There is a huge influx of digital data pouring in to our world.
Whenever an individual clicks a button, data is usually created. Everyday activities such as sending an email, making a call, sending a multimedia message, taking a photo, making a video or simply saying hello through a digital device results in the creation of data.
Moreover, and most importantly, the creation and exchange of digital data is the fundamental building block of our modern society.
The world’s global economy, the entire industry sector, governments, the shipping sector, aviation sector, education system, transport, media, religion; just about anything that moves on the planer is fully dependant on data creation and exchange. Without it, our world would simply seize to exist.
Unfortunately — as is always the case — people’s attention is always drawn when there is a lot of commotion around something. And when people are drawn into something, corrupt people are always on their heels.
It is evident that if an individual manages to get their hands into this huge data exchange provides them with a major advantage: The power of control.
Becoming ‘the middle man’ in this data exchange grands an individual with the power to alter the outcome.
It is understandable that there are great risks as well as long lasting implications should there is a data breach during the exchange of critical data and information, personal data, money or even sometimes, nuclear codes(!).
In regards to these woes, we will focus on the two main aspects of data breach:
How our society views and reacts to this danger.
How valid is the growing concern.
Society Reaction
Everyday people are naturally concerned. Recent multiple Social Media account hacks have distributed millions of individual’s personal data with some of it resurfacing on the dark web. Financial-related details, personal identification details, taxation documentation, login information, health care information as well as private photos and videos have been stolen and distributed. Criminals are now able to track an individual’s whole life and anticipate their next move. This is both unprecedented as well as scary to say the least.
Industry professionals around the globe are also becoming increasingly weary in regards to the effect these data breaches may have on their businesses. And every year these concerns are becoming bigger and more valid.
According to a recent survey made by PWC, 40% of professionals are now worried for loss of operations, 39% are worried for the loss or compromise of sensitive data, 32% are concerned for damage to the quality of their products and a further 29% are even concerned about physical damages to their property.
On top of the individual and professional woes there are the woes on a governmental level. The FBI recently warned that ‘advanced persistent threat’ cyber attackers are increasingly targeting sensitive information stored on government networks globally through cyber espionage.
How valid are these concerns? What do the numbers say?
A Valid Concern
At the time of writing, based on valid data available online, there were 9 billion data records stolen since 2013 with 96% of the data stolen perfectly usable and useful to the hackers. That’s a staggering 60 records per second!
During 2017’s first half alone, an estimated 2 billion records have been breached with government, technology, education and healthcare being the sectors most hit.
It is quite safe to say that this trend will continue and only get worse as the time passes by unless fundamental changes take place.
Blockchain — A Pioneering Solution
A new generation of entrepreneurs is adamant that by updating the underlying technology used today to store and share digital data, data can be better protected.
They have found that the issue lies with ‘centralisation’ and it seems that they are on to something.
Data today, is usually stored and controlled by ‘centralised entities’ with a single point of entry. It is only reasonable that criminals will target such entry points with all they’ve got and they won’t stop until they are successful.
So it seems that ‘Centralisation’ is another word for ‘Looking for Trouble’ when it comes to data security.
Here is where blockchain technology enters.
This technology is radical in that data isn’t stored on a centralised environment but rather spread along the entire network equally. No single authority or individual has any control over the data and there is no single point of entry for hackers to attack. The larger the network becomes, the less the chances that there is a data bridge. Even if an individual manages to corrupt or alter a file, they will only succeed locally and for a split second as the entire network will recognise the breach and rectify the situation immediately.
The DIW Solution
All of the concerns expressed at the beginning of this article are shared by the entire team behind DIW.
We too see the underlying unlimited potential of blockchain technology and wish to utilise it to combat global data breach woes at their core.
We plan to introduce a whole blockchain-based community or network where data breach and manipulation will be a thing of the past. All DIW members will be able to safely store all kinds of sensitive information in their fully private wallets with no one else having access to them. They will also be able to have immediate access to it as well as securely share their data in whole or partially with whomever they wish on the network.
Could this be the solution that the world is craving for?
Join us soon by contributing at our ICO!
