Yes. We'll try that for a while.
Like centralised computing-power and peripheral displays, centralised storage is highly dependent on the network always being up. Without the network there's no storage, so no data, no apps, no work.
Whether the networks can be dependable enough is the critical factor. I think that it won't be dependable enough.
When companies lose millions due to an unexpected network outage, they will soon come back to insisting on local storage.
