WAB has set out to make a difference in a number of ways to foster a safe and efficient blockchain experience for mankind. In making privacy provisions for transactions, WAB sought to plug the sentiments expressed against lack of privacy on the blockchain.

Without going anonymous, WAB has established features that shield the user of the network from direct public glare. All the applicable insights are examined closely with a background to the blockchain as we know it.

Global Privacy Concerns

The turn of the millennium brought with it the promise of hyper connectivity with the internet. Almost two decades later, it can safely be said that this promise has been kept. The Internet has brought with it a lot of ease in communicating with people both personally and on a professional or business level.

You can complete courses, attend classes, submit assignments, and earn a university degree without leaving your home. Payments are made instantaneously across countries and even continents. Friends can also connect across age groups, race, and time gaps.

The internet and social media revolution has been a huge harvest of data and in many cases, privacy invasion. This had gone on unnoticed for a while until watershed events that revealed the extent to which many companies, corporations, and government agencies had access to personal data and information. Wikileaks by Julian Assange and the files released by Ed Snowden are examples of the revelations that showed how much privacy violation had been going on.

Apart from access by companies themselves, data has also been susceptible to hacks by nefarious elements targeting various databases. Facebook, Equifax, and other companies with huge collections of personal data have been victims of these attacks. It therefore becomes obvious that there has to be a quick solution to the problem of keeping data safe.

The Blockchain Promise

The dawn of the blockchain provided with it some new insights on how privacy can be secured online. The initial worries about privacy on the blockchain were as a result of the Internet experience. However, to keep transactions out of the public glare is a possibility without adopting the anonymous nature of networks like Monero.

Being a decentralized system simultaneously run on various computers known as nodes, Blockchain is quite a transparent system. This transparency might at first make you alarmed about the safety and privacy of data made available on the network but this is not the case. The use of cryptography holds significant promise for the protection of data on the blockchain network.

Beyond just mediating transactions of buying and selling, blockchain is being applied to a whole lot of other niches too. Government records, logistics, gaming, electioneering and the voting process, healthcare, and social media are all areas in which blockchain is being considered for adoption.

But as is often the case with relatively new technology, few people actually understand the bare essentials and details of how exactly this whole blockchain thing works. They just have an offhanded idea that it’s good, but can’t actually explain why or how it’s such a good idea.

Noticeable Blockchain Highlights

These are some of noticeable highlights of the blockchain as we know it.

Transactions not personal information

Like we initially mentioned, storing information on the blockchain technology is of a public and decentralized nature. This may begin to give you some privacy concerns.

However, keep in mind that what gets recorded is actually on the blockchain network is actually transactions and not your personal information. As miners mine cryptocurrencies by solving computational problems, they add blocks of verified transactions to the chain.

Unlike conventional internet use where your information is stored alongside what you do. Blockchain simply keeps only records of what was sent. Your own personal information is kept private through the use of Private and Public keys and talking of which…

Private and Public keys

Blockchain technology utilizes a different approach from the username and password system used to access accounts in traditional internet usage. Although quite similar, blockchain makes use of public and private keys for identification and access.

The private key is personal and known only to the user while the public key is broadcast to other users and is the address through which transactions are made with the holder. Transactions being carried out are encrypted with the private key and identifiable with the public key when being propagated on the blockchain’s public ledger.

Now, you may be wondering how this is any different from the normal password and username system, here is how. You can generate more than one public key with your private key.

This implies that you can choose to ‘switch identities’. If someone trying to track your transaction identifies you with a particular public key, you can obfuscate them on the next transaction by generating a new one. This way, you remain anonymous and your privacy is protected while you still retain control of your transaction through the private key.

Hash Functions

Hash functions are the secret behind the generation of public and private keys and can be said to be the pillars of anonymity or privacy in Blockchain. Hash functions are a cryptographic method of encoding information.

They work by generating a unique and distinct alphanumeric string of characters in exchange for input information. Extracting the input that led to the unique set of output characters is almost impossible and this is how hash functions are used to keep private and public keys safe on the block chain network.

Decentralization

The decentralization of blockchain is also an important part of privacy protection. The storage of collection and storage of data in databases by corporations and companies gives them the ability to monetize same or use it for analysis and predictions. However, since there is no central storage site for blockchain, it isn’t accessible for sale or manipulation by any single entity.

Like any system, blockchain also has its own drawbacks and disadvantages. But with a strong developer community, this might well evolve to be the biggest solution to the data privacy crisis being currently experienced.

The key Privacy Touchstones of WAB

WAB operates a privacy protection system. In other words, by using WAB, parties to a transaction can be sure that they won’t end up in the public glare. Exchange of data and assets can be done safely with no public display of transaction information.

The native smart contract developed for the WAB network is the added layer of privacy. The smart contracts run on a language developed exclusively for the WAB network. While transaction information will be readily available for review, only the validating nodes and parties to each transaction will have access to the details.

WAB will not aggregate data for use by any organization or government. Users of the WAB network will be able to develop apps and host them on the blockchain. However, user data is not centralized, and aggregation does not arise on WAB.

Significantly, WAB is a making a difference in our world, and the fifth generation blockchain is a reality.

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