Category Archives: Minds

Auto Added by WPeMatico

How Blockchain is Transforming Personal Data Security

How Blockchain is Transforming Personal Data Security

The amount of personal data managed by third parties expands at a nearly incomprehensible rate every day. With the vast majority of these corporations relying on centralized servers to protect client information, 2018 perhaps unsurprisingly saw the personal information of millions of people compromised on an international scale.

Some of the biggest data breaches last year came from household names such as Facebook, Google, and T-Mobile, Facebook alone suffering consecutive major security incidents that affected over 100 million users of the popular social media platform. The Cambridge Analytica scandal also brought to light uncomfortable truths about the business model of such platforms, as many people chose to delete their accounts upon seeing how their data had been cataloged and sold without their consent.

Even traditional industries were affected: popular UK-based airline company British Airways fell victim to a ”malicious criminal” hack last year too that saw customers’ personal and financial details compromised.

The case for blockchain

There are several reasons why blockchain immediately appears compatible with protecting personal data. For one, the system is immutable and does not allow access from unwanted actors and secondly, various levels of access can be administered to users, which means personal data can be shared on the distributed ledger only to those who have directly been allowed access.

Ryan Faber, co-founder of cryptographic identification startup Bloom, has said security breaches against major corporations are now happening on a weekly basis. He believes that blockchain technology can provide a more secure solution to handle sensitive data, while also giving people more control over the usage of their own information.

Noting the number of users on BloomIDs has exploded; over 120,000 were created just last year, Faber told Forbes earlier this year:

“The demand for secure identity and better data management practices has been huge.”

Protecting data through a blockchain protocol means that instead of relying on the traditional central server, data is stored locally on users devices, managed through private keys that allow access and giving the user control over who accesses what and where their data goes.

Data as currency in 2019

As the model of social media has increasingly revealed, personal data has become a tradeable commodity that allows corporations to profit from private individuals, very often without such individuals even being aware their information is being sold. People looking to take back personal control have been migrating to decentralized alternatives to Facebook such as Minds, Memo and Steem. One report from the Guardian suggests that teenage Facebook users in the US fell by 20% last year.

On top of the benefits of securing data via the blockchain, users on platforms such as Minds can earn tokens as rewards for posting content that other users enjoy.

But it is fair to say there has yet to be any blockchain social media app that has seen its popularity explode, and people understandably want to use sites where they can find members from their social groups. While it will undoubtedly take time for one of these platforms to emerge dominant, the trends certainly suggest people are looking for better solutions to ensure the privacy of their own data.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Bitcoin News

The post How Blockchain is Transforming Personal Data Security appeared first on BitcoinNews.com.

Blockchain-Based Alternative to Facebook On The Horizon?

Decentralized social media platform Minds have recently discussed their plans to integrate its online network with the Ethereum blockchain. The move follows in the footsteps of platforms such as Steemit and Viuly that offer similar services based on blockchain.

Minds Crypto Social Network

The launch of Minds Crypto Social Network offers blockchain technology to an already-established 1 million registered users on the Minds flagship platform. The integration of blockchain brings the addition of a native token rewards scheme, similar to that of Steemit. The tokens monetize social media content posted through a peer-driven reward system, incentivizing participation. Minds reports that it will temporarily use the Ethereum testnet for its token model until full functionality is confirmed.

Social media platforms built on blockchain offer an efficient foundation for user security and privacy. The Minds network offers encrypted messaging, anonymous accounts and a non-tracking ad model.

When speaking on the biggest players in social media, Minds founder Bill Ottman stated that ”they’re spying on people”.  This influenced his decision to provide a social media platform to fill what he believed was a gap in the market.

After the recent controversy surrounding Facebook’s privacy tools that allowed Cambridge Analytica to access vast amounts of users data, there has been a public demand for more secure forms of social media. Developers such as Ottman hope that their blockchain-based innovations will pioneer the way for a change in the structure of social media.

Similar players

Viuly is a blockchain-enforced media platform for sharing videos. The decentralized network allows users to monetize their videos through various concepts involving both advertisers and a peer-driven reward system. The platform’s ecosystem runs on its VIU token.

Steemit is developed as a concept closer to Facebook. Users create and post content, while the platform is driven by peers “tipping” each other for content that they enjoy. Essentially this means donating a small amount of the platform’s native token, STEEM. Steemit gains its security from a delegated proof-of-stake algorithm that relies on those who hold the currency to verify transactions.

Challenges ahead

Blockchain technology is still relatively new, certainly meaning there are still aspects of it yet to discover, in the same way as experienced recently with traditional social media.

Platforms such as Facebook and Twitter are able to moderate all of the content posted for violations against content policies, such as users uploading porn or violent images. This is enabled through a combination of machine learning algorithms and vast amounts of individual monitors that provide human judgment.

Because all content from these platforms is stored in the cloud, the platforms hold exclusive rights over exactly what can be posted on their respective platforms.

Blockchain-backed social media platforms mean they are decentralized, a popular aspect because of the privacy it can provide, but equally a challenge to make sure the network remains devoid of abusive content.

However, as previously highlighted, there is certainly more that developers have to learn about blockchain. The evolution of the technology may well provide an answer to these challenges.

 

 

The post Blockchain-Based Alternative to Facebook On The Horizon? appeared first on BitcoinNews.com.