On WhatsApp and Facebook messenger, the total number of messages sent per day exceeds 60 billion, and the number of emails sent by consumers every day is 269 billion. As Facebook faces penalties for Cambridge Analytica data breaches, it also reveals the lack of online companies to collect user data.
With the rise of blockchain technology management data, "decentralization" has become a core task for many vendors today to try to change social networking sites or have privacy documents. Basically, the blockchain's non-tamperable and transparent disclosure features allow users to regain control of privacy. However, this technology is still in its infancy.
Many companies are trying to improve data privacy by leveraging advanced technologies that combine cryptography and blockchain. For example, projects such as Origo, Oasis, and Mainframe are dedicated to protecting user privacy. Many applications used in the Origo Network do not touch personal data. Origo is only exposed to personal data calculations, and the blockchain does not store personal data. In addition, Origo's smart contracts are proprietary, and not smart contracts like Ethereum are public. In short, Origo mainly uses data computing technology to achieve the privacy protection of smart contracts. Among them, the zero-knowledge proof system allows users to verify without revealing any data.
Oasis Labs also designed the Ekiden system. The system executes the chain of smart contracts in a trusted execution environment (TEE) node and maintains the same security as the chain. TEE is a primary processor-independent security zone with code and data that provides the highest level of protection when attacked by software and hardware. No one (even a miner) can see the code that is running.
Unlike current privacy currencies such as Monero and Zcash, these blockchain projects offer better privacy-protected applications. This has great benefits for the financial, corporate and healthcare industries.
If the blockchain is to be implemented in various places, it is still quite slow. However, countries such as Singapore, the Philippines and Switzerland have gradually introduced policies to support blockchain technology and digital currency. Estonia has even launched e-passports, and the United Nations has used the blockchain to conduct identity verification for refugees in the Middle East. Another project that promotes privacy protection, Mainframe, launches the first global entity, Airdrop.
The world's leading venture capital firms, including FBG Capital, Zeroth Crypto, Rockaway Blockchain Capital, Chainfund Capital, Cluster Capital, Binance Labs and Pantera Capital, have confirmed the enormous potential of blockchain technology. Therefore, investing in and supporting many blockchain projects is expected to be rewarded in the next decade.
In short, blockchain technology has the power of disruption, allowing people to create new ways of storing data and allowing users to fully control the personal information they want to disclose and share. This will allow it to truly reshape the world of privacy.