Data privacy and security has become a major concern of the public
Data security and privacy have always been major concerns for businesses and consumers. The breach of data protection brings huge losses to both the business profits as well as the reputation. Sometimes it is everything but the situation, the platform may work perfectly and receive few complaints or negative feedbacks until it suffers a major malfunction, or worse, a data leak. All centralized managed data platform risks mishandling clients’ information.
The users increasing concern and awareness of privacy issues is another trend that should not be ignored. Whatsapp is losing millions of customers to Telegram as they believe the messages pass on the platform may be accessed and handled inappropriately by third parties. One major cloud storage provider in China recently is facing fines from the local court for not complying with the data privacy laws. Even some most trustworthy service providers do not pay convincing efforts in making their central administrative role more transparent. It is actually a black box for sensitive users regarding how these central service providers handle their data.
Blockchain and data privacy
Blockchain has profound implications on data management at the enterprise level. The blockchain has been visioned as part of the new infrastructure in China’s national strategy. It merits more attention to how the technology sets itself apart from the existing solutions. The niche blockchain is that it is a secured and decentralized data structure protected by advanced encryption methods. Furthermore, the data recorded are fully traceable and inalterable. This enforces rules-based data governance on data operation procedures.
What blockchain may offer is an alternative data structure. Since there is no central management body in a blockchain, there is no place to point fingers or to accuse mishandling information. Since everything to a certain extent is shared and kept unaltered at every node connected to the blockchain, users are looking at the same piece of information, having the same right of access.
Accenture, a global consultancy has promoted blockchain technology in its series of insight articles. What it…