Data privacy concerns rise and blockchain is the solution
Consumers today are willing to trade their data for personalization, but have growing concerns about data privacy. In a survey of a digital security and Entrust credentials company, only 21% of respondents confidence global brands established to protect their personal information.
As the pressure on data privacy on Big Tech increases, these companies are starting to invest heavily in security solutions.
Regulations around the world are changing rapidly
Last year, as more people spent time at home due to COVID-19 lockdowns, internet use increased. And as usage has grown, consumers have also become aware of how data could be used or misused. For example, a recent survey from Startpage, a privacy-focused search engine company, find that 62% of Americans have become more aware of how their data is used online, including targeting ads based on their browsing history and location.
Related: The data economy is a dystopian nightmare
With growing concern about how businesses collect data, new laws are rapidly evolving in the United States and internationally to address these concerns. In 2016, the European Union adopted the General Data Protection Regulation. Two years later, California enacted the California Consumer Privacy Act, the strongest national privacy legislation in history. Since then, Virginia has been the only other U.S. state to have successfully passed a comprehensive bill, the Virginia Consumer Data Protection Act.
With more and more states looking to add consumer privacy laws, it is clear that user opinions and policies are evolving. That said, the privacy of data and how it is protected is incredibly complex, and those toothless bills could have the opposite effect: giving consumers confidence that their data is protected when, in fact, it is. often not.
Related: DPN vs VPN: the dawn of decentralized web privacy
Businesses will invest in privacy and security technologies
In early 2020, millions of people moved their lives online – went to distance school and attended virtual happy hours – exposing more personal data to a barely regulated internet. Not only did people integrate more data collection into their daily lives, but they were also led to believe that location tracking could have public health benefits.
Thanks to COVID-19, the depth of our data sharing gaps has been revealed. As we move forward, everyone needs to raise awareness and promote best practices in privacy and data protection.
Related: We don’t need immunity passports, we need verifiable credentials
Is a solution possible?
As consumer expectations continue to drive scrutiny of privacy, there is an opportunity to lead the pack in this evolving field, but with new entrants poised to enter the market, this opportunity will not last very long. . According to Crunchbase, investors pump $ 7.8 billion in cybersecurity firms last year, a 22% increase from 2019 to 2020, and this year the number is even higher after just six months, breaking the $ 9 billion mark .
With data ownership at the top of the list, let’s take a look at the startups leading the way in a post-pandemic world. From personal data cleansing to business-focused software designed to help businesses comply with the law, these five startups are helping users regain control and ownership.
OpenMined is an open source community, and the company aims to make the world more privacy-friendly by lowering the barrier to entry for private AI technologies. Its mission is to create an accessible ecosystem of privacy and education tools, which it does by extending popular libraries like PyTorch with advanced cryptography and differential privacy techniques. The company says that through its services, people and organizations can host private datasets, allowing data scientists to train or query data they “can’t see.” Data owners retain full control – data is never copied, moved or shared.
Anjuna provides hardware-level protection for data, applications and workloads, virtually eliminating data insecurity. According to the team, this ensures that applications operate independently of their infrastructure, simplifying operations while locking down data security. The software allows IT to “lift and move” applications and data within the encrypted hardware boundaries of a secure enclave, protecting them from malware, insiders and bad actors.
Fortanix secures sensitive data in public, hybrid, multicloud, and private cloud environments, enabling customers to operate even the most sensitive applications in any environment. Fortanix says organizations have the freedom to accelerate their digital transformation, combine and analyze private data, and deliver secure applications that protect the privacy of the people they serve.
Duality Technologies responds to the growing need of companies in all regulated industries to collaborate on sensitive data. According to the company, the platform enables secure analysis of encrypted data, pulling insights out of sensitive data without exposing the data itself. Its technology protects valuable analysis models from exposure to external collaborating parties during calculations. The Duality SecurePlus says the platform allows businesses to leverage advanced cryptographic methods for real-world data collaborations while complying with data privacy regulations and protecting their IP.
The leap year builds technology to solve these problems in an evolutionary, rigorous, and evolutionary way. Some of the world’s largest companies can break down data silos, form data partnerships and accelerate adoption of machine learning, all with mathematically proven privacy protection, according to company statements.
Related: No more pushes and pushbacks: digital ID solves the privacy dilemma
The need for Web 3.0
Looking back, the societal changes we have seen over the past year are important flashpoints that highlight huge flaws in the way the internet exists today, how privacy laws data is created and the hidden ways in which Big Tech uses our data.
During the pandemic, companies like Google, Facebook, Zoom, and Amazon have benefited greatly. At the loss of consumer privacy and choice, Big Tech makes money by monetizing user data. While yes, we use these things every day, these Web 2.0 platforms are fertile ground for exploitation, hacks, and cylinder heads.
Related: Striking a chord: DeFi’s domino effect on NFTs and Web 3.0 adoption
As we adapt to a new world, blockchain will inevitably play a role in a decentralized future. Are you ready for the Web 3.0 revolution?
This article does not contain any investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research before making a decision.
The views, thoughts and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Anne Fauuvre Willis is the COO of Oasis Labs and previously contributed to the Oasis Network, a privacy-enabled blockchain platform for open finance and a responsible data economy. Prior to Oasis Labs, Anne held iPhone Product Manager / Product Marketing Manager positions at Apple. She also worked for former US Secretary of State Madeleine Albright in the Albright Stonebridge Group. Anne holds an MBA from Harvard Business School and a BA from Georgetown University.