Do We Truly Own Our Data Today?

Do We Truly Own Our Data Today?

Disclaimer: The textual content beneath is an advertorial article that’s not a part of Coinbold.io editorial content material.

Some have been shocked when the Economist proclaimed in 2017, “the world’s Most worthy useful resource was knowledge and not oil,” and additional cited the giants that deal in knowledge as:

“These titans—Alphabet (Google’s dad or mum firm), Amazon, Apple, Facebook and Microsoft—look unstoppable. They are the 5 Most worthy listed companies on the earth. Their earnings are surging: they collectively racked up over $25bn in web revenue within the first quarter of 2017. Amazon captures half of all {dollars} spent on-line in America. Google and Facebook accounted for nearly all of the income development in digital promoting in America final 12 months.”

Growing web connectivity has led many firms to precise better curiosity in monetizing knowledge, operating analytics after accumulating data, and investing in rapidly-expanding data-focused applied sciences like synthetic intelligence and cloud computing. At greatest, our knowledge is used to enhance our person expertise. The knowledge may also be utilized to energy good cities, prepare synthetic intelligence, and even drive coverage modifications based mostly on public sentiment. While this has helped spur innovation, it has left many fearful about their digital privateness and the safety of non-public data, a priority that has grown as a result of following examples.

In 2018, the Washington Post reported how health monitoring software Strava was revealing delicate details about U.S. army personnel. The outlet additionally famous that reporters may entry the non-public data of hundreds of army and safety personnel by way of the Polar health app.   

In 2019, Facebook paid a USD 643,000 effective to U.Ok. officers for its position within the Cambridge Analytics scandal. The social media platform did not safe private data, permitting Cambridge Analytica to reap the info of tens of millions worldwide with out consent. 

These breaches led to a gentle enhance in additional folks calling for private knowledge possession and sovereignty. 

Data Privacy & Security Talks Grow

An early 2019 Insights Network survey revealed that 79% of shoppers needed compensation for shared client knowledge. Senator John Kennedy (R-LA) even launched laws requiring social media shops to acquire licenses to make use of knowledge in the identical 12 months. 

Some firms disclosed that customers may submit a request to assessment what data the actual platform, similar to a social media web site, maintained for every particular person. 

According to a report from The Intercept, the reality is a bit hazier. Reporter Nikita Mazurov wrote in regards to the course of for Amazon to meet her request in March 2022. Mazurov shared, “it finally took about 19 days for Amazon to meet my knowledge request, in stark distinction to its reported median time of 1.5 days to course of a knowledge request, as per the corporate’s California Consumer Privacy Act disclosure for 2020.”

Concerns with knowledge privateness, particularly in mild of the Cambridge Analytica scandal, have been one of many main calling playing cards of the rapidly-growing Web3 motion. 

Web 3.0: Emphasis On Decentralization And Data Security

A defining function of Web 3.0 is knowledge sovereignty, the place customers themselves can take possession over knowledge and management who will get to revenue. In the eyes of Oasis’ Linda Lu, “No entity can take customers’ knowledge without any consideration in Web3.” 

In Web1 and Web2, customers saved their knowledge in centralized databases, ensuing within the house owners of stated servers controlling how client knowledge was used. In Web3, knowledge storage is decentralized to take away centralized possession and management over non-public knowledge.

The idea of information sovereignty is the central component of firms like Crown Sterling, who’re leveraging the give attention to Web3 to construct a complicated suite of encryption merchandise and knowledge compression applied sciences. 

Founded and led by mathematician and ‘Philomath‘ writer Robert E. Grant, the Crown Sterling group has engineered the primary scalable utility for quantum-resistant One-Time Pad encryption.

Pioneering Data Sovereignty and Security

Crown Sterling believes the event of quantum computing requires safe protocols to make sure present encryption and blockchain-based programs aren’t weak. The White House announcement at the beginning of the 12 months was additional proof of rising issues in regards to the rise of quantum computing and its impact on knowledge safety. A current article from Ars Technica even spoke a couple of potential ‘cryptopocalypse’, with the NIST asserting the requirement for new encryption requirements. It talks in regards to the present RSA encryption protocols used to encrypt our knowledge at this time and the way it has been confirmed repeatedly that these protocols will be simply decrypted utilizing at this time’s expertise.

“Increasing the scale of the keys will not assist, both, since Shor’s algorithm, a quantum-computing method developed in 1994 by American mathematician Peter Shor, works orders of magnitude sooner in fixing integer factorization and discrete logarithmic issues.” stated Dan Goodin within the article.

Robert spoke at AIBC Dubai and Dcentral Austin concerning these points and stated, “The White House introduced not too long ago that each department have to be on quantum-resistant encryption inside six months. That resolution says lots; this [vulnerability from quantum-computing advancement] is an actual difficulty.”

As a frontrunner in Ddata Ssovereignty, Crown Sterling developed the world’s first layer-1 blockchain to implement One-Time Pad cryptography. One-Time Pad is an information-theory based mostly encryption methodology that doesn’t depend upon assumptions in regards to the computational sources of an attacker (and due to this fact is quantum-resistant), in distinction to traditional encryption protocols counting on prime numbers and quantity idea. Crown Sovereign (CSOV) utility token allows customers to entry the novel product suite, together with quantum-resistant cryptography and NFTs, end-to-end encrypted messaging, and different future knowledge compression applied sciences. 

The Crown Sterling group additionally established a Data Bill Of Rights, “declaring digital belongings to be the intangible private property of authentic producers (shoppers) underneath present legal guidelines and protections as private or mental property.” This acts because the genesis block for the Crown Sterling Chain. In the long run, customers will be capable of encrypt private knowledge, together with geo-location and searching historical past, and convert that knowledge into NFTs with the choice to monetize it on exchanges. This furthers Crown Sterling’s imaginative and prescient to carry the possession of information again into the palms of shoppers.

As Web3 makes headway, firms like Crown Sterling will proceed to create transformational applied sciences that set up and advance knowledge sovereignty on this rising sector. Crown Sterling and Robert believes that knowledge ought to belong to the unique producer creator and are dedicated to empowering people to assert, defend, and management their knowledge in an period of largely unregulated Big Tech vulnerability and monopolization. 

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