How can blockchain play a role towards the rising trend of personal data ownership and control?

First of all, what is Blockchain?

Blockchain is a technology to store and share trusted information without third-party validation. A blockchain is a type of distributed ledger where any transactions are recorded in batches called "blocks" and written on top of the last ones - creating an immutable chain. Every transaction is validated by a peer-to-peer network before it is added to the blockchain. This decentralized architecture guarantees data integrity and transparency as the transactions’ history remains visible at any time to all users.

The dilemma of sharing your data

As early as 2014, a Pew Research Center study found that 91% of Americans think people have lost control of their data. Indeed, to benefit from any digital services, you have to give your personal information away ; creating so many logins and passwords that you end up forgetting them. Sometimes it is even difficult to understand the nature and scope of the information collected. It is time to be cautious with information sharing.

Cambridge Blockchain's solution for data ownership and control

At Cambridge Blockchain, we give back to the end users data ownership and control. Our privacy-protecting identity software connects users to a network of service providers allowing them to reuse information that has already been validated - saving time for both parties and smoothing on-boarding processes.

By combining blockchain technology with an off-chain personal data service, we create an independent source of truth fully compliant with new protective regulations such as GDPR. The immutability of actions carried out on blockchains certifies the traceability of consent, while protecting people privacy. This supposed paradox can be explained as blockchain does not contain any personal information in plaintext but instead maintains a hash (a digital fingerprint) of the information. Our solution is a huge step towards data ownership and control.

Blockchain has a broad scope of applications: from personal identity data and corporate identity data to supply chain and IoT. Therefore, we developed a reliable and flexible solution, which can be adapted to any digital identity use case at any time! Let's build the future of digital identity.

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