Can Blockchain Prevent the Sale of Personal Data?
This year has been a tough one for Facebook – the platform has received backlash for the “fake news” on its platform due to fake accounts. The platform is also mired in the Cambridge Analytica scandal. Such issues have led to poor advertisement growth and a market selloff, which has had investors and the platform feeling quite unsteady. The latest question to arise is that blockchain technology may be able to provide some resolution and it may prevent the misuse of data as well.
The Importance of Protecting Personal Data
Before delving into the solution, it is useful to discuss the problem. In this case, personal data, which includes information such as addresses, emails, home phone numbers, social security numbers, place of employment, income, and even details such as personal food and music preferences. This type of information is more vulnerable than ever and it can be sold to companies for marketing purposes and used for more sinister activities, such as identity theft. As a result, it is imperative that platforms implement methods to protect personal data.
How Can Blockchain Help
Blockchain may be the new solution to prevent the release of personal data. For example, blockchains zero-knowledge proof can be implemented for authentication purposes and the underlying data will not need to be revealed. Further, it may be able to preserve personal data better. This type of system may be able to verify advertisers as well.
Another important benefit is that blockchain allows the user to be in control of their data privacy. As a result, when applied to personal data, it gives the user more control and safeguards transactions such as payments as well.
Finally, privacy concerns and blockchain’s protections not only arise on private networks, but personal ones as well. For instance, Sovrin Foundation, a global identity network, is looking to create a self-sovereign and decentralized identity protection mechanism.
As users can tell, these are just the first steps and ideas that are in the works – time will tell as to whether they’ll be implemented.