Blockchain is the antidote to data privacy worries

A decentralized future can preserve our privacy and data
  • Blockchain technology has the potential to protect our data privacy
  • Regulations globally only provide confidence about protected data, still, big tech companies exploit
  • During the COVID-19 individuals have seen how their data is being used online
  • The pandemic has illustrated the depth of our data sharing deficiencies
  • Big tech firms based on Web2.0 platforms are a breeding ground for exploitations, hacks, and violations
  • Blockchain is going to play an inevitable part in this coming Web3.0 evolution

Blockchain technology is underlying the concept of cryptocurrencies. Experts in the industry have deemed that Web3.0 with the potential technology at its core can protect our privacy and data. Although the generation is willing to trade data for personalization, the concept attracts skepticism regarding our privacy. Recently, a survey conducted by Entrust, a digital security and credential issuance firm has noted that 21% of the respondent’s trust established global brands to keep their information data.

Regulations cannot protect our privacy

Since the global COVID-19 outbreak it has been observed that the internet usage metrics have surged. Moreover, with the metrics, consumer awareness regarding data use and misuse has also heightened. According to a recent survey conducted by Startpage, a privacy-focused search engine, 62% of US respondents are sharp at how their data is being utilized online. 

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Following such privacy concerns, several ordinances are unfolding rapidly globally. Notably, in 2016 the European General Data Protection Regulation (GDPR) act was introduced. Later California had signed into law the California Consumer Privacy Act, which was the most robust state-level privacy act. However, since then only Virginia has passed such a comprehensive bill. 

It is noteworthy, as many states seek to add such standards, the user sentiments and policy are changing course. Hence it’s easy to deem how complex privacy protection has become and these toothless bills cannot protect our data. Indeed such bills only provide the consumer the confidence that their data are protected but are often not.

COVID-19 has shown the potential of blockchain technology

During the global pandemic, several around the world have shifted their lives online. Individuals began to go to school remotely, and attend virtual happy hours. Ultimately, the scenario excavated more personal data over the rarely restrained internet. Indeed, the pandemic has illustrated the depth of our data-sharing deficiencies.

According to a report shared by Crunchbase, investors have pumped more than $7.5 billion into cybersecurity establishments. Indeed, the increment was more than 22% since 2019. Simultaneously, this year the number is even higher as the figure has surpassed the benchmark level of $9 billion.

Decentralization is what required

Some of the blue chip firms operating globally like Google, Facebook, Zoom, and Amazon have reaped massive juncture during the global pandemic. Last year it has been revealed how the data privacy laws have been established and how big tech firms exploit our data. Although users have trusted over such massive arenas, these Web2.0 based platforms are a breeding ground for exploitations, hacks, and violations.

Hence, blockchain technology has only the potential to bring a decentralized future. Indeed, while adapting to a new world, blockchain is going to play an inevitable part in this coming Web3.0 evolution.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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