How Blockchain Can Save Our Privacy Before It Disappears

Last updated on June 23rd, 2022 at 04:06 am

If you are wondering what is at all about, don’t worry, you are not the only one.  It is possible that you don’t give much thought to it, but yes, you have friends who are very careful about sharing their information on the internet. Surely you know what we are talking about. These are those people who take the battery out of their phone when they want to criticize the government or say something else that might be confidential. In another scenario, they don’t want to shop online or give valuable information on Facebook or WhatsApp.  

This might seem like an introduction to some conspiracy theory, and you might feel like it’s a bit too much to chew on.

However, because of rapid technological progress, we have a lot to be grateful for living in the modern world means living under constant surveillance. Our phones are continually tracked, social networks have all of our information, and they can do whatever they want with it if the opportunity occurs and so on.

But, as we said, even if not all technological breakthroughs are designed to benefit us, some are,   like, for example, blockchain technology. 

What Is Blockchain Technology?

The reality is that things are changing so quickly that it is pretty challenging to follow all the innovations. Most of us have some system of filtering information that we receive throughout the day, so we keep things we are interested in while rejecting all others.  When you heard of blockchain technology, you probably thought that it is something connected to blockchain currency and, as such, has no importance for you. Well, you are partially but not entirely right, and that’s why we will try to have blockchain technology explained by the end of this text. 

So, blockchain, also known as distributed ledger technology is in the simplest terms a way to share data with people that you don’t know and you don’t trust.

What it means is that all the information stored on a blockchain is distributed to multiple places at once, and everyone has access to it. The centralized version doesn’t exist; thus, there is no way that one person takes control over it.

 When you are connecting all this with the bitcoin blockchain, you have a point because blockchain technology is invented in the first place because of Bitcoin. Virtual currencies like Bitcoin or Ethereum are mediums of exchange, but it is done through encryption techniques thank blockchain. 

But, the existence of virtual currencies is just one thing that became possible because of blockchain technology.

Let’s see how it is connected to our privacy and why it is essential for us.

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Blockchain Technology and Privacy 

At the beginning of our article, we mentioned some of the numerous ways our privacy is being violated continuously. It is becoming increasingly clear that we need to do something to protect our data. Countries are starting to introduce sets of regulations that would handle how personal information can we process personal data in public spaces, both physical and virtual. Still, these regulations are far from being enough.

 The good news is that it is not all lost and that blockchain technology can come to our rescue here. 

According to blockchain wiki, blockchains use private and public keys, which is the main aspect of privacy here.

The records are distributed among all users, and everyone has their cryptographic key. In this case, we don’t give our personal information to every single store where we shop online but instead to a decentralized ledger that cannot be controlled by an individual.

If we connect the technology to all the payment platforms and systems and our phones, we can have a lot more control over who we share information with. 

You might think that it’s all okay but still doesn’t explain fully how blockchain technology protects our privacy. Researchers for the Massachusetts Institute of Technology (MIT) claim that confidentiality will be ensured through their Enigma project, which is on the top of blockchains. This will, according to them, allow users to keep control over private information. One way how it will achieve this is by preventing personal data from being monetized and analyzed by the platform. 

Conclusion

Each time there is a technological innovation, it can be a bit difficult to follow and understand all the things around it. There is no reason why it would be different with blockchain technology. It’s new, it seems to be amazing and beneficial, and it can be confusing at times. But we do hope that we managed to have blockchain explained at least a bit with this article. We hope you enjoyed it and found it useful. If you want to know about its relation to cryptocurrencies, we recommend that you also check articles on bitcoin trader reviews.  At the very end, we would like to invite you to share with us if you have some information about blockchain technology in general or its relation to privacy. Also, if you have some thoughts or experiences regarding online privacy, you are more than welcome to share them with us.