Blockchain has been around for more than ten years now. Created to back cryptocurrencies, this innovative technology is among the best invented after the Internet
Today, blockchain is used in many different industries and processes, including banking, finance, e-commerce, gaming and manufacturing. Big-name corporations like IBM in the USA and TCS in India have adopted blockchain technology.
Internet companies such as Google and Facebook have been monetizing user data for years - and both these corporations have faced backlash concerning data privacy.
Many internet users feel that they should be compensated for letting companies access private data. Now, finally, blockchain technology could allow users to make money off their data.
Blockstack, a startup by the Princeton University Department of Engineering & Computer Science alumni, is building a project that will give Internet users complete control of their data. The company is forming a blockchain-based Internet system to restrict companies from accessing user data. Users who don’t mind companies having access to their information for commercial considerations, can sell their data to enterprises like Google and Facebook.
If Blockstack succeeds, we will be able to view data and privacy in a completely different way.
The first cryptocurrency, Bitcoin, was introduced in 2009, quickly becoming an extremely powerful asset. However, no other cryptocurrencies launched after Bitcoin had the same level of success.
Many economists spoke of cryptocurrency as just another internet bubble, saying that 2019 will be the worst year for all cryptocurrencies ever since they began. Many digital currencies have already lost as much as 90% of their price value. Even Bitcoin had been dropping for a consecutive six months, but then, came back up in February 2019.
The real take away from blockchain and cryptocurrency is the power of decentralization that Blockstack will be relying heavily in implementing their vision.
This vision includes the most important benefit of their platform, which is that the user will be able to cut off access to their data for businesses completely. This is not the only company aiming to keep user data private. Brave, a blockchain-based browser, has been doing something similar as well. Brave rewards users for watching advertisements, which is one of the browser's highlights, because users are compensated in the form of cryptocurrencies. Moreover, Blockstack is looking to employ a similar approach, asking businesses to pay users with cryptocurrencies.