AN ACE CLOUD STORAGE SOLUTION ON THE BLOCKCHAIN LEVERAGE

The blockchain is an open ledger which automatically keeps records of transactions between two parties in a verifiable and permanent manner. Blockchain contains a list of secured records that are linked using a special cryptography. Every block is usually composed of a cryptographic hash of the previous block, a transaction data and a time stamp. The whole system works in such a way that data on the blockchain cannot be distorted nor modified.

The blockchain is highly secure by architecture and has a decentralized base (meaning it is not controlled by any government or institution). It can be used for recording medical reports, events and management records such as identity management, voting, documentations amongst other things.

Blockchain eliminates a number of risks that accompany storing data in a central location by holding data across it's peer-to-peer networks. These peer-to-peer networks do not maintain central points of vulnerability which hackers may take advantage of. Hence it lacks a central point of failure.

The blockchain was created in 2008 by Satoshi Nakamoto to serve the bitcoin cryptocurrency which he developed to function as a decentralized digital currency for enhancing value exchange. The decentralised nature of the bitcoin has been made possible through the blockchain technology. The blockchain has also eliminated the need for a third party to execute transactions and guarantee all conditions are met. Two parties can easily exchange value without the interference of an intermediary who usually charges a fee.

With the blockchain, it is possible for anyone anywhere, to store data and run programs on the platform. Programs run on the blockchain are approved without objection by all users to create security, fairness and coherence.

Wikipedia describes Cloud Storage as a model of data storage which digital data is stored in logical pools. The physical storage spans across multiple servers. Data is stored, accessed and shared over the internet. With the cloud storage, it is possible for users to store data separately from point of generation. Such data can be accessed seamlessly through any connected device. The two major types of cloud storages are: the Private and the Public.

The Public Cloud is a platform where data storage is done by a trusted centralized service provider. This service could be offered at a low cost. However, public cloud storage is vulnerable to hackers and government interception because of its centralized nature.
Private Cloud Storage is more secure and guarantees adequate privacy. Third parties also cannot access data, though it costs more to use the platform. A major setback is data could get lost as a result of device failure.

The Universal Labs leverages on the blockchain technology to create a simple and effective data storage platform solution. This will be achieved through the Ubbey Network; which is a decentralised network leveraging on the Ubbey Box and the Ownership Protocol where digital ownership exchange is possible. Physical assets can be exchanged in a peer to peer manner. Where an asset gets registered, its ownership could be transferred from one IP address to another on the Ubbey Network.

Universal Labs has designed a hardware device called the Ubbey Box which has the capacity to function as a personal Cloud Storage for its users. It has a well secure and overwhelming data storage space which allows users to store and access files any time irrespective of location. Users can easily access files with any connected device including smart devices. Users also get to mine YOU tokens when they share storage space, this is done through the Proof of Storage consensus algorithm.

Right from the creation of the blockchain, new innovations and improvements have been added. However, challenges still exist which include high consumption of computational power and electricity using the Proof of Work (PoW) algorithm, the unneeded emergence of gigantic mining pools that posses a centralisation tendency and the forking risks lurking in the corner.

It is worthy of note that the blockchain is gaining strong acceptance as it is used beyond digital currencies. Today, we witness blockchain applied in real life situations like industry and consumer services. Therefore, it is necessary to create a blockchain that is completely decentralised, guarantees high computational ability and ensures data privacy for subscribers.

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Writer: Donrep