Technology

Can Blockchain Assure Data Privacy

Blockchain’s explosive debut into the modern marketplace has made it one of the most important technologies powering our economy today, and it hasn’t even reached its full potential yet. With everything from cryptocurrencies to startup companies relying on blockchain services to survive and thrive in the 21st century, it’s only natural that this impressive technology also be leveraged to assure data privacy in an age of ever-increasing surveillance.

Critics of blockchain continue to dispute the technology’s impressive promise, but there are plenty of reasons to believe it can be used to assure data privacy like nothing before. Here’s how blockchain is reinventing data security as we know it.

Decentralizing security in the 21st century

The word “decentralization” better defines blockchain than perhaps any other, which is incredibly important when it comes to the security applications of the budding technology. The modern world is deeply interconnected, with our data pools mingling with one another at an ever-growing rate. To keep all of this information safe and sound, IT security specialists need access to technology that can help decentralize security rather than lumping everything together in the vain hope that a network breach will never occur.

There’s still progress to be made, however; the dreaded blockchain trilemma is a good example of how blockchain technology is secure but immensely difficult to scale right now. Many startups working to deliver affordable, blockchain-based applications to businesses of all stripes are realizing that they can offer secure software or scalable software, but not both at the same time. As time goes on and more money is poured into blockchain’s continued development, however, the trilemma will prove to be less and less frustrating to companies trying to make a fortune off blockchain’s potential. Given the diversity of existing blockchain startups, it’s easy to believe that these companies will make a scalability breakthrough sooner rather than later.

Startups are making blockchain more secure

There are too many examples of blockchain startups to count, but a few key companies have been pioneering the industry at an impressive pace and deserve the attention of investors. Startups like Oasis Labs, for instance, have been garnering impressive press coverage for themselves on the basis of their ability to leverage blockchain to push new, better privacy safeguards. Major companies like Uber are already relying on these services to bolster their IT security, meaning there’s plenty of evidence that blockchain ventures will enjoy corporate support and partnerships in the near-future.

More than just being a useful tool for major corporations, however, blockchain is a liberating technology that promises to help everyday people reclaim control over their data, which is why it’s going to be so important for the future of data privacy. As major businesses accrue more capital and develop more intricate technologies, it will be imperative that everyday consumers have services that help keep their information safe from prying eyes. Enter blockchain startups, which will continue to provide everyday shoppers with data security services as the commercial habits of the average person become more and more digitized.

Few companies demonstrate as sincere a commitment to data privacy as the numerous blockchain startups that have sprung up in the market over the past few years. While other tech companies can make or break themselves on the basis of how well they spy on their consumers, blockchain service providers will continuously find that they succeed on the basis of how well they convince ordinary people they’re protecting their precious personal information.

More consumers are worried about digital security

Despite the promises of blockchain, critics still contend that the technology will eventually fade as investor interest dwindles and the money stops pouring in. There are few reasons to believe that blockchain will lose its momentum anytime soon, however; recent scandalous data breaches and corporate security meltdowns could bolster blockchain, according to some analysts, and at the very least will keep IT security and data privacy at the forefront of public debate for some time. As more people grow concerned about their data privacy, they’ll turn to blockchain-based services in the pursuit of a little peace and quiet in the tumultuous digital marketplace of the 21st century.

While predictions that blockchain will be used to craft a private, decentralized internet are largely overblown, there are plenty of reasons to believe this technology will assure data privacy to a much greater extent than anything we’ve seen before. By inspiring a large number of innovative startup companies selling new condos in Toronto, and by igniting a public conversation about data privacy and the role of decentralized technology in securing our information, blockchain has made itself one of the most important developments in the last few decades.

As the cryptocurrency market continues to grow and snatch public headlines, expect interest in blockchain to grow – after all, this exciting technology has applications far beyond data privacy, and consumers and investors alike are going crazy for it.

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