Data Privacy: Why The Existing Architecture is in Dire Need of Evolution | Part 2

In the first of the two-part series on data privacy, we discussed challenges within the data industry.

We first noted the importance of data in the 21st century and likened it to oil in the 20th century. Data is the fuel that spurs development in the 21st century.

Having established the importance of data, we delved into the challenges facing the new gold. The main challenge was data protection. Users want to know how their data is collected, stored, and used.

We looked at some infamous data scandals such as the one between Cambridge Analytica and Facebook. The effects of such stories were also discussed, which included:

Decline in response rate during data collection.

Inadequacy of data as a result of the decline in response rate.

Inaccurate data submissions due to inadequate trust in data collection and storage systems.

The technological causes of challenges experienced in the data industry were also discussed in our previous article.

Having looked at the problems, this article will assess the possible solutions available for the data industry, specifically the methods employed by blockchain companies such as INSTAR.

Trusting The Process

Data producers must trust the process for them to participate fully in data collection processes.

The solutions suggested must prove to the general population that their data will be safely collected, stored, and used in the manner they approve.

This calls for a system that can be monitored from both ends, i.e., input and output.

Solutions provided by data security firms such as MWR only cover the symptoms and not the root cause of the data privacy problem.

Centralization is the basis of all the data privacy and security problems. Therefore, decentralization may be the only option available.

Decentralizing The Process

Decentralization appears to be the only logical solution for centralized problems.

Blockchain offers the most comprehensive decentralized systems in the market. The advent of blockchain technology has thus far been a revelation to various industries. Its adoption hasn’t been as envisioned, however, where the technology has been employed, many have praised it.

How Blockchain Works

Blockchain is simply a database that is shared across a network of connected computers. Any data that is added to the blockchain by one node (participating computer in a network) is visible to other nodes. Data inserted in a blockchain is near-impossible to remove or change (immutable). Constant checks are also made in the network to ensure that data is not corrupted.

From the brief description, it is somewhat clear why blockchain is the best candidate to solve data privacy problems.

One of the critical challenges of existing data collection and storage methods is the fact that users cannot monitor how their data is used.

Blockchain gives users the ability to determine how their data is collected, stored, and used.

Moreover, blockchain does this in an ethical and sometimes a profitable way. Users can get tokens, which can be traded for services or fiat through submission of their data.

This is the method used by INSTAR on their survey platform.

The INSTAR Platform

INSTAR exists in two forms, a platform for market research and a platform for data submission. Distinguishing its services is a strategic move as it can appeal to businesses and consumers as well.

The market research focused platform is known as Insights Network while the user-centered, data collection platform is known as INSTAR Wallet. Both platforms have blockchain technology as their foundation.

INSTAR hopes to incorporate as many people and businesses into their platform. The aim is to maintain data flow from individuals to businesses without any violation of privacy rights.

The utility of the INSTAR token | Insights Network

In the previous article, we had seen the effects of a compromised data system. INSTAR employs several strategies to make their platform robust and counter the consequences resulting from compromised platforms.

Winning Back The Confidence of Users

Instar appears to be setting up a network that will improve the status of the data industry.

INSTAR has an incentive system used to attract users to register for the platform and submit their data. Data within the platform holds a specific value that is dependent on the demand market researchers have for the data.

For every data set submitted, users are rewarded by the platform.

Submission of data is mainly made through surveys carried out on the platform.

The Insights Network platform is used by market researchers to come up with their research questions, which are then posted on the INSTAR Wallet platform. Users then participate in the market research through INSTAR Wallet.

INSTAR’s strategic approach clears out any doubt market researchers and users have about data collection.

This is first done by the use of blockchain technology, a technology that has been tried and tested in the recent past and proved itself. Users that are familiar with blockchain have extra confidence in the system.

Assuring Market Researchers

Data in the previous article showed a worrying trend in Europe where responses were declining. This would be disastrous for the European and the world market.

Market researchers need to be assured that there will always be a constant flow of accurate data.

This translates to a credible network where data is authentic and can be authenticated by the data producers. A platform such as INSTAR meets these requirements.

The challenge of a declining response/participation rate would be solved through a platform with such credentials. Further, data inadequacy would also be mitigated through a platform such as INSTAR.

There is also the issue of data inaccuracy. It is possible that among those that register for platforms such as INSTAR, some will give dishonest answers.

Owning The Process

With blockchain platforms, it is easy for users to own network processes. Some blockchains are highly decentralized, and users have a say on how the platform is run.

This can give confidence to users of survey platforms such as INSTAR. By exercising their roles as network participants or as nodes, they can put more trust in the system.

With INSTAR, users would own the entire data collection to the storage process. Data is collected based on the parameters users select; hence, all data collected is approved by the user.

Storage of data is decentralized, and every node takes part in the storage. This ensures that every member participates in the safe storage of user data.

The usage of data is also determined by the data producer. Users are the ones who decide how their data will be used in the decentralized system.

The bonus of tokens further enhances the feeling of ownership amongst users as they feel that they own part of the platform through the tokens they are rewarded.

Final Thoughts

Data privacy is a crucial issue in the digital age. The root source of data privacy problems is the use of centralized systems to collect and store data. Centralized systems are vulnerable and can be easily exploited.

Seemingly, the only logical method is to use a decentralized approach to data collection, storage, and usage. Blockchain makes it possible for data to be collected and stored in a decentralized manner that protects most of the data collected. Compromised data cannot be allowed to exist within a blockchain.

Platforms such as INSTAR have paved the way for decentralized data solutions. Through their method, data can be ethically collected with users having control over what they submit and how it is used.

Decentralization gives back data control to the people.

For further information on the Insights Network, please use the following links:

Website | Twitter | Telegram | Medium| Reddit

#InsightsNetwork #INSTAR #instars.com #Adoption #Privacy #Data

Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.

♂️ Hi, my name’s Sal.

If you found this article useful and would like to view my other work please be sure to clap and follow me on Medium and LinkedIn!😎