Can Blockchain end data privacy breaches?
The world is not unknown to the incidents of data theft and privacy breaches. Recently, Facebook’s Cambridge Analytica data privacy scandal had shaken the digital world as it was named as one of the biggest data theft in human history. Such incidents of data hacks and privacy breaches are not new to for the world, but these incidents raise an alarm for us.
Threat due to Data centralization
Current digital age has made the Internet an inseparable medium for communication as every day 60 billion messages are sent over social media platforms like Facebook and WhatsApp. This is not all; over 296 billion emails are sent worldwide every day. Thus these platforms have become a soft target for malicious hackers aiming to use this data for their benefits and also for organizations aiming to sell their products. Facebook’s Cambridge Analytica data privacy scandal has affected over 87 million users. The reason these platforms are targeted by hackers is due to their centralized nature. The centralization of data has made it vulnerable to misuse and loss. So, can decentralization be a solution to it?
Decentralisation… A solution?
Distributed ledger technologies have endless applications. Blockchain acts as a platform or infrastructure for secure data transfer and management. The anonymity, immutability, integrity, authenticity, and non-repudiation of data over blockchain make it a favorable platform for ensuring user’s Right to Privacy. But the only thing hampering the use of this technology is the latent nature and slow growth in its development.
Many start-ups have found out this strength of blockchain and have combined cryptography and blockchain to provide data privacy for users. The prime focus of projects like Origo, Oasis, and Mainframe is to guarantee and preserve user’s data privacy. Baron Gong, the founder of project Origo, explains the functioning of Origo as, “In Origo Network, a lot of the applications we use will not be touching your data. We are touching a computational proof of your data. The blockchain does not store your data.” Unlike Ethereum projects like Origo smart contracts are private.
Though, the adoption of blockchain and its applications has been very slow at the local level. But it is only possible through proper awareness among the public about the unlimited potential of this technology. It is very important for a progressive society to realize and identify the tremendous potential of blockchain and incorporate it in mainstream society. Many tech giants like FBG Capital, Zeroth Crypto, Rockaway Blockchain Capital, Chainfund Capital, Cluster Capital, Binance Labs, and Pantera Capital have been an avid enthusiast in exploring the full potential of blockchain to assure data privacy for users.
The need of the hour is to promote blockchain at the local level and educate governments worldwide to invest and relish the importance of blockchain.