How Blockchain Will Give Consumers Ownership of their Data
Blockchain is set to change data ownership. It will help restore data control to the user by empowering them to determine who has access to their information online. It is a paradigm shift in how we deal with data and it will offer consumers the much-needed control over their own data.
Blockchain Will Drive the Need for Change
Change is required for various reasons, including security and privacy concerns. A 2016 Pew Research study revealed that 74 per cent of its participants ranked control over who can access information online as a primary concern. The study also revealed that transparency of data collection is a concern. Often, consumers do not even realize that they provide companies with permission to use their data based on the use of their applications. Websites and applications served as some of the first collectors of personal data. Now data can be collected in many ways, including via smart devices and vehicles.
The issue of privacy, security, and transparency can grow when third-party vendors who create accessories or supplemental services have access to consumer information. Moreover, the amount of data produced every day is increasing exponentially. Every person is expected to produce 1.7 megabytes of new data per second daily by 2020, which includes…
