It’s been some two days since reports emerged that Facebook data had been harvested by Cambridge Analytica and many of Facebook’s 2.2bn active users are still wondering how safe their data is.
The fact is, whilst its still stored in a centralized repository and under the control of Mark Zuckerberg, its not! My client, Alastair Johnson, Founder & CEO of Nuggets, a blockchain-based e-commerce payments and ID platform who stores individuals’ personal data securely on the blockchain, said: “Unfortunate
For decades, technologists and entrepreneurs have seen the value of decentralized systems. From early peer-to-peer projects like Napster and BitTorrent to Bitcoin today, we’ve seen the steady growth of protocols and applications built on a decentralized model, but sadly Facebook is behind the curve.
Today, blockchain technology represents the latest advance in distributing computational efforts across a network—and we’re at the very beginning of applying it effectively.
Blockchain technology can do exactly that. Nuggets uses “zero-knowledge” technology and encryption to store data in the blockchain. The user is the only person who can access the encrypted data, and transactions can be verified without the need to share any of the underlying data. Biometrics are used to identify the user, offering a much more secure method of authentication and making passwords obsolete.
By encrypting personal information in a blockchain, individuals don’t have to worry about their data and businesses don’t have to deal with the expensive headache of storing and protecting sensitive consumer data. It’s a revolution for everyone involved in digital transactions.
The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain?
By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.