Capital One Data Hack Illustrates Why We Need Blockchain Now More Than Ever
Yesterday’s Capital One data hack is just the latest example in a decade FILLED with examples of why data should be shared and stored using blockchain technology
Humans are losing touch with the data points that exist about them. For example, 2 out of 3 people don’t know what type of information is available about them on the internet. Adding to this point, 2 out of 5 parents do not know what information is available publicly on the internet about their children.
In total, 64% of people do not know all of the places where their personal data is stored across the internet. That is Ridiculous, capital R — we deserve to know.
The War Against Our Data
In the aftermath of the last decade of BIG data breaches, people are growing more distrustful of how big businesses use data. Only 45% of people trust large businesses to take of data and an even fewer 36% of people believe their data is secure on social media websites.
The Capital One hack is just one example, but we can’t forget about the 3.5 billion Yahoo accounts that were hacked in 2013 and 2014, and the nearly 150 million Equifax accounts that were hacked in 2017 (which significantly affected US citizens). This last decade has been an onslaught against privacy and the greatest erosion of private data of all time. In the past 10 years, there have been more data points hacked than any other period throughout time.
Yet, despite these hacks, people still care and have hope for the safety of their data.
People do care
People still care even if they are in the dark about their data. In a study by Kaspersky Labs, 88% of people care if their data is being used unlawfully and an additional 57% of people would feel scared if their financial data was hacked. While it is against the law to hack financial data, that doesn’t stop cyber thieves from taking it.
People are starting to realize how valuable their data is, and how much money has been made from it by enterprises like Amazon, Facebook, and others. Now we’re at a point in history where people realize the money that is made. Also, people are starting to realize they can do something about it.
Blockchain can help
Blockchain can provide transparency via a public ledger that shows a log of exactly how data is being used and where it’s being accessed. There are several reasons for blockchain’s complimentary relationship with data:
- A blockchain has immutability meaning that it is tamper-proof;
- Data is encrypted meaning that it is hyper-secure;
- In theory, public blockchains are decentralized and one entity does not have control over all of the data stored inside a public blockchain;
- A blockchain is fully transparent making the data equally secure, yet trackable so that any access is limited to agreed upon rules.
Blockchain is a technology “for the people,” promising a more decentralized future, which is how Xiaochen Zhang of Fintech4Good sees it. FinTech4Good is a global network which aims to introduce the most disruptive technological innovations in frontier markets.
“Many more people will be able to benefit from the technology either as a consumer of as an entrepreneur. Combining with 5G, IOT and other emerging technologies, we will have a much better decentralized infrastructure for business and households,” Zhang said.
For every action, there is an equal and opposite reaction. In the age of the internet, there has been a war against our data. Now it is time for us to take it back.
Learn about how to reclaim your data using the blockchain at this year’s Coinvention. Buy your tickets today before the early bird special is over!