Blockchain: Important Characteristics — Foundational Information (Part 1)

1. Transparency

After the launch of the Social Dilemma on Netflix, there has been a huge surge in interest in private data and how data is collected. We currently live in a world where the data is hidden. Data on our lives is collected 24 hours a day; 7 days a week. Where we shop, where we eat, where we drive, where we meet friends, where we work. All of this data and much more is collected by a consortium of companies, some of which we don’t know about.

However, if we apply Blockchain technology, it will allow for a transparent view of the data that is collected, anybody who has access (if on a public blockchain could be accessed by anyone, if on a private or hybrid chain you would need to be authorized to access the data) will be able to see what data is kept and what the data is used for and the hands that it is passed through.

The principle lies in shared and open data, the data that is collected is collected for a reason which is known throughout the entire network. To make sure that the data is collected correctly, the collector of the data can check the details on the Blockchain, and all this will be transparent to those authorised to view it.

A large draw towards Blockchain is due to transparency. We are now in an age where we want to “own” our data. We want to live in a world where it is no longer a one-sided relationship with large corporations. Ownership of our data is critical as more and more data on us is produced, every action we take is producing data, and companies are using it for their benefit. This can continue there, just needs to be transparent on the data they hold of us and how that data is being used.

The transparency of data through the use of this tech also increased the traceability of the data that is being produced in a B2C setting, but switching focus is also integral in a B2B setting, with companies in a range of industries violating human rights laws-previously hidden behind opaque supply chains, with the integration of Blockchain it would force companies to rectify these issues that lurk within their company.