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How Blockchain Can Improve Security of Customer Data

  • Using blockchain, networks can securely share and obtain consumer preferences — for instance, your favorite stores could know that you’re searching for deals on a sweater or that you’re in the market for a new computer — without compromising the personal data that you don’t want them to access, unless…
  • Using blockchain with private keys, people can pick and choose to authorize only select networks to access their personal data.
  • Smart contracts are computer protocols that can verify, facilitate, and enforce terms of a contract by accessing external data off of the blockchain.
  • In fact, blockchain could spearhead the creation of a system that would let brick-and-mortar retailers provide a personalized shopping experience to anyone who walks into their stores using data that the customers can willingly choose to share.
  • With the advent of blockchain, these heightened levels of data protection have become a reality, and it will prove critical in ensuring that consumers are fully in control of the privacy and security of their own personal data.

To most people, bitcoin is simply a digital currency; however, those who understand its underlying blockchain technology know that it is actually a unchangeable ledger of all past transactional data. This ledger isn’t owned by an individual or even a company; rather, there is shared ownership by every person who has ever made a transaction in bitcoin or any other kind of cryptocurrency.

To most people, bitcoin is simply a digital currency; however, those who understand its underlying blockchain technology know that it is actually a unchangeable ledger of all past transactional data. This ledger isn’t owned by an individual or even a company; rather, there is shared ownership by every person who has ever made a transaction in bitcoin or any other kind of cryptocurrency.

Blockchain’s decentralized nature makes it more secure than any existing government-regulated system. This is especially critical in time where privacy has become an increasingly significant problem. Today, large Internet corporations have maintained exclusive control over our customer data and have even monetized information through forms of advertising, solely for their own benefit. These blockchain-based protocols can allow customers to control and monetize their own personal data, empowering them in ways that were previously not possible.

Using blockchain, networks can securely share and obtain consumer preferences — for instance, your favorite stores could know that you’re searching for deals on a sweater or that you’re in the market for a new computer — without compromising the personal data that you don’t want them to access, unless you authorize it. One way that blockchain is able to do this is through the use of a private key. Using blockchain with private keys, people can pick and choose to authorize only select networks to access their personal data.

Smart contracts are another way that blockchain…

How Blockchain Can Improve Security of Customer Data

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