Cloud computing is the on-demand availability of computer system resources, especially data storage and computing power, without direct active management by the user. The term is generally used to describe data centers available to many users over the Internet. Cloud solutions offer the ability to rapidly roll out and scale to meet increased customer demand in real time. In addition, cloud solutions offer considerable savings potential in on-site infrastructure, as well as in the costs of personnel, hardware and maintenance. As a result, Ripple decided to develop the RippleNet cloud, which enables banks and financial institutions to maximize their business benefits with minimal effort and greater flexibility.
So why has Ripple implemented a Cloud Technology?
Cloud computing benefits
Here’s a list of key benefits an enterprise can expect to achieve when adopting cloud infrastructure.
1. Efficiency / cost reduction
By using cloud infrastructure, you don’t have to spend huge amounts of money on purchasing and maintaing equipment. This drastically reduces capex costs. You don’t have to invest in hardware, facilities, utilities, or building out a large data center to grow your business. You do not even need large IT teams to handle your cloud data center operations, as you can enjoy the expertise of your cloud provider’s staff.
Cloud also reduces costs related to downtime. Since downtime is rare in cloud systems, this means you don’t have to spend time and money on fixing potential issues related to downtime.
2. Data security
One of the major concerns of every business, regardless of size and industry, is the security of its data. Data breaches and other cybercrimes can devastate a company’s revenue, customer loyalty and brand positioning.
Cloud offers many advanced security features that guarantee that data is securely stored and handled.
Cloud storage providers implement baseline protections for their platforms and the data they process, such authentication, access control, and encryption. From there, most enterprises supplement these protections with added security measures of their own to bolster cloud data protection and tighten access to sensitive information in the cloud.
Different companies have different IT needs — a large enterprise of 1000+ employees won’t have the same IT requirements as a start-up.Using cloud is a great solution because it enables enterprise to efficiently — and quickly — scale up/down their IT departments, according to business demands.
Cloud based solutions are ideal for businesses with growing or fluctuating bandwidth demands. If your business demands increase, you can easily increase your cloud capacity without having to invest in physical infrastructure. This level of agility can give businesses using cloud computing a real advantage over competitors.
This scalability minimizes the risks associated with in-house operational issues and maintenance. You have high-performance resources at your disposal with professional solutions and zero up-front investment. Scalability is probably the greatest advantage of the cloud.
Cloud computing allows mobile access to corporate data via smartphones and devices, which is a great way to ensure that no one is ever left out of the loop. Staff with busy schedules, or who live a long way away from the corporate office, can use this feature to keep instantly up-to-date with clients and coworkers.
Resources in the cloud can be easily stored, retrieved, recovered, or processed with just a couple of clicks. Users can get access to their works on-the-go, 24/7, via any devices of their choice, in any corner of the world as long as you stay connected to the internet. On top of that, all the upgrades and updates are done automatically, off-sight by the service providers. This saves time and team effort in maintaining the systems, tremendously reducing the IT team workloads.
Maintaining on-premises infrastructure is challenging—not to mention expensive when taking into account staffing, hardware, and maintenance—leading banks and financial institutions to move more slowly than other industries when rolling out new features and upgrades. With the expansion and maturation of cloud technology over the past decade, these firms are now faced with the option to either adopt more agile, cloud technologies or be left behind by their competition.