BANGALORE, India, July 31, 2020 /PRNewswire/ — Open-source service is a type of software where source code is released by the copyright holders for users to utilize, study, and can modify it. It is a service that focuses on providing open source technology all over the world. The driving factors in the open-source services market include the government encouragement in adopting the open-source services in the public sectors to render an open platform for vendors and users. However, certain tools used in these services are not trustworthy, which makes the code weak and difficult to detect; this is the major challenge in the market growth.
While Zoom and Microsoft Teams might have grabbed many of the headlines for keeping us connected during lockdown, open source tools have also been making significant progress.
For example, technology developed by UK software company Element is to be rolled out by the German education system to provide collaboration tools for half a million seats in the states of Schlesweig-Holstein and Hamburg.
As the digital era has progressed, the internet has become a vast and complex web of data and files that communicate using the Hypertext Transfer Protocol, or HTTP. As internet traffic has increased over time and the sheer volume of information transmitted has become enormous, HTTP has started to crack under this strain. For example, each time we load a web page, HTTP is used to retrieve content from centralized servers. If the content involves transmitting large files, it may consume a lot of bandwidth. If a server is taken down, a website might still exist but with missing pieces, such as images or graphic files.
Furthermore, due to a reliance on centralized servers, HTTP makes it easy to introduce censorship.
Decentralized file sharing has emerged as a solution to some of these problems. Torrenting is the best-known solution by the general public. Torrenting has been used as a way of distributing much larger files, such as audio and video, over the internet to overcome the challenges of using HTTP.
The core benefit of blockchain is that it builds trust between parties sharing information. The information shared is encrypted as an electronic list of records or blocks. It cannot be erased, which helps to ensure trust between users. Once information is recorded, it cannot be changed without changing all of the records, which also provides for secure transactions between users. We’ve observed how this would be valuable to the life insurance industry, as it helps to ensure information is accurate, secure and trusted.