We are living in a data driven world, where every other major corporation is fighting each other to gain control over our data. We are constantly plugged in, and all our sensitive data is online. Just think about it, Google has the data of every search that you have ever conducted on the web platform.
Similarly, other major corporations like Facebook, Twitter, Youtube all have heaps of data on us, that they use to show us targeted ads. For quite some time, these giants have been facing a lot of heat regarding their misuse of this data, or monetization of this data, without the consent of the users.
We all must have had seen that video of Mr. Zuckerberg answering to the U.S. Congress, explaining how data is being used by Facebook, and what other parties have been granted access to this data. So basically what I am getting it, that we as users of the internet have no clue how our data is being used by these businesses and corporations.
So how do we get control back over our own data? Well, a good way to begin is by having full knowledge about all our transactions, exchanges and permissions, and having a record for them which can’t be hacked or manipulated. This can be guranteed by a technology called blockchain.
Think of blockchain as a massive ledger that is accessible by the public. It can be explained as a series of blocks, that can record large amounts of data in real time, and make sure that they are stored in a transparent manner, but without being vulnerable to any outside hacks or breaches.
The key to its security is the fact that it is decentralized, and there is no one person controlling it from up above. All the data that we are generating; every time we send a text, buy something online, book an Uber etc. is all extremely valuable to these big businesses. So if we reclaim the rights to our own data, we can stop this form of exploitation.
With blockchain, data sharing will be transparent and there will be more accountability. We can finally begin to take ownership of our data.