Blockchains to bring data privacy back to users from companies (Bhopal)

Blockchains to bring data privacy back to users from companies

The Promise of the Early Internet Social networks created a momentous shift in our ability to communicate with friends, family and loved ones across vast distances. We no longer needed to spend on expensive international phone calls as a primary means of staying in touch, and this set the stage for what many call Web 2.0, iteration of the internet powered by user-generated content. The manner in which information was consumed in the early days of the internet was essentially like reading a newspaper or magazine on a screen. It was communication in a single direction, from a publisher to a reader. However, with Web 2.0, publishers used content as a form of ice-breaker, with readers and community members using this information as a launch pad for further discussion. Data Privacy Concerns While its value to society was without doubt, social media being free resulted in the companies searching for other means of generating revenue. Over time, we learned that, in a free service, the users are in fact the product. User presence on social media platforms were a data gold mine for advertisers, and in many cases personal information was being shared with third parties. During a relatively short space of time, Facebook and Google became not only the world?s largest advertisers, but among its largest companies. These for-profit companies were reaping all the benefits from exploiting their user?s lack of data privacy. Implications regarding online safety, political discussion and censoring of free speech had social media at its core, and was the subject of heated debate. Cryptocurrency Emerges, Can Blockchains be a Solution for Data Privacy? While this discussion raged online, cryptocurrency was moving from strength to strength. First bitcoin was proving that a financial system outside the control of banks and governments could not only exist, but thrive. Ethereum added to this functionality with smart contracts and its virtual machine, creating the infrastructure to one day run fully-decentralized services. This innovation laid the foundation for what we now know as Web 3.0 - an internet where users control their own data built on a decentralized, interoperable internet. The core of what makes cryptocurrency secure is a steadfast commitment to privacy. The word ?crypto? comes from Greek origin, meaning ?hidden or concealed, ? and this is a fundamental concept driving this entire sector. In response to the rampant overreach by companies into our private lives, cryptocurrency, and the services built on it, are a way of users controlling their private data again. With this concern about private data being at the forefront of innovation in the web 3.0 space, companies are faced with a unique challenge. The search to find the delicate balance between ensuring viability for advertisers while making users feel safe is well and truly on. Whether the old guard can adapt their business models to embrace this new real