It can be an essential component, but for on-site replication you need to coordinate your caches to make the most of your available capacity. There're efforts to implement this on top IPFS to have mutually trusted nodes elect a leader deciding who should pin what to ensure you keep enough intact copies of everything in the distributed cache, but like so many things IPFS it started out interesting, died from feature creep and "visions" instead of working code.

Imagine that any computation is a hash, then every possible thing becomes memoized not distinguishing between data/code. Then as a consequence you have durability, cache, security to an extent, verifiability through peers (could be trusted or degrees away from peers you trust).

If you were a billionaire and you wanted some software update, you could log into your super computer and have every shell mount the same torrent and it should be the fastest upload.