When we hear about blockchain, our thoughts are quickly drawn to Bitcoin and other digital currencies. We often fail to understand the true definition of blockchain hence the difficulty to find the true relation of blockchain and all its possible applications. A blockchain is a decentralised, distributed and public (or private) digital ledger that is composed of records called blocks. The blocks are linked using cryptography. Blockchain is used to record and store transactions across many computers. The involved records cannot be altered unless all the subsequent blocks are altered, making any change almost impossible.
Cryptocurrency (Bitcoin and other altcoins) is just one of the many possible applications — though the most popular of blockchain uses at the moment. Bitcoin has three salient characteristics when we are talking about data processing or management: It is fast, secure, and cost effective. With these features in mind, Bitcoin can be leveraged in several areas involving data storage, processing and sharing.
Dayta has leveraged blockchain in a unique manner that few others have thought to try. The company has used blockchain technology in developing a Decentralised App (dApp) for managing personal data and sharing access to it for a profit. The dApp is transparent, secure, and an independent personal data management service. We know that conventional centralised data management technologies such as data centres, cloud services and managed services can be hacked. Also, the centralised technologies do not give the user the personal independence to manage their data.
Through Dayta’s dApp, your personal data is both safe and fully under your control on your device. You can do whatever pleases you with it, including selling access to it. The blockchain holds important audit information on what type of data you hold and have available for others to access for a fee, giving you the ability to market your data instead of giving it freely to others to sell. Would you want to continue seeing your data used without your consent and in a way that in no way directly benefits you? Definitely not!
Join Dayta today and start a new experience securing, managing and monetising your personal data using the blockchain technology.
Dayta. My data. My choice.