How Blockchain’s Decentralisation Narrative Redefines Data Privacy

[frednna]

A number rings and it is a private withheld number. We have all had these calls about PPI claims or whether you have been involved in a car/work accident, even if it doesn’t apply to you! Let’s consider for one second that somebody you know and trust to keep your data secure has passed it on. This would be a breach of your rights to privacy, and you’re not the only one out there this has happened to. Over two quintillion bytes of data are shared every day, according to Forbes. That’s a ridiculously high number, which can only be measured so far before something slips through the cracks. It might be your phone number, home address or even your child’s school address.

Over two billion are signed up to Facebook alone, so it puts into perspective that although we might feel secure, anybody and everybody could access your personal information, globally. Think about your daily routines. At least half of it involves technology in some sense, right? You wake up and the first thing you do is check your phone; emails, Facebook messages and browsing social networks for news is a must. Want to check your bank balance? It’s available with a simple fingerprint using today’s smartphone technology. Technology is part of our lives in a massive way, and yet we have somehow lost control of it. When you fill in your personal details, are you sure that it has not been kept on file? You hope that it is secure but are you certain that it hasn’t been passed on to a third party?

So how have governments, organisations and businesses tried to protect you against this? Earlier this year, a report was released by IPSOS and the World Economic Forum, releasing figures that suggested one-third of the global population are sceptical about trusting governments and companies with using their data, claiming they do not use them in the ‘right way’. The United States Pew Research Centre stated that 50% of the countries citizens believe that personal data is less secure now than it was five years ago. Facebook alone was forced to pay a record $5 billion fine to the Federal Commission for breaching data privacy laws.

The EU has introduced General Data Protection Regulation (GDPR) to make sure companies and organisations ensure an individual has the right to privacy, that they can revoke their consent at any time and data can not be shared with another party. While this has been a welcome change for Europe and beyond, fines are still being paid and data is still being breached in one form or another. Laws have been put in place, but is enough being done to stop it happening before it’s too late? This is where many believe Blockchain will take over as the leading technology, using a decentralised network to ensure greater security and the prevention of hacking/sharing of vital information, for an individual or collectively. The beauty of Blockchain is it can not be deleted or altered, meaning your data will be more secure.

Usually, you rely on a third party or governing body to store that data, putting your trust in something that can be corrupted, manipulated and sometimes accessed with ease. What Blockchain does is spread the data across multiple blocks of data, which is encrypted and accessible to the public, but can only be changed from within (and with difficulty), meaning there’s a far greater digital security to protect vital information, giving you that peace of mind that you crave. Records could not be tampered with, third parties would not receive the information from an outside source which is out of your control and it would be technology in the form of nodes running Blockchain applications, each given a private key to control how the data is stored and shared.  If all work together correctly to store data, it can provide a more secure platform.

Blockchain is built on a system of decentralisation. Instead of sharing PII that is stored on file for what in some cases seems like an eternity, service providers can leverage Blockchain-based digital identity systems in order to assert users’ identities without storing personal information for prolonged periods of time. This will increase your awareness as a user of what you are sharing and who will have access to it. Another benefit is users having better control over how they audit discrete information, and which service providers they share data with. The Aladin Network is like no other Blockchain in the industry.

It will be the greatest Blockchain on the market because it was designed to protect an individual’s right to data identity and ownership. We created this platform to get the best out of the internet, but also give you greater power over what data you share and when. Because it is built on a decentralised system, there will be larger storage than other Blockchain’s. Each node will be valued and rewarded which will boost authenticity and create a greater level of trust between the community, which in turn will keep your data stored securely. Data will be sourced and secured through multiple platforms, which is possible thanks to the built-in Oracle system, unlike any other out there. Because it is decentralised, there’s no single point of failure. So many benefits for the user will create a network that is trustworthy and reliable to keep all your data in one place.

Blockchain continues to evolve like technology has done for the past three decades rapidly. New innovations and platforms like Aladin are changing the way industries work, improving business and creating an internet of greater value. Technology has improved vastly but there still needs to be a greater deal of protection in place, to ensure the security of personal information for billions who use computers, phones and other software for daily use.

GDPR has been a welcome addition to EU laws, helping to protect the individual’s rights to privacy, but more needs to be done to support this theory. Blockchain needs to take centre stage, with implementation globally once the technology is realised. Already banks, healthcare and governments are looking at this decentralised technology to affect change. It’s up to the likes of Aladin to make this a reality, one which will redefine data privacy forever

Visit Aladinnetwork [nofollow] for more articles