Personal data is valuable information that many of us give away without realizing what really happens with their data.
So let’s take a closer look at who handles this valuable information.
Data: The new oil?
Personal data is needed for many things. For example: you can order products online, apply for a loan from your bank when you need to buy a new car. However, even if you consent to the processing of personal data, can you really be sure that your personal data is safe and that no unauthorized person can access it?
The truth is that many companies use this valuable and somewhat free source of information and pass it on for profit. More than once we have witnessed companies sell client’s personal information to other businesses or hackers obtain this data and sell it. These events certainly do not shed a good light on companies and their code on data processing and protection.
GDPR, or General Data Protection Regulation, came into force in Europe two years ago. It was the right move to give clear rules on how to handle personal data and under what conditions it can be stored, archived and used. Companies that do not follow these strict rules will be fined.
However, despite all the training, there is still a big problem with personal data. Companies often do not know how to work with data or their employees are not trained enough.
How does blockchain technology fit into this?
Now comes the question. How could blockchain intervene and could it possibly help with gaining back control of our personal data?
So let’s look at how blockchain works. Even if personal data is not included or shared on the blockchain, a condition can be set for the transaction. To meet the condition, the other party will provide proof that meets it. After proof is provided, only the contracting authority chooses whether or not it wants to continue with the transaction.
Sharing data this way makes things much easier and more secure. There is no need to fill in data and fully share data such as full name, address, education, etc. As a result, companies have minimum of information, yet can perform transactions securely and everything is decentralized, but each transaction is always traceable.
If people want total control over their data and want to know exactly what is happening to it, blockchain is an inevitable step. Personal data is one of the most valuable assets of our time and it needs to be protected.