Secure Monetization of Personal Data : Individual Currency
In last few months we have seen multiple instances of personal data breach. Slowly everyone is losing trust with small and big organizations capability of safely handling our data. A new form of personal data sharing which is secure will soon evolve. The first thing which comes to our mind is that Blockchain can possibly help us monetize and facilitate trading of our data securely both at the same time. The problem is that Blockchain suffers the same risk of data breach until some protocol is developed which sits on top of these Blockchains reducing the risk. Ultimate solution will come when Blockchains could be repurposed and the identity is coupled with individual currency backed by personal assets. Many companies might be working in stealth mode in this race to be first. The answer lies within the dynamic combination of biometric security and the blockchain principles of private keys controlled solely by the user. User names and passwords will soon be history. Few companies have already enabled some form of identity on the blockchain but unless its connected to value its useless in our day to day life.
GTM & Sales Leader | Digital & Embedded Tech | Augmented & Software Product Engineering | AI, Quantum, Blockchain | Revenue Growth Strategy | Mentor
6 年Great read, Raj! Today it’s happening with Hybrid Blockchain. In short, Hybrid Blockchain consists of Public and Private State of network ensures that every transaction is private, but still verifiable by an immutable record on the public state of the the blockchain. With a hybrid, it restricts the rights to review, modify and approve. In other words, if a member(s) of the network does not want their transaction data to be accessible or viable, they can earmark it to get into consensus with other members. Thus, robust security and high throughput have given this type blockchain real-world value with KYC elements which cannot be replicated on public chains.