I thought about the reason why I should care about Data Privacy, and DLT is the key.
Tags: Distributed Ledgers, Blockchain, Data Privacy, Gdpr, Cyber Security Awareness

I thought about the reason why I should care about Data Privacy, and DLT is the key. wasabi Follow Oct 15, 2020 · 5 min read

The world is changing at a very fast pace. The outbreak of COVID-19 has forced many businesses to take a completely different approach than they have been thinking of before, and self-restraint has also created various regulations in terms of life. I feel anxiety swirling in people, and it seems that it is more difficult than ever to make a fair judgment under the fear.

Now that the way of working and living has changed, the word “new normal” has fluttered in the media, and you can enjoy it during remote work or self-restraint where only a limited number of people had been doing until a while ago which is now labeled as a new “ordinary”. Travel by plane has been also restricted, and the way we travel has changed. In any situation, there are always good and bad aspects, and pandemic can bring us a whole new perspective and opportunity to rethink the way we are.

However, what we need to be aware of at this time is that the “new normal” that is born in such a confusing time is not always good for us.

One of them is data privacy. In Korea, attention has been paid to the fact that a policy of obtaining location information from smartphones of all citizens has been adopted, and it has succeeded in identifying the route of infection and suppressing the spread of corona. It sounds great at first glance, but we can’t forget that it’s a very thin line between convenient and dangerous to let someone take control away from you. In the interview by Edward Snowden, ex-CIA agent got me thinking.

Your personal information is yourself, and your property

Now, GAFA has the highest profit in the world, is making money from big data such as customer information. As everybody knows people’s behaviors and interests are predicted and used for business by collecting personal information. These data are bought and sold among companies, but it is difficult to identify how their data is used. In other words, it is a situation in which one’s property, personal information, is bought and sold by someone without knowing it, and it is difficult to receive a legitimate reward.

Some might say, “I’m convinced to pass data instead of using the service for free,” but what I want to point out is that people are not aware of what people can tell from personal data. Even if the date itself is something fragmented, when certain data is collected, it can shape you out, and almost be able to identify who you are. You can see a good example of a movie called “Nothing to Hide”. In this movie, they try an experiment with a guy living in Berlin, and they collect his metadata for a certain period of time. After the experiment, what they could find out was his very precise persona. I used to think that “ I have nothing to hide”, but I really changed my mind after watching this movie.

As online work increases in the future, I believe that it will be necessary for each and every employee to be firmly aware of the way they think about data and to protect their valuable assets.

What I sympathize with the distributed ledger technology (DLT) is that it allows us to control our data, and there is no single point of failure.

I’ll continue writing about HyperSphere, a blockchain-based solution that I introduced in my previous article, and maybe this could be good example.

With HyperSphere, users are given a unique identifier ID called Open HyperSecure ID (HyperID), when they create an account. HyperID is an ID management service that allows to login to multiple accounts and manages user data more efficiently.

This allows us to securely authenticate users in different services via a single account. Users can log in and manage multiple accounts with Touch ID or Face ID and manage their assets in the connected apps with HyperWallet. HyperWallet is a digital wallet for secure and rapid transactions using various digital assets.

HyperSphere provides technology available for free implementation to website or service. The user becomes the owner of his data and can choose what kind of data is available for every specific service, providing or restricting access to personal information. HyperID securely collects, encrypt, and store your data, allowing you to share it only to those services you decide, and stay protected.

“New normal” enables us to start to manage and profit on our own personal data. How HyperID works.

Until now, it was common for large companies to make profits using big data of personal information. However, the upcoming “new normal” will manage its own data and receive the appropriate rewards. I think it will be like this.

What I find interesting about HyperSphere is exactly what makes it possible. So how does HyperID allow users to secure and manage access to their data and start the era of data marketplace?

Creating a trustful digital environment is where the competitive advantages lie for many digital businesses. Ultimate privacy and security can build a trustful digital environment where companies are driven to leverage many tech products and services, which are just over the horizon.

Open HyperSecure ID is the digital identity that every user of HyperSphere or services launched by other brands/companies, using the HyperSphere platform, automatically receives when registering an account. What are the benefits of HyperID and how it helps to enable the user data marketplace?

HyperSphere offers secure ways to store, exchange, and monetize data without fears of privacy being violated or valuable information stolen. Open HyperSecure ID technology lets users to simply and securely authenticate themselves in different services with a single identity solution and manage their user data.

Top advantages of Open HyperSecure ID:

Users are able to share specific personal information to selected services and grant or deny their access to it. This makes people real owners of their data letting them decide whether they allow some service to use their data or not and what they want to get back.

Technology is open and businesses are free to implement it to start cooperating with users to obtain their data in exchange for the discounts, services or simply paying fees.

Businesses obtained access to some data don’t need to store and encrypt it themself to stay compliant with GDPR or HIPAA policies.

HyperID simply opens up the world of the next generation of financial services.

The more people are aware of the need to protect their own data, the less likely they will be to use traditional centralized business practices. In the EU, I see that there is a growing awareness of data privacy among people and businesses. Since the Data Protection Policy (GDPR) was introduced in 2018, it is even more accelerating to prepare for our “new normal”.