Understanding How Decentralization is Enhancing Data Privacy in a Digital Economy
There’s a growing issue at the core of the digital world — trust in consumer technology is corroding. Oversights and negligence about data protection are one of the reasons Data Privacy Day is now an annually recognized day.
It serves as a gentle reminder of why we started CRUXpay in the first place, which was to overcome the staggering inefficiencies and security failings of centralized systems.
As scandals around data leaks and abuse of data privacy continue to make headlines, we are constantly reminded that a small number of corporate behemoths dominate the internet. Big tech companies, banks, and centralized systems control our data to serve stakeholder-serving platforms that crush competition and privacy. Under the growing threat of fines and new privacy laws, tech companies have taken to emphasizing how they now give us “transparency” and “control” over our data. We are living in a time, where the burden of protecting one’s data lies with the consumer. Individuals are generally unfamiliar with the risks related to the protection of their personal data and of their rights. But it’s time for these centralized organizations to stop making data excuses and start embracing data responsibility.
We are living in a hyper-centralized digital world, and recent developments for data protection appear to only be rubber-stamping exercises to a much larger problem. Harsher rules and regulations don’t change the fact that sensitive information is still passing through these central servers every day on a colossal scale. Your increasing reliance on the Internet — as a global medium for commerce and communication — makes this a connection not easily severed, not even for the sake of our own protection.
Everyone in the world deserves the human right to privacy — so how can we ensure data privacy without losing out on the Internet’s utility? The answer doesn’t lie in a company or government, but rather in the structure of the internet itself.
Here’s where decentralization comes into place. Essentially, it’s easier to keep data and other files secure on a decentralized server than on a centralized one. With data stored across multiple computers in multiple locations, the risk of a single entry point is mitigated and makes fewer data accessible at each point. Decentralized platforms can even avoid holding sensitive information altogether by not storing passwords and using other Keystore methods to allow users to retrieve information, taking trust completely out of the equation.
Decentalisation allows us to circumvent the internet’s gatekeepers. Instead, users keep control of their data and connect and interact and exchange messages directly with others in their network. We are shifting towards a digital economy. The decentralized web will transform finance, money and even governments through distributed trustless consensus, which allows one to determine the validity of transactions without the need of any intermediaries in a transparent and secure way. At CRUXPay, we believe decentralization is about giving people a choice: the same services, the same convenience but without being monitored. We want to provide the utmost levels of security without compromising on the user experience and finally put the user back in the driver’s seat of their data.
About CoinSwitch
CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator. It provides an exchange service of over 300 cryptocurrencies and over 45,000 pairs from leading exchanges like Binance, HUOBI, Ethfinex, KuCoin, HitBTC, and IDEX. It provides an easy way for users to trade coins across multiple exchanges based on price and reliability.
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