In the past, if you wanted to buy a product or service, you would hand over your personal information – your name, address, and credit card number – to the company you were buying from. They would then store this information in their own databases, and use it to process your purchase. This system worked well enough, but it had a couple of major flaws.
First of all, it was very insecure. If a hacker managed to break into the company’s database, they could access all of this sensitive information. And secondly, it was very centralized. The company had complete control over your data, and could do whatever they wanted with it – including selling it to third parties.
With the advent of blockchain technology, this is all starting to change. Blockchain is a decentralized, distributed database that allows anyone to store and view data in a secure, transparent way. This means that instead of a company storing your personal data in their own database, it is stored on a blockchain.
The benefit of this is two-fold. Firstly, it is much more secure. Because the data is stored on a decentralized network, it is incredibly difficult for hackers to access it. Secondly, it is more transparent. Because the data is stored in a public database, anyone can view it. This makes it much harder for companies to sell your data without your consent.
So, if you’re concerned about who has your data, and what they might do with it, blockchain is a technology you should be keeping an eye on.
Other related questions:
Q: Does blockchain store personal data?
A: No, blockchain does not store personal data.
Q: Can anyone see data in blockchain?
A: Yes, data stored on the blockchain is public and can be viewed by anyone.
Q: Who can access a record on blockchain?
A: Only those with the appropriate permissions can access a record on blockchain.
Q: Can blockchain really protect your data?
A: Yes, blockchain technology can protect your data. Blockchain is a distributed database that is secure, transparent, and tamper-proof. This makes it an ideal platform for storing data.
- How Blockchain Will Give Consumers Ownership of their Data
- Who Owns the Data in a Blockchain Application? – Techopedia
- Want To Regain Control Of Your Data? Blockchain’s … – Forbes