How Blockchain Is The Best Solution To Erase Data Privacy Concerns?

As the system moves into decentralization, with the upcoming Web 3.0 and Blockchain dominance, user data and privacy options systems will become more robust and secure.

As we all know, millions of users around the world have been accepting terms and conditions from various companies and services, requiring them to share their own personal data in exchange for a much familiar and personalized experience, but the same people are also showing a lot of concern whether their data is being protected properly or not. According to a research survey hosted by Entrust, less than 21% of the people are ready to share their personal information with popular brands and services. The frequency of hacking attacks has also risen to an alarming level, so many of these companies and services have started to focus on implementing stronger security systems in order to protect both user and company data from getting swooped away.

Impact of Covid-19

Covid-19 has definitely had an impact on many workspaces, and as many other variations of the virus have started to spread, people are stuck in homes, which has caused an insane demand for computer hardware, and the internet usage percentages have reached record levels. Customers have started to realize that they need their private data and information to be protected and secure on the internet, so they are looking into installing many data protection solutions on their systems. As more and more people shift to online work, they are sharing an enormous amount of data on the very mildly regulated internet network, so it is very important that the best practices in data protection and privacy are implemented.

Huge Investments in Cybersecurity

Many Cybersecurity firms have been receiving a ton of investments in order to come up with better protection schemes to tackle unique hacking techniques. According to sources, nearly $7.8Billion was invested in cybersecurity companies in 2020. As of now, that number has crossed $9Billion.

Taking Advantage of User Data

Many of the business giants such as Google, Facebook have been sharing customer data with advertisers in order for them to tailor advertisements according to the user base. These web 2.0-based platforms are still very susceptible to hacking attacks and exploitations. As blockchain systems start to become more popular, it is very likely that the security of user data will also improve and that Web 3.0 will bring a new change in the network.

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