Experts are suggesting that cryptography and blockchain technology could provide new solutions to address the issue of data privacy as data-heavy technologies like big data, Internet of Things (IoT) and cloud computing see wider adoption.
According to Cointelegraph, blockchain can transform the way data is managed, as several organizations have already started storing sensitive data on blockchain-enabled systems.
Meanwhile, solutions involving cryptography and blockchain technology are being adopted around the world, with experts predicting the data privacy industry will experience rapid growth in the near future.
Lilin Sun, founder and CEO of cryptographic computing network PlatON, noted how new technologies such as artificial intelligence, the internet of things, big data, cloud computing and blockchain all involve a large amount of data, which could result to data scandals further down the road.
“Privacy-preserving computation, with its profound potentials, will reach a breakthrough in this new decade. Secure Multi-Party Computation (MPC), Homomorphic Encryption (HE), zero-knowledge proof (ZKP) and other subfields of cryptography, provide the provable security guarantee for data privacy,” Sun said.
Michael Loewy, co-founder of Tide, said blockchain technology could be highly useful for data privacy management.
“Blockchain technology presents a significant opportunity to provide a killer application to address civil-rights / humanitarian protection aspects such as privacy, by providing ‘trustless’ handling of sensitive data,” Loewy revealed.
“For the first time, there’s a technology that removes much of the risk surrounding the access and storage of sensitive data, including the human element, while remaining transparent and auditable to prevent abuse of power,” he added.
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