in the image below:
Currently there are many negatives with the Centralized Cloud model. There is a single source of failure, scaling is expensive, privacy is not provided, no immutability, performance limitations. The decentralized Blockchain model allows no point of failure, efficient scaling, high levels of privacy, immutability, no performance limitations. This is why the decentralized model is changing the world. As it can be clearly seen, it has the capability of being the most efficient system as opposed to relying on 1 source controlling the network. The SWARM is how this will happen. Swarms allow for large groups of computers (Nodes) to store the data. If one goes down due to a variety of problems that could occur, the next one will pop up keeping the network alive and well. If you look at the image above, you can clearly see this illustrated. Multiple swarms (groups of Nodes) will further strengthen the network as well. One key feature I like is the replication of data in a single leaf swarm. So it’s a no fail way to protect the data in the event of natural disasters which can cause electrical outages. The data is is basically stored in tiny amounts and distributed across the volunteer Nodes. The data cannot be altered because it’s stored on the Blockchain. The volunteers cause the cost to be very low because it’s distributed across a network of Nodes in Swarms.
The Future of Bluzelle?
Besides traditional data, Blockchain data will include AI (Artificial Intelligence) such as that of predictive markets like Enigma or Cindicator, Cryptocurrency exchange protocols like 0x that use “Relayers” can benefit from Bluzelle’s storage database. Data streaming networks that need to store information on the Blockchain. Most of these projects are in development now but in 2018, we will see many Alphas being born in the Blockchain world. Bluzelle also has very ambitious regional and partnership goals like Asia Pacific region, Canada, Microsoft and Google. If they are able to cooperate with these organizations we could see an explosive growth of this (D)app. Bluzelle also has a Token model that will reward trusted Nodes (BLZ holders) and a wallet integration system that will use Ethereum as a Smart Contract and bridge BLZ Gateway between 2 wallets. Bluzelle states that they are going to charge a small withdraw fee for these transactions to take place for BLZ holders. The “Karma” reward program gives an incentive to Nodes with a good reputation using their Ethereum public address as an identifier. As an investment, I see Bluzelle having big potential if it manages to build the connections needed for expansion, and volunteer Nodes. I also believe that Bluzelle will not be the only player in the space, so they would need a first mover advantage.