Contact us anytime to know more — Abhishek P., Founder & CFO CISIN
Blockchain tech's disruptive force innovates the way our data are stored, allowing users to completely control private details they would love to discuss in people.
Leveraging the potential of blockchain engineering and decentralization may well be the key to protecting our privacy.
Centralized Threat
Facebook's current Cambridge Analytica data privacy scandal revealed just how firms have harvested users' personal information for monetization functions.
An estimated 87 million consumers across the world have had their private information used by analytical companies, which makes it among the worst data breaches in social media history. Although this isn't new, it emphasizes the insufficient data protection which exists in our current platforms.
Technological advancement has shown another solution to handle our data through blockchain technology. However, this process isn't something publication, in actuality, it harkens back to some of the first notions of the world wide web.
Decentralization set the stage for the unparalleled Internet we know today. It's also a fundamental feature of blockchain technology.
Apportioned Privacy
Blockchain provides an infrastructure that allows a secure platform that provides multiple advanced use cases. The immutability and transparency that blockchain supplies can benefit back users' right to privacy.
However, this technology remains in its infancy.
Some entrepreneurs working hard to raise data privacy with innovative technologies that unite cryptography along with blockchain.
Projects such as Origo, Oasis, and Mainframe focus completely on maintaining user privacy.
Baron Gong, the creator of Origo, has turned into a privacy activist for many ages. Origo concentrates on privacy security of smart contracts via information computation technology.
A zero-knowledge proof system enables you to confirm a claim without disclosing any information. Baron Gong clarified,"At Origo Network, a lot of the applications we use won't be touching your information. We are touching a computational proof of your information.
The blockchain does not save your info ." Users can be confident that their personal data won't be shared with many companies, a concerning issue surrounding centralized organizations. This is only because Origo smart contracts are private whereas smart contracts like Ethereum are public for the world to see.
Even though the execution of GDPR is designed to prevent data retention by private businesses, there's absolutely not any way to guarantee private data is totally deleted in a corporation's data system. Blockchain's trust-less consensus permits them to be sure that information is used properly and if wanted, deleted permanently.
In the same way, Oasis Labs designed the Ekiden system, which includes out off-chain wise contract execution within a trustworthy execution environment (TEE) node to keep the identical security as if it had been on-chain.
TEE is an isolated safe area of the chief chip where code and data are completely protected against applications in addition to hardware strikes. No one, not even the miner, will see the code being run.
Unlike current privacy coins like Monero and Zcash, procuring privacy past the transactional level supplies more real-world applications.
These projects could possibly be of excellent benefit in the fund, enterprise, and healthcare where contracts usually contain sensitive private details.
Adoption of Blockchain Technology
Blockchain adoption has been rather slow at a neighborhood level. But nations like Singapore, the Philippines, and Switzerland have progressively adopted policies in favor of blockchain engineering and electronic currencies.
Estonia has also drawn some attention after launching an E-residency app enabling citizens to register their data to the blockchain.
Of course, mass adoption additionally involves awareness. Mainframe, another job promoting privacy, established the first-ever global physical airdrop.
They kept real-life events in which they gave away $3 million value of the tokens. There have been substantial efforts to induce blockchain tech from mere cryptocurrency investment speculation to real-world execution.
Leading venture capital firms all Around the World, such as FBG Capital, Zeroth Crypto, Rockaway Blockchain Capital, Chainfund Capital, Cluster Capital, Finance Labs, along with Pantera Capital, recognize the enormous potential of blockchain tech.
They also invest and support numerous projects involving solitude to create marketable products that provide power back to the consumer.
Current blockchain and concentrated networks have made users' info vulnerable to potential loss or misuse. Some entrepreneurs have come up with projects that protect consumer's information with innovative technologies, blending cryptography and blockchain technologies.
Implementation of the technology was regarded as gradually adopted locally. With assistance from enterprise funds and prominent entrepreneurs, this technology could give back the control and power of data to its users.
