Blockchain is complex, especially if you’re not particularly well-versed in the world of cryptocurrency. But the decentralized technology could be the remedy the growing culture of information misuse, surveillance, and interference.
By globally verifying information in a space where anyone can participate, blockchain eliminates biased third-party interference. Entrepreneur recently published a dissertation on three ways that blockchain could change our technological landscape. Here’s the gist:
Blockchain technologies could potentially help to avoid censorship by eliminating oppressive governments’ abilities to block encrypted applications. The Turkish government has jailed more journalists since 2016 than any other country and blocked ProtonMail, a secure email service, and 20 VPNs. But applications built through blockchain strip government entities the ability to disable people’s devices and tamper with or block decentralized platforms.
People are increasingly storing their information like account passwords, bank information, and home addresses into cloud platforms, making their private data vulnerable to hackers and platforms who want to sell it to a third party. Look no further than the infamous Cambridge Analytica incident to see how trusted sites like Facebook can use loopholes in privacy agreements to put your data in danger of being used for malicious practices.
Tech companies still rely on the sale of users’ private data, but blockchain allows people to store sensitive information in a secure, decentralized platform. Users remain in full control of their own data and don’t have to worry about it falling into third party hands without their consent.
Blockchain also allows citizens to bypass the government in their financial lives, which are usually inherently tied with the state. By removing the middleman from transactions, cryptocurrency individualizes wealth gain. This allows individuals and groups who have been blacklisted by an oppressive government to participate in the global economy and build wealth. This kind of redemption will grow as blockchain becomes more popular.
Blockchain is in its toddler stage, but its growing fast and will provide private, decentralized platforms for the exact applications that humans need. Unlikely to relinquish control of such information, governments and corporations are likely to attempt to suppress the development of the underdog technology.