Data privacy and security is something hard to come by these days, it’s also something that’s been spoken of very frequently. But I sense a bit of a contradiction here.
Many individuals talk about saving, securing and protecting data from hackers, scammers and fraudsters, but what are we doing about it when our information is left “outside” for anyone to access it or in other words, in reach of harmful doers? Can we store this information somewhere, out of harms reach, let’s say in a Vault? We need to think about this for a while and as we meditate on these questions, let us consider the problem in a practical way.
There is a large amount of sensitive data being collected and stolen on a global scale both online and offline, either from individuals, large physical agencies and social media platforms. Our information is taken from us willingly or not, by anyone who is smart enough to take it, and then it’s leaked, passed on or abused by other parties.
For example, in 2017, a consumer credit reporting agency, Equifax, collected and contained personal data that belonged to 340 million individuals and in the end, it was found out that more than 40% of the individual’s information had been leaked out. Even though the information leaked was not things like social security numbers or credit card numbers, it did include sensitive information like home addresses, phone numbers and other personal data.
What can be said about data breaches that expose individual’s private information? We know very well that Health Information for example is an attractive target for any offenders. They can use this information to execute a variety of illegal acts like identity fraud and theft, blackmail and extortion. Hackers can steal your personal health records and it’s been proven over the years that it’s possible. Recently, in Singapore, 1.5 million health records were stolen by hackers, in Canada hackers reportedly had stolen medical data of 80,000 patients from care homes. Unfortunately, the list can go on.
The questions here is, can we prevent this from happening in the first place?
This is where Digital Identification Wallet (DIW) steps in. DIW will offer all of its platforms users a highly encrypted, secure and private decentralized platform. On this platform, you will be able to store digital data and personal data such as ID’s, passwords, credit cards, bank details and all other data that is usually saved on vulnerable centralised software that can be hacked or used by its developers. Your sensitive information will be stored safely in a secure digital vault. How? DIW will utilise approved storage providers such as IPFS, Ties.DB and other providers for the storage of your sensitive data. As for very large amounts of data, DIW will provide its holders the use of traditional storage with the opportunity to encrypt and register the file link in the DIW vault, thus being able to use all facilities of the Vault such as sharing and transferring with other DIW holders. All DIW users will be able to execute transfers by using the smart contract technology that will enable them to set rules such as password generation, specified access permission and other rules, which will be automatically enforced once the contract has been accepted by the recipient.
This is but a glimpse of what the DIW platform will offer. DIW will revolutionize your virtual life, by safeguarding it from all these “scavengers” of sensitive data, never allowing them to take it and abuse it. DIW is the answer to the problem that is plaguing our system.
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