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Blockchain can help individuals control their privacy and take power from corporations
Over the past few decades, the Internet has evolved and allowed multinational companies to increase their market presence. During these years, companies have been able to take control of users' data and privacy. Companies have been able to sell and misuse their data by harming people around the world who have trusted these services.
Attacks and other issues have also threatened user privacy and changes to the rules have impacted content creators. However, blockchain technology and virtual currencies could help change these things.
According to a recent article loaded from Wired, Internet services between 1980 and 2000 were built on open protocols that the Internet community was able to control. The article cites the Domain Name System which is controlled by a distributed network of people and organizations.
From the 2000s until today, these open protocols have been replaced by trust in companies like Google, Twitter and Facebook. The reason for this change is that companies have been able to create services that have exceeded the capabilities of open protocols.
In general, blockchain it has been discussed and advertised but only a few individuals and experts understand how it works. Blockchain can offer strong guarantees of trust based on mathematics and on the theoretical properties of system play. If there is a code created by a developer, this code will continue to run even if the opinion of the participants affected by this code changes.
Proprietary platforms work in a substantially different way. Users need to be concerned about the stolen data or the changing privacy policies. Companies must always be ready to change their businesses in case one of these companies controlling a network changes the rules.
The author of the article states that the open source model can be extended beyond software to cloud-based services by adding financial incentives to the mix. Cryptocurrencies are a way created to encourage individuals and groups to participate in maintenance and service construction.
The article reads as follows:
"The idea that an internet service can have a currency or an associated token can be a new concept, but blockchains and cryptocurrencies can do for cloud-based services what open source did for software."
It may take several years for open source software to replace proprietary services. However, the benefits of this change would be immense. Instead, users trusting businesses can trust community-owned software.
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