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Linear Tape File System (LTFS) and LTO, the keys to low cost, large scale, long term storage in the cloud?

This video was originally published on Technology.Info.
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This session looks at recent developments in the Linear Tape File System (LTFS), particularly with regard to library based, volume spanning implementations and Linear Tape Open (LTO) tape technology. Do these two technologies now enable the realistic creation of very large scale, reliable, low cost, long term storage systems in the cloud?