In the last two decades, we have seen the rise of big tech companies such as Google, Amazon, Facebook, etc. These companies have become the leaders in their respective markets by innovating and utilizing technology. To improve the user experience, these companies profile each end-user and customize the user interface to suit the end-user better. However, in the process of doing this, these companies realized that other companies could make use of the end-user profiles that they created for each of their users. One of the significant ways these big tech companies generate revenue from end-user profiling is through targeted advertisements. Companies can now achieve a higher turnover rate by sending their advertisements to people who are more likely to click and interact with them, thanks to the user data and information these big tech companies have. However, the end user’s privacy is now monetized in this revenue stream creation. The question is, have these big tech companies gone too far? In this article, we will look at the big data problem, what blockchain technology is, and how blockchain technology can give users their privacy back.
The Big Data Problem
We live in an era where data and information are more valuable than gold or oil. Companies pay large sums of money towards targeted advertising because of the high success rate. This high demand for targeted advertising has resulted in the big tech companies using as much of our data as possible to create better profiles of us. But have these big tech companies gone too far, to the point that the security of our personal information and our privacy is no longer a right but just a revenue source for them?
These big tech companies selling our personal information to the current extent are referred to as the big data problem. Tech companies keep trying to find more ways to get information about us, which they never had before, so their models can profile us better. It is clear that people need to be given back power and control over their personal information. However, this could prove challenging given the size of these tech companies.
What Is Blockchain Technology?
Blockchain technology is a distributed digital ledger that removes the need for a central authority or business to maintain it. This is possible because of the decentralized network of peers that maintain and facilitate activity on the network and the encryption used to keep the people who transact on the network anonymous. This means that the parties in a transaction cannot be identified unless they disclose that they took part in the transaction.
Blockchain Technology Gives Users Their Privacy Back
Blockchain technology can be used to give back control over personal information to the people that the data belongs to. Information can be securely stored on the blockchain. Access to this information can also be controlled, as anyone on the blockchain is the sole owner of the information and has control over what happens to it. Anyone on the blockchain can now decide if they want their personal information to be used for targeted advertisements. Suppose they choose not to provide their personal information for targeted advertisements. In that case, their information will be completely safe and out of the reach of any company, thanks to the decentralization of blockchain technology.
Putting Privacy First
Now that we have looked at how blockchain technology can be used to restore people’s power over their personal information let’s look at an exciting blockchain project that prioritizes their users’ privacy: CORE MultiChain. CORE MultiChain uses various encryption and cryptographic techniques such as ZK-Snarks, transaction mixers, and cryptographic key pairs to enable users to transact freely, securely, and most importantly, privately within their blockchain ecosystem.
