MEDIA Protocol And Blockchain Security — Part 3
The team here at MEDIA Protocol are deeply committed to creating a more direct, transparent and secure ecosystem for content creators, publishers, and consumers through the revolutionary application of blockchain technology. We’re here to connect the worlds of marketing and technology for everyone’s benefit.
We’ve got love for both worlds, but from our own experience we know that they can sometimes feel, literally, worlds apart. So we’re committed, not just to connecting them, but to creating a common understanding between them.
This series of articles aims to explain the ins and outs of blockchain security to help everyone — the marketeers, the technologists, and the content consumers — understand the principles behind this game-changing technology.
We want to help educate by demystifying the potential applications of blockchain technology. Most importantly, we feel it’s vital to highlight and clarify the security elements of blockchain; how it safeguards data, enables open and transparent record-keeping and ensures secure digital transactions.
Strap in, and welcome to the MEDIA Protocol Blockchain Education Programme.
Part 3 — How Blockchain Creates Verifiable Transparency
The ledger that blockchain creates and then uses to store records of transactions is a matter of public record. It’s viewable by anyone.
Using Distributed Ledger Technology (DLT), data is stored across a number of nodes shared across a digital network. With no central data source and no overall controller, it’s all but impossible to manipulate from any one storage location.
The data you see, is the data you get.
What About Changes In The Data?
Each amendment is added to the ledger in much the same way as a new transaction would be. This way there is always a record of the previous state, as well as where the change was made, when it was made, and which verified entity made it.
This creates a comprehensive, public record of every transaction and subsequent change.
How Is This Different From A Closed System?
Firstly it’s important to understand what a closed system is.
Think Google.
Think Facebook.
On these platforms data is exchanged and transactions are made with a global network of customers. But all records of that are stored centrally in a huge database. And only the company that owns the platform has access.
Not only is this more susceptible to attack, with centralised storage an easier target for hackers, but it also removes any hope of transparency.
Even if data is released to customers on request, there’s no way to verify the integrity of that data, and whether it has been manipulated or amended.
A closed system requires trust between both parties when they transact.
Recent scandals like Facebook and Cambridge Analytica, where users’ data has been sold to third parties, have destroyed that trust. Consumers are increasingly concerned about a system where they effectively hand over all their data to an intermediary (like Facebook or Google) who assumes complete control of it, leaving the user in the dark over what happens to it next.
How Is Blockchain Better?
It allows apps to be built based on verifiable data from traceable sources. When no one party controls the data, it’s almost impossible to tamper with or misrepresent the records.
A public, accessible ledger of every transaction is available to anyone. At the same time, identity and access to sensitive information can be governed by blockchain-generated certificates and digital signatures, a method far less open to corruption or interference than human-input models like passwords.
Customers can be confident when they enter into a transaction that there will always be a record of it. For their protection.
They can be sure of who they’re providing data to, and how it will be used. Any attempts to break that agreement would be recorded. But, most importantly, no intermediary would have sole control over it in the first place.
Blockchain disintermediates and decentralises the data exchange.
Is MEDIA Protocol Better Than A Closed System?
Simply: yes.
Built on blockchain, MEDIA Protocol is founded on the same principle of transparency and integrity of data.
MEDIA Protocol records the interaction with each piece of promoted content. It creates a simple record of what type of interaction, which specific content, and the time. Users can see what information was logged about their interaction. They will also know that this is the only information content promoters will be able to use to make their business decisions.
No filters. No interpretation. Just verifiable and transparent data.
This new digital content ecosystem allows producers and publishers to build apps and customer relationships based on verifiable data, the integrity of which is unimpeachable. It creates total transparency in what promotions and rewards are offered through the Protocol, where everyone can see what they’re signing up for.
The creation of this public, distributed ledger of transactions where no one company can hoard or control your data, is central to this disruptive technology. You can now be sure of who you’re giving information to, and how it can be used.
At the same time, you can rest assured that your data is secure.
Read All Parts In Our Blockchain Education Programme:
Part 1 — Blockchain: Is It Secure?
Part 2 — How Does Blockchain Apply To Cyber Security?
Part 3 — How Does Blockchain Create Transparency? (This article above)
Part 4 — Coming Soon
For more information regarding MEDIA Protocol find us on our social channels below:
Website: www.mediaprotocol.org
Facebook: https://www.facebook.com/MEDIAProtocol
Twitter: https://twitter.com/MEDIA_Protocol
LinkedIn: https://www.linkedin.com/company/media-protocol/
Telegram: https://t.me/Media_Protocol_Community and https://t.me/MP_Announcements
Medium: https://medium.com/@mediaprotocolsm
YouTube: https://www.youtube.com/channel/UCMqo01fh4wST0XYck_zPHeA
