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Is Blockchain Innovation a solution for Data Privacy?
Data security is one prime concern in this modern era of internet usage but is also the one that is accompanying with many issues. There is an ongoing war that exists between the cyber-security companies and the malicious actors. These breaches end up compromising the user data which isn’t a new phenomenon anyway. However, blockchain technology offers a solution to these problems and elaborates on why data is valuable and how is blockchain a perfect fit.
• Data is precious
During shopping, browsing websites, surfing YouTube and reading social information on the e-commerce background, algorithms monitor the behavior and collect a considerable amount of data. From this one can infer that data and algorithms tend to know them in a better and advanced way. This data is processed and delivered to the advertiser which is why it is common to see advertisements regarding the products one checks out on online websites. Data giants are luring their audiences by providing information, services, and entertainment while earning hundreds of billions of dollars.
With the growing significance of data in all sectors, it has become a primary currency of the digital economy. However, the existing framework of the internet places user data in the hands of corporations who can use the data can do whatever they want to with the present information. The Facebook breach could be one possible and perfect example wherein the user’s data was sold to other companies.
• Blockchain as a Solution
Internet user’s data is of significance to the companies who aim to advertise their products and increase sales and also for the government concerning surveillance. Blockchain development is a possible solution for all the businesses as this technology offers enhanced data security and the inability to alter any information. Due to this, many researchers believe that blockchain innovation is the future. Although the technology is in its infancy stage advancements in this field are taking place at a rapid pace, and soon this technology will be ready for mainstream adoption.