How Blockchain Can Help In Managing Your Personal Data
Thinking about personal data? Sometimes it seems common man doesn’t even consider about it. But it is a strange world that we live in. It is where big organizations like TransUnion and Equifax stores these enormous amounts of our personal data and profit from it in a way that it doesn’t seem beneficial to us. And when these organizations lose our personal data and make us open to identity theft, there is nothing we can do about it. Well, luckily today we have blockchain technology solutions to our rescue.
Personal data collected via various search technologies is precious for various companies, for a lot of reasons. Knowing in detail about what people are looking for and understanding their desires can help marketing companies’ pin-point their advertising for the right audience.
The data that we usually share on Facebook and Instagram can be useful to generate traffic to the site. As that can help to bring in more customers and boosting profits for the owners of the network. Every time we click on, “I Accept” or “Allow” we are allowing organizations to access our personal data in any way. We are generating something beneficial and valuable for the site.
But there is a Problem.
Our personal data worth millions of dollar, we do not get any money as we do not own our data. In simple terms, when we post something on social media platforms then the network owns the content. In a similar way, when we use a search engine, the service provider owns all the details.
On a daily basis, internet users provide billions of dollars’ of data to companies for free. Organizations use these pieces of information to make business decisions, sell for digital marketing services, and draw people on to their websites.
Meanwhile, the actual owners of this data do not earn anything. Content like videos, posts, and pictures that go viral can result in a lot of money that the social media platform gains by attracting traffic and increasing the number of subscribers.
On the contrary, the owner of the profiles does earn some money directly or indirectly, if they are building their brand. But they do not end up with any of the massive profits that social media companies get.
The proposed solution: Blockchain technology Solutions
Blockchain technology solutions are about open cryptography that leverages public and private keys to secure information with a publicly available registry, managed in an automated and decentralized manner. And expert Blockchain developer can develop applications that can help you in securing your private data by encrypting it. Once the data is encrypted, companies will need both the passcode and the private key to unlock the information. Thus, making it possible for all the encrypted data to be taken and still be useless to the thief.
Blockchain application development has risen to fame recently, because of its usefulness in the decentralized systems. By managing the data on a decentralized Blockchain, it can be owned by the users. No centralized bodies, like social media platforms, can access the information. The owner of the data can choose who can access it, and even can charge for this privilege.
And this data is worth a Lot!
Blockchain Application Development: The Way Ahead
According to study, Nine Key Brokers made around $426 Million by selling customers data via risk mitigation, marketing, and people search products in 2012.
Facebook and Google dominate the digital advertising market by using your data to allow the marketers better targeting options. All the loyalty cards also work because of the personal data, and people do not know that the businesses collect data on you and your purchasing habits.
But many organization are aiming to change this. And that is possible by building a managed search solutions ecosystem where the user alone decides who all can access their personal data. Every time a user performs a search or a click, their data remains completely private. Storing the data on a decentralized Blockchain removes the need for a third party to hold on to it. This is how they have total control over who they share their data with.
If an organization wants data, they should pay the users. This will create a more balanced marketplace. Now users only see ads from companies they choose, and marketers can target ads at people who want to see them. This will maximize conversions and save a lot of money.
Since a decade, Blockchain development services have many practical applications. From cryptocurrency to smart contract development, and even to the medical industry wherever it requires a form of security decentralized data storage. It gives both medical institutions and patients the ability to access their personal data remotely in a secure manner.
Easy Access with the Blockchain technology Solutions
Blockchain technology solutions make it possible to remotely grant and remove access to all files. And that too in a way that guarantees information security. The technology enables and removes access to specific token-based records, changing the ownership of those files on the fly.
Additionally, for saving personal data, Blockchain technology companies equip the user with a combination of biometric security and private keys controlled solely by the user. This opens up the opportunity to ditch usernames and passwords.
Blockchain technology is an excellent asset storage system. It is because of the privacy and encryption which is combined with an immutable ledger that is decentralized.
Many of the Blockchain technology companies have already enabled identity on their network. Additionally, things also get very interesting when you link identity on the Blockchain. This is done along with the existing payment methods and services.
Hire the best Blockchain Development Company in India!
If you are planning to invest in Blockchain technology solutions, now it is time to start. Send us your requirements, and our expert Blockchain developers will get back to you with a game plan. We at Signity Solutions have years of experience in providing blockchain consulting services. Our workforce comprises world-class blockchain developers. Therefore, if you also wish to make your transactions secure, we are there to help you with our best blockchain developers in India. Feel free to reach us, and we will revert at the earliest.
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