Will Blockchain Help or Hurt Our Privacy?

Since the Internet’s introduction to the public from the academic world, privacy issues have existed. For decades, though, those who warned us about the risks it posed were dismissed as doomsday prophets, crazy maniacs shouting in the wilderness. Then, apparently out of nowhere, people like Julian Assange and Edward Snowden appeared and transformed the game.

After Edward Snowden’s disclosures, fears about privacy and internet monitoring have increased. Many Internet users throughout the globe are now concerned about the “peripheral” concerns mentioned by the “prophets of doom’ ‘ so long ago.

What to do to preserve privacy is the main issue of any worried user. As a result, utilizing a VPN is one of the most prevalent responses (even The Pirate Bay’s website urges visitors to use a VPN these days). It comes as no surprise that the VPN industry has flourished in recent years.

Big Tech is Interested in Blockchain Technology

Some of the most powerful figures in the IT sector have stayed steadfast in their support for the blockchain. For example, IBM picked the Stellar Lumens blockchain as its preferred platform for blockchain initiatives and has remained optimistic about it.

Then, amid reports that Facebook’s Libra project will be a blockchain incorporated within the social network, the globe trembled with horror. We’ve also seen how other major behemoths like Samsung, Amazon, and Microsoftare putting together blockchain initiatives to compete in the market.

The world’s major players seem to have never abandoned their blockchain initiatives for the future; instead, they have kept them hidden. There is still a lot of belief in the blockchain’s potential, even though it has yet to deliver on its promises.

The blockchain’s promise is unquestionable. It exists, and it is tremendous. However, there are still too many concerns that stand in the way of widespread implementation. Of course, blockchains have ramifications for personal and data privacy.

Some of the consequences are minor, while others are crucial to the solution. As a result, the following question arises: may personal privacy be the problem that propels blockchain technology into the mainstream?

Is Personal Privacy the Key to Boosting the Adoption of Blockchain Technology?

Let’s take a look at the fundamentals of blockchains before we attempt to address that issue.

Bitcoin is the cryptocurrency that has attracted the greatest interest from both fans and critics. That’s because it was the first to emerge around the globe, and Bitcoin’s value has fluctuated dramatically over the years, making it a compelling tale at all times.

As a result, the value of Bitcoin receives all of the attention, and most people miss the point: the star of the cryptocurrency industry is not Bitcoin. The blockchain is the source of the problem.

Bitcoin (and all other cryptocurrencies) are made possible via the blockchain algorithm. It’s the technology that allows for the creation and maintenance of a secure, immutable, unhackable database (in most instances, a ledger), and it’s that ledger that keeps Bitcoin alive.

Again, it is the blockchain, not the currencies, that is the most revolutionary aspect of crypto. Even though it is the use case that led to the creation of blockchain, its uses go well beyond handling digital money.

What makes the blockchain the genuine star of the bitcoin revolution? Because it gives a means for maintaining a database’s integrity at all times. It makes arbitrary changes or user fraud very difficult, if not impossible, to perform in reality if the network is big enough.

As a result, a blockchain can certify everything that can be digitalized, even if it is done indirectly, without introducing any “trust gaps” into the process.

However, every new technology must meet and overcome widespread user opposition. So, are we ready to give the blockchain the power to generate a digital watermark for each of us? Are we ready? Will we be able to trust and support such a network if it comes to life?

How Can Blockchain Assist in the Protection of Personal Information?

In the blockchain, analysts and enthusiasts see a resource that might eventually replace things like passwords and usernames. Consider a blockchain in the future that grants a digital identity to every Internet user on the planet.

Without the user’s permission, it must be encrypted, secure, and unalterable. You’ll also be able to access anything from your Gmail account to your medical data with this identification certificate.

The same blockchain would continue to monitor and save your data. Because the blockchain architectureis built on the principles of security and immutability, all of that information would be kept safe and secure at all times. That, at least, is the theory. In the future, personal privacy enhanced by blockchain may look like this.

According to a recent Surf Shark research, around 81 percent of people want to know more about how firms utilize their data. Users are generally in the dark and exposed as Big Tech corporations gather behavioral data, engagement data, and other types of data and utilize it for market research without compensating the users.

DTSocialize Holding (DTSH) has established a one-of-a-kind ecosystem in which users will be able to manage their assets, interact, and shop in both the actual and virtual worlds. The DTSH ecosystem allows users to choose between total anonymity and sharing their data within the ecosystem, with the latter receiving some sort of remuneration.

DTSH anonymizes outgoing data before collecting it into Big Data stacks for market research, ensuring that no direct link to a specific user is feasible. Users that choose to contribute their data earn benefits in the form of a token that functions as money inside the ecosystem. Tokens may be used on Ubuyup, a shopping service inside the DTSH network.

Is Blockchain the Solution to our Worries About Privacy?

So the fundamental issue remains: will blockchain provide us with the personal privacy protection we desire? Yes, it’s possible. It contains the solution’s seeds, allowing the fruit to solve the issue in the future. As a result, the answer is yes, maybe someday.

But, given the current state of affairs, even a year is much too long to wait for anything. Already, the digital world goes too quickly. So, if we’re looking for anything that can assist us right now, blockchain isn’t the answer. Unfortunately, nothing will assist us to increase our privacy protection more than the already available incomplete remedies.