Increasing momentum for a privacy-first world
In the last two decades, big technology companies such as Google, Amazon, and Facebook have witnessed the rise. These companies have become leaders in their markets by innovating and using technology. To improve the user experience, these companies profile each end-user and customize the user interface to suit the end-user better. However, while doing this, these companies realized that other companies could use the end-user profiles they created for each user. One of the key ways these big tech companies monetize end-user profiling is through targeted advertising. Thanks to the user data and information these big tech companies have, companies can get a higher turnover rate by sending their ads to people who are more likely to click and interact. However, this revenue stream generation now monetizes the privacy of the end-user. The question is, have these big tech companies gone too far? In this article, we will look at the big data issue, what blockchain technology is, and how it can give users their privacy back.
Big Data Problem
We live in an age where data and information are more valuable than gold or oil. Companies pay enormous sums for targeted advertising due to its high success rate. This increased demand for targeted ads has caused big tech companies to use as much of our data as possible to build better profiles. But have these big tech companies gone so far that the security of our personal information and privacy is no longer a right for them but a source of income?
The big data problem is the big data problem that currently sells our personal information. Tech companies are trying to find more ways to learn about us that they’ve never had before so their models can better profile us. People need to be given authority and control over their personal information again. However, this can be challenging given the size of these tech companies.
What is Blockchain Technology?
Blockchain technology is a distributed digital ledger that eliminates the need for a central authority or business to maintain it. This is possible because of the decentralized peer-to-peer network that supports and facilitates activity on the web and the encryption used to keep those who transact on the network anonymous. This means that parties to a transaction cannot be identified unless they disclose their involvement in the trade.
Blockchain Technology Gives Users Their Privacy Back
Blockchain technology can give back control over personal information to those to whom the data belongs. Information can be securely stored on the blockchain. Access to this information can also be controlled because everyone on the blockchain is the sole owner of the information and controls what happens to it. Everyone on the blockchain can now decide whether they want their data to be used for targeted advertising. They choose not to provide their personal information for targeted ads. In this case, thanks to the decentralization of blockchain technology, their data will be completely secure and out of reach of any company.
Now that we’ve looked at how blockchain technology can be used to reclaim the power of people over their personal information let’s take a look at an exciting blockchain project that prioritizes the privacy of its users: Posschain. Posschain uses cryptographic and cryptographic techniques such as ZK-Snarks, transaction mixers, and cryptographic key pairs to enable users to transact freely, securely, and most importantly, privately in blockchain ecosystems.