Data privacy problems had ultimate arose due to the centralization of critical services and platforms that an overwhelming amount of people use — Google, Facebook, WhatsApp are some of the most popular examples. Not only is the data owned not private (as we have seen in Cambridge Analytica), the centralized system allows for a single point of failure that are vulnerable to data breaches.

Centralized platforms also benefit from a network effect, and as they gain a monopolistic market share, they are increasingly unlikely to prioritize the privacy needs of the individual user, especially since it would eat into their bottom line. The inertia is unfair for users who do not have a viable, alternative platform.

So, how could the issue mentioned above be solved?

A solution exists, with the advent of distributed ledger technology such as blockchain. An implementation of blockchain technology enables a transparent, auditable ledger where data cannot be collected and sent without the knowledge and consent of the user, and removes a single point of failure for potential data breaches.

So how exactly does blockchain technology solves this problem? Lets take a look at an example, SWIPE , a blockchain startup on monetizing and building a decentralized mobile data engagement platform.

About SWIPE

SWIPE aims to create a network of apps that are able to work together to create valuable data as a collective, instead of relying on centralized intermediaries. As part of the network, all data collected will be aggregated, anonymized and encrypted. It will then be channeled into an analytics engine which packages it to be monetized directly to data buyers in a decentralized data marketplace. This process provides transparency to data buyers as they can trace the origins of the data, creates a fairer way for app developers to monetize data and empowers users by giving them full control and ownership of their data. SWIPE is invested by Kenetic, a blockchain firm that invested in huge blockchain projects like Zilliqa, ICON, and Bluzelle.

CONCLUSION

SWIPE creates a much fairer system for app users, app developers and data buyers, while giving back data control to users. Instead of feeding revenues to tech companies like Facebook and not being incentivized, now app users are able to monetize their personal data through SWIPE. To find out more, you can directly check out their Medium Blog here.

“IT DOESN’T TAKE A GENIUS TO FIGURE THE PROSPECT OF DATA PRIVACY BLOCKCHAIN STARTUPS LIKE, SWIPE.”

Hope you GUYS are together with me and SWIPE right to data privacy!

Do check out their webpage for detailed information and join their telegram group for better engagement with the team!

SWIPE Info:

Website: https://swipecrypto.com/

Telegram: https://t.me/swipecrypto

Medium: https://medium.com/swipecrypto

Reddit: https://www.reddit.com/r/swipecrypto

Personal LinkedIn: https://www.linkedin.com/in/georgie-fong