How Blockchain Technology Will Transform User Privacy?

Banking, cryptocurrency and investing have undergone a sea change over the past decade when blockchain technology first came into being. It is a record-keeping technology that is always associated with bitcoin.

This technology consists of blocks of digital information arranged in a chain and stored in a public database. Blockchain technology consists of three parts: the date and time that a transaction took place; the participants of a transaction and a unique code that distinguishes one transaction from every other. Once such information is recorded, it is done chronologically and can never be altered.

Over the years, people have proven through surveys and polls that they do not trust popular companies such as Google, Facebook and Twitter with the privacy of their personal details. However, what’s more startling is that these so-called popular platforms are used by millions all over the world in full faith, never once doubting them of their methods of keeping users’ details safe.

This brings us to the question of blockchain’s role in keeping users’ privacy protected and away from prying eyes. According to John Wantz, CEO of EVERY, there are, in fact, three ways by which this technology can transform users’ privacy. Could this be true? Let’s find out what John Wantz, says on this:

Put Power in the Hands of Users

Even today, most of the power rests with Internet platforms like Google, Facebook and Amazon, and other social media platforms, says John Wantz at Target. In their Privacy Policies, these companies use legal terms that common people know nothing about and find it difficult to grapple with. So, they are uncomfortable using the services of these companies, even though they may need to do it regularly. So, they are forced to agree to its terms so that they can use the services freely.

By using blockchain technology, this power can be returned to users. This can be done by using apps called dapps (decentralized applications) which inverts power into the hands of users. With it, you can have several direct relationships between users and developers.

Though this could prompt several platforms to come into existence, blockchain could be the one enabling one that could help move us to a world of decentralization.

Empowering Customers by Offering Them a Shared Value

In his venture SHOP, John Wantz in Seattle set up a decentralized e-commerce platform that was powered by blockchain. Here, shoppers were empowered to exchange their personal information for tokens and exchange it for brands and rewards and savings. However, shoppers reasoned that when tokens were provided by the store, should they really volunteer their personal data? This and many other irregularities resulted in John Wantz’s bankruptcy.

Users Can Share Data Selectively

Today, either our data is in the private domain or public—there’s no other option. But blockchain technology helps us with a third option where we share our data selectively. Instead of sharing our data universally without any restriction, why not share it among those who might use it for a specific good purpose? This could make the idea of sharing one’s data less frightening and more purposeful.

There could be various modes of sharing data, such as time-based sharing, or case-by-case sharing or automatic sharing.

Conclusion

People are more conscious of being in control of their personal data and not submitting these details to social media platforms. Since the privacy aspect is in doubt, it might be the best solution. Meanwhile, software platforms powered by blockchain are the way forward.