We need our personal data for nearly everything. We work with it everyday. Unfortunately there is still a high chance of getting our data stolen.
Let’s take a look at how blockchain can provide safety to our personal data.
How is your data stored?
Companies are storing our data if we provide it to them. There are laws that tell companies how to store data and how they can use it. Laws are also covering misusage and data leaks with fines or other punishments.
The problem, is that your data could be stored for years. Even when you have no business with a certain company anymore, that company is still storing your personal data. Another problem could be a hacker stealing and selling your personal data. There are cases of companies selling personal data of their clients to other companies.
How does blockchain work with personal data?
The biggest benefit from using blockchain is increased privacy. You don’t have to share all of your data if you don’t need or want to. Blockchain provides ownership over your data so it is not stored on some harddisks.
In addition of not sharing all of your personal data there is another benefit. Blockchain reduces possible data breaches. Because you own your data and no one else does, it’s hard to have your data stolen.
Another big benefit of your owning your data is that you choose who you will share your data with. Many companies are providing some sort of free service in exchange for your data. Blockchain could shift the power over data ownership back to the user.
However we are not talking about something new. This idea has been here for a long time. The potential of blockchain is still growing and in the future it could provide the ownership of our data back to us.