Data privacy refers to the area of data protection and security that is responsible for the handling of sensitive data, including their notice, consent, and regulatory requirements.
Note that data handling includes three distinct categories: traditional data protection (backup and file restoration), data security, and data privacy.
Data privacy and protection imply that an individual or party is the sole actor in regards to the handling of their personal information and must be in total compliance with all applicable privacy laws. However, the current technological ecosystem depends heavily on data, which are now viewed as assets that are worth a lot of money for major firms. Internet companies such as Amazon, Google and Facebook are making fortunes through data economics.
When making use of various media platforms, users have ultimately consented to be co-actors in their data’s collection, storage, management, and sharing. It is their job to ensure that their data is not being misused by reading the internet or media platform’s privacy policy before agreeing to it.
Data privacy, however, has not expanded to decentralized technologies. The blockchain framework ensures that all users within a network have total ownership over their data. Unfortunately, everyone has access to all user’s information regarding all transactions that transpire in a given network. As long as a user’s wallet address is not linked to his real-world identity, then his privacy is kept.
Unfortunately, most users have, in one way or another, utilized platforms that impose Know Your Customer (KYC) procedures, which give away their real-world identities. There are various solutions for preserving privacy while conducting cryptocurrency transactions including privacy coins, mixers, and private wallets
Related Articles
Decentralized Database
Due to the rapid growth of blockchain products, there has been an increasing need for robust data storage solutions. While most DApps store data on blockchains like Ethereum, the costs are extremely high. As a result, most DApps are forced to migrate ...
Decentralized Social Media
Decentralized social media, also known as blockchain-based social media, refers to social media platforms powered by distributed ledger technologies (DLT) like blockchain or DAG. As such, activities on these platforms are irrevocably recorded on a ...
Crypto Invoicing
Crypto invoicing allows you to create different itemized bills and invoices for the products or services you offer. It enables you to bill clients in crypto via email, without the hassle of switching between wallets and apps. As cryptocurrencies ...
Decentralized Network
A decentralized network is a combination of protocols spread across numerous computer devices, known as nodes. The capacity of nodes to communicate without the need for a monitoring body enables the element of decentralization. In a distributed ...
Data Scraping
In the world of computer science, data scraping, often known as web (online) scraping, is a way of extracting data from websites to save it on local databases or on other applications using computer software. A typical application of data scraping is ...