Thursday, September 29

Data privacy concerns are increasing, and blockchain is the solution

Today’s consumers are willing to trade their data for personalization, but have growing concerns about data privacy. In a survey by Entrust, a digital security and credential issuance company, only 21% of respondents confidence global brands established to keep your personal information safe.

As pressure on data privacy mounts over big technologies, these companies are beginning to make significant investments in security solutions.

Regulations around the world are evolving rapidly

Last year, as more and more people spent time at home due to COVID-19 blackouts, internet use increased. And as usage has increased, so has consumer awareness of how data can be used or misused. For example, a recent survey from Startpage, a privacy-focused search engine company, found that 62% of Americans are more aware of how their data is used online, including targeting ads based on their browsing history and location.

Related: The data economy is a dystopian nightmare

With growing concerns about how companies collect data, new laws are rapidly evolving in the United States and abroad to address these concerns. In 2016, the European Union approved the General Data Protection Regulation. Two years later, California enacted the California Consumer Privacy Act, the strongest statewide privacy legislation in history. Since then, Virginia is the only other US state that has successfully passed a comprehensive bill, the Virginia Consumer Data Protection Act.

With more states looking to add consumer privacy protection laws, it is clear that user views and policies are changing. That said, data privacy and how it is protected is incredibly complex, and these toothless invoices could have the opposite effect – giving consumers the confidence that their data is protected when, in fact, it often is not. is.

Related: DPN vs. VPN: the dawn of decentralized web privacy

Companies will invest in privacy and security technology

As 2020 began, millions of people changed their lives online, went to school remotely, and attended virtual happy hours, exposing more personal data to a barely regulated internet. Not only did people integrate increased data collection into their daily lives, they were also led to believe that location tracking could have public health benefits.

Thanks to COVID-19, the depth of our data sharing deficiencies has been exposed. As we move forward, everyone should raise awareness and promote best practices in privacy and data protection.

Related: We don’t need immunity passports, we need verifiable credentials

Is a solution possible?

As consumer expectations continue to drive privacy scrutiny, there is an opportunity to lead the pack in this evolving area, but with new entrants poised to enter the market, that opportunity won’t last long. According to Crunchbase, investors pumped $ 7.8 billion in cybersecurity companies last year, an increase of 22% from 2019 to 2020, and this year the figure is even higher after just six months, topping the $ 9 billion mark.

With data ownership top of mind, let’s take a look at the startups paving the way for a post-pandemic world. From personal data cleansing to business-focused software aimed at helping companies comply with the law, these five startups are helping users regain control and ownership.

OpenMined is an open source community, and the company sees its goal in making the world preserve privacy by lowering the barrier to entry to private artificial intelligence technologies. Its mission is to create an accessible ecosystem of privacy and education tools, which it does by expanding popular libraries such as PyTorch with advanced techniques in cryptography and differential privacy. The company claims that through its services, individuals and organizations can host private data sets, allowing data scientists to train or query data they “can’t see.” Data owners are in full control – data is never copied, moved, or shared.

Anjuna provides hardware grade protection for data, applications and workloads, virtually eliminating data insecurity. According to the team, it ensures that applications work independently of your infrastructure, simplifying operations and blocking data security. The software enables IT to “lift and move” applications and data to the hardware-encrypted confines of a secure enclave, protecting it from malicious software, insiders, and bad actors.

Fortanix protects sensitive data in public, hybrid, multi-cloud and private cloud environments, enabling customers to operate even the most sensitive applications in any environment. Fortanix claims that organizations gain the freedom to accelerate their digital transformation, combine and analyze private data, and offer secure applications that protect the privacy of the people they serve.

Duality Technologies addresses the growing need for companies in all regulated industries to collaborate on sensitive data. According to the company, the platform allows a secure analysis of encrypted data, obtaining information from confidential data without exposing the data itself. Its technology protects valuable analysis models from exposure to external collaborative parties during calculations. Duality SecurePlus claims that the platform makes it possible for companies to take advantage of advanced cryptographic methods for real-world data collaborations while complying with data privacy regulations and protecting their IP.

Leap year creates technology to address these issues in a scalable, rigorous, and future-proof way. According to company statements, some of the world’s largest companies can break down data silos, form data associations, and accelerate machine learning adoption, all with mathematically proven privacy protection.

Related: No More Pushing and Pushing – Digital ID Solves the Privacy Dilemma

The need for Web 3.0

Looking back, the societal changes we’ve experienced in the last year are major flash points that highlight huge flaws in the way the internet exists today, how data privacy laws are created, and the hidden ways that Big Tech exploits. our data.

During the pandemic, companies like Google, Facebook, Zoom, and Amazon have benefited in a big way. With the loss of privacy and consumer choice, Big Tech makes money by monetizing user data. While yes, we use these things every day, these Web 2.0 platforms are a breeding ground for exploitation, hacks, and glitches.

Related: Striking a Chord: DeFi’s Domino Effect on NFTs and Web 3.0 Adoption

As we adapt to a new world, blockchain will inevitably play a role in a decentralized future. Are you ready for the Web 3.0 revolution?

This article does not contain investment advice or recommendations. Every trade and investment move involves risk, and readers should do their own research when making a decision.

The views, thoughts, and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Anne Fauvre-Willis is the COO of Oasis Labs and previously contributed to the Oasis Network, a privacy-enabled blockchain platform for open finance and a responsible data economy. Prior to Oasis Labs, Anne held roles as Product Manager / Product Marketing Manager for the iPhone at Apple. He also worked for former US Secretary of State Madeleine Albright at the Albright Stonebridge Group. Anne has an MBA from Harvard Business School and a BA from Georgetown University.