Every day mobile users share their personal data through applications installed on our phones. Every company we do business with, every online account we create or loyalty program we join, and even the government itself collects, stores and analyzes most of the data about us. Not only the name and age, but also interests, purchase history, activity frequency, location etc.
Why would the companies want that?
The initial purpose was to improve customer experience and refine marketing strategy, while now the companies capturing data also stand to profit from it.
Did you know that In the U.S., the companies and platforms you interact with own the data they collect about you? This means they can legally sell this information to data brokers.
Then we have absolutely no control over where our data ends up being and how it will be used. Should any privacy regulations come in play for all the companies that collect our data?
Blockchain Data Storage can be a solution!
The public-private architecture of a blockchain clearly defines and improves the privacy of data in a digital format. If widely used, in theory blockchain would allow transactions between parties without having to disclose their identity directly to the contracting party or the public.
Today, questions of privacy often come to agreeing or disagreeing to sharing personal data. Through a blockchain sharing our data will become more specific, and secure.
Do you think blockchain will solve data privacy problem?
Comment your thoughts below ?