Barcelona, June 1, 2021.-TechBullion has highlighted an analysis of blockchain technology in the management of our personal data. A decisive advance for the next few years.
Blockchain has proven to be one of the most disruptive technologies of the last decade. Initially conceived as a fair, trustless, and transparent way to record data and transfer value, blockchain-based projects and solutions have grown immensely over the last several years and have transformed the way we approach everything from healthcare, education, and governance, to entertainment, fintech, supply chain, and more.
Many of the changes that blockchain has brought about have been widely documented on the global and industrial scale, but as improvements are made in blockchain-based technologies, we are now able to leverage this bleeding-edge tech to empower users on an individual level.
For example, consider logistics and supply chain operations. While blockchain technologies can streamline the way the supply chain functions, they can also lower transaction costs for small businesses. Within those businesses, blockchain can also be used for granular analytics, payments, permissioning, and more – all on the level of the individual.
In the same manner, with the right tools in place, private individuals can now take control of their personal data – the same data that has built multi billion-dollar empires such as Google, Facebook, Snapchat and more. While these centralized platforms have been instrumental in the advancement of fast, modern, low-cost applications for every imaginable use-case, they were built by leveraging vast amounts of private user data often without the direct consent of the user and certainly without the user’s control over the data that was collected and monetized by these centralized entities.
Data has long been recognized as a valuable digital asset, but traditional, centralized platforms (often referred to as Web 2.0) deprived users of the ability to control and/or monetize their data. Data is the largest digital asset that we own, but it is difficult – in fact until now it has been impossible – to monetize this personal data on an individual level. At present, private individuals freely hand over this data to large, centralized companies who monetize it to their own advantage, with little to no benefit accruing to the true owners and producers of that data.