How Blockchain is reshaping our economy

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Maintenance of a Bitcoin farm in Canada Lars Hagberg / AFP / Getty Images

The Internet has provided an unprecedented means of communicating with people all over the world. & nbsp; There are more than 60 billion messages sent per day on WhatsApp and Facebook messenger combined, as well as 269 billion emails sent every day, but these platforms have slowly become centralized over time allowing them to become the main targets for hackers and other actors trying to collect our data Both have constantly threatened the rights of users to privacy.

The disruptive power of Blockchain technology innovates the way our data is stored, allowing users to completely control personal details that they would like to share The advantage of the potential of blockchain technology and decentralization could be the key to protect our privacy.

Centralized Threat

The recent Cambridge analysis of Facebook's Analytic a privacy scandal showed how companies have collected private user data for monetization purposes. According to estimates, 87 million users worldwide used their personal information from the analysis companies, making it one of the worst data breaches in the history of social media. While this is not new, it highlights the inadequate data protection that exists in our current platforms.

Technological progress has revealed another way to manage our data through blockchain technology. But this method is not something new, on the contrary, it recalls some of the first ideas of the Internet. Decentralization has laid the foundations for the unparalleled World Wide Web we know today. & Nbsp; It is also a central feature of blockchain technology.

Distributed Privacy

Blockchain provides an infrastructure that enables a secure platform that provides more innovative use cases. The immutability and transparency offered by blockchain can gain users' right to privacy. However, this technology & nbsp; it is still at the beginning. & Nbsp;

Some entrepreneurs are trying to increase data privacy with advanced technologies that combine cryptography and blockchain. Projects like Origo Oasis and Mainframe focus completely on protecting users' privacy.

Baron Gong, founder of Origo, has been a privacy activist for years. Origo focuses on protecting the privacy of smart contracts through data-processing technology. A & nbsp; Knowledge-free zero system allows you to verify a complaint without revealing any data. Baron Gong explained: "In Origo Network, many of the applications we use will not be able to touch your data.We are touching a computational test of your data.The blockchain does not store your data." Users can be sure that their personal data & nbsp; they will not be shared with multiple companies, a problem related to centralized organizations. This is because Origo's smart contracts are private while smart contracts like Ethereum are all public for the world to be seen. Although the implementation of GDPR is designed to prevent data retention by private companies, it is not possible to ensure that personal data is completely eliminated in a company's data system. Blockchain's consent without trust allows them to be sure that the data & nbsp; are used correctly and, if desired, permanently deleted.

Similarly, Oasis Labs designed the Ekiden system, which executes the execution of off-line intelligent contracts within a trusted execution environment ( TEE ) to maintain the same security if it were on-chain. TEE & nbsp; it is a protected area of ​​the main processor where code and data are absolutely protected by software and hardware attacks. Nobody, not even the miner, can view the running code. & Nbsp;

Unlike current private currencies such as Monero and Zcash, privacy protection beyond the transactional level provides more applications in the real world. These projects could be of great benefit in the financial, business and health fields where contracts usually contain sensitive personal information.

Adoption of Blockchain technology

The adoption of Blockchain has been rather slow at the local level. However, countries like Singapore, the Philippines and Switzerland have progressively adopted policies to support blockchain technology and digital currencies. Estonia has also attracted attention after starting an electronic residency program that allows citizens to register their blockchain data.

Of course, mass adoption also involves awareness. & Nbsp; Mainframe, another project that promotes privacy, launched the first global physical airdrop. They held real events in which they donated $ 3 million worth of their tokens. There have been significant efforts to drive blockchain technology from mere speculation on cryptocurrency investments to real-world implementation.

Major venture capital companies worldwide, including FBG Capital Zeroth Crypto Blockchain Capital of Rockaway Capital of Chainfund & nbsp; Cluster Capital Binance Labs and Pantera Capital & nbsp ;, recognize the enormous potential of blockchain technology. & nbsp; Investono and raise numerous projects involving privacy to produce marketable products that return energy to the consumer.

Current and centralized blockchain networks have made user information vulnerable to potential losses or abuse. Some entrepreneurs have designed projects that protect user data with advanced technologies, combining cryptography and blockchain technology. The implementation of this technology has been seen slowly as adopted locally. With the support of risk funds and prominent entrepreneurs, this technology could restore power and control of data to its users.

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Maintenance of a Bitcoin farm in Canada Lars Hagberg / AFP / Getty Images [19659022] The Internet has provided an unparalleled means to communicate with people all over the world: there are over 60 billion messages sent per day on WhatsApp and Facebook messenger combined, in addition to 269 billion emails sent every day, they slowly become centralized over time allowing them to become the main targets for hackers and other actors trying to collect our data Both have continually threatened the right to privacy of users.

The disruptive power of Blockchain technology innovates the way our data is stored, allowing users to fully control the personal details they would like to share in public. Exploiting the potential of blockchain technology and decentralization could be key to protect our

Centralized threat

The recent sca Data protection privacy of Cambridge Analytica of Facebook showed how companies have collected private user data for monetization purposes. It is estimated that 87 million users worldwide have used their personal information from the analysis companies, making it one of the worst data breaches in the history of social media. While this is not new, it highlights the inadequate data protection that exists in our current platforms.

Technological progress has revealed another way to manage our data through blockchain technology. But this method is not something new, on the contrary, it recalls some of the first ideas of the Internet. Decentralization sets the stage for the unparalleled World Wide Web we know today. It is also a central feature of blockchain technology.

Distributed Privacy

Blockchain provides an infrastructure that enables a secure platform that provides more innovative use cases. The immutability and transparency offered by blockchain can gain users' right to privacy. However, this technology is still in its infancy.

Some entrepreneurs are trying to increase data privacy with advanced technologies that combine cryptography and blockchain. Projects like Origo, Oasis and Mainframe focus completely on protecting users' privacy.

Baron Gong, founder of Origo, has been a privacy activist for years. Origo focuses on protecting the privacy of smart contracts through data-processing technology. A zero knowledge test system allows you to verify a complaint without revealing any data. Baron Gong explained: "In Origo Network, many of the applications we use will not be able to touch your data.We are touching a computational test of your data.The blockchain does not store your data." Users can be sure that their personal data will not be shared with multiple companies, a problem related to centralized organizations. This is because Origo's smart contracts are private while smart contracts like Ethereum are all public for the world to be seen. Although the implementation of GDPR is designed to prevent data retention by private companies, it is not possible to ensure that personal data is completely eliminated in a company's data system. Blockchain's consent without trust allows them to be sure that the data is used correctly and, if desired, permanently deleted.

Similarly, Oasis Labs designed the Ekiden system, which executes the execution of off-line intelligent contracts within a node of a trusted execution environment (TEE) to maintain the same security as if it were on-chain. TEE is a protected area of ​​the main processor in which code and data are absolutely protected by software and hardware attacks. Nobody, not even the miner, can view the running code.

Unlike current private currencies such as Monero and Zcash, privacy protection beyond the transactional level provides more applications in the real world. These projects could be of great benefit in the financial, business and health fields where contracts usually contain sensitive personal information.

Adoption of the Blockchain technology

The adoption of the Blockchain has been rather slow at the local level. However, countries like Singapore, the Philippines and Switzerland have progressively adopted policies to support blockchain technology and digital currencies. Estonia has also attracted attention after starting an electronic residency program that allows citizens to register their blockchain data.

Of course, mass adoption also involves awareness. Mainframe, another project that promoted privacy, launched the first global physical airdrop. They held real events in which they donated $ 3 million worth of their tokens. There have been significant efforts to drive blockchain technology from the mere speculation of investments in cryptocurrency to the implementation of the real world.

Leading venture capital companies worldwide, including FBG Capital, Zeroth Crypto, Rockaway Blockchain Capital, Chainfund Capital, Cluster Capital, Binance Labs and Pantera Capital, recognize the huge potential of blockchain technology. Investono and have raised numerous projects involving privacy to produce marketable products that return energy to the consumer.

Current blockchains and centralized networks have made user information vulnerable to potential losses or abuse. Some entrepreneurs have designed projects that protect user data with advanced technologies, combining cryptography and blockchain technology. The implementation of this technology has been seen slowly as adopted locally. With the support of risk funds and prominent entrepreneurs, this technology could restore power and control of data to its users.

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