Blockchain Technology: One of the Main Technologies behind Cubaaz

Submitted On 27-Feb-2018 by Krystelle Galano

Known as a digitized and decentralized ledger, blockchain technology is a system that has been created to help with the recording of financial transactions and other types of transactions. It provides a platform upon which all cryptocurrency transactions are based as it allows the creation, recording and continuous improvement of various transactions as they are being added to the blocks. Since transactions are added and displayed in chronological order, it becomes easy for individuals to manage their digital transactions without much effort.

Although blockchain only gained the recognition it deserves as one of the most dependable digital databases in recent years; it has been in existence for some decades. Created by an individual merely known as Satoshi Nakamoto, blockchain technology has undergone several changes since it was first designed and used several years ago and has now been gaining more ground.

The benefits of the blockchain technology                                                                 

What are the benefits of the blockchain technology? How does blockchain technology offer solutions to the problems of the digital databases?

Blockchain technology would never become so important like it is today if not because of the benefits it offers. Below are some of the benefits of blockchain technology:

Robustness and durability

Blockchain technology is designed in a way that makes it to be resistant to any form of failures associated with internet transactions. Unlike many other technologies, blockchain technology comes with top-notch built-in robustness that does not only protect the transactions of each user; it equally ensures that storage of information is done in a systematic manner that can be easily controlled.

Blockchain technology guarantees the robustness and durability of its transactions by:

  • Eliminating a single point of failure
  • Eliminating possibility of control by a single entity

Improved Security of Transactions

Without a doubt, there are innumerable hackers on the internet, lurking around and looking for whom to attack for all kinds of frauds and threats, and this has placed several digital transactions in dangers. This possibility of threats has made many individuals to be wary of digital transactions. With the use of blockchain technology, however, each user can rest assured that their transactions are not at risk. The sets of information available on the blockchain technology are stored across its network without the need for a centralized storage network. Therefore, the risks that are usually associated with centralized data storage are eliminated by the blockchain technology.

The unavailability of a centralized system that controls every transaction and the use of encryption technology put any data stored via the blockchain technology out of the reach of computer hackers. Hence, you can enjoy secured storage of data through the use of blockchain technology.

By eliminating the needs for third parties in transactions, blockchain technology also improves the security of digital transactions. This possibility for users to can carry out deals and verify them without the services of third parties also eliminates certain charges that would have been paid to the parties.

Transparency

Blockchain technology has been designed to ensure that the system automatically reconciles itself every ten minutes; hence, whatever checks that are necessary are done by the network every ten minutes. Resultantly, it is impossible to corrupt the information available on the network. This incorruptibility comes as a result of the fact that a large number of computing units will be required if any information will be changed on the network. The effects of such alteration of information will definitely affect the values of the hacked data; thereby, rendering the data useless for the hackers. So with such transparency in the information stored on blockchain technology, it is no doubt a highly recommended means of storing digital transactions.

As earlier stated, bitcoin and other cryptocurrencies are primarily based on blockchain technology, and as such, the importance of blockchain technology will continue to increase as long as the use of cryptocurrencies continues.

Now that you have known more about blockchain technology that powers the Cubaaz platform, you can be certain of the safety and transparency of any transactions done on the platform. Join the platform today and take your travel experience to a whole new level. The ICO of Cubaaz is still going on, and this is the right time to be part of it to enjoy substantial 20% increase in your investments and become one of the wise investors securing a better future for themselves.

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Nimish Shri

2018-04-14

Nice

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