Data Privacy And The Importance Of Blockchain Technology: Report

Data privacy and data leaking have become the most important questions for the users in the crypto space in the past couple of years right when things started to get worse. In today’s latest cryptocurrency news, we take a closer look at what kinds of systems can we build in order to protect our digital information using blockchain technology.

The centralized companies leak information more often than people think. Having a simple error in the network configurations results in millions of people’s passwords getting available to malicious actors and their emails getting leaked on a regular basis. A website named haveibeenpwned.com allows you to enter your email address and check whether you have been a victim to a data breach. If you use the same password on a few sites and one leaks it, your login credentials are already out for everyone to find. What is even worse is the biometric data that starts to leak from centralized companies. Just this month, a huge data leak was found in the system of many banks but also the UK police and many defense contractors which means that the data privacy is at a low point. The 23 gigabytes of data that contained people’s fingerprints and personal information was leaked. Once it is in the system, the vulnerability allows the hackers to change the fingerprint associated with a login which could make them able to access secure locations that they usually don’t have the access to.

If your password is leaked it is very easy to set up a new one to your account. However, it is hard to change your fingerprint or your face when you make a scan for an ID or passports. The scary part is that this data is being held by centralized companies so whether the store the data in house or third-party servers, it creates a huge target for data thieves. Using the blockchain technology people can take back control of their data with the help of the decentralized identity control that can cut down on identity theft. This means that you will be able to hold a private key on your device which is tied to your identity and open the gap with your fingerprint or a QR code once you have proven your identity without filling out forms.  As per the altcoin news today, hacks are becoming more common so the consumers will try to find systems that offer protection and online safety.