The Future of Secure Communication Data Transmission [feat. Blockchain] | Hacker Noon
Today, some of the biggest companies in the world are in the tech industry. These companies have achieved this level of success through aggressive data mining tactics. Today, user data is one of the most valuable assets a company can own due to the rapid rise of eCommerce.
The Problem with Data Mining Today
The main issue with data mining today is that companies can use it how they like. Recently, Facebook, one of the biggest social media firms, was fined billions of dollars for mishandling user data. Many people were angry at how the company used their data, especially during elections. However, the advent of cryptocurrencies may present a solution to this issue.
Moving Beyond Crypto
The underlying technology that created Bitcoin might one day create the next major companies of tomorrow. However, this time, users will have full control of their data. Itwill be made possible by the blockchain, the underlying technology that powers Bitcoin and other cryptocurrencies.
The distributed ledger provides a unique solution to dealing with the problem of how user data is handled, giving power back to the people. One of the areas where blockchain technology has the potential to have a huge impact is the communications sector. The design of the blockchain makes it the perfect solution for dealing with issues of privacy and security facing the communications sector.
Possible Use Cases of the Blockchain in the Communications Sector
WhatsApp is one of the secure encrypted messaging apps that exist today. Facebook has no access to messages sent between users. However, that does not mean that it is not able to mine data from this app. The company is still able to monitor how often users of the app message each other, the length of the messages, and other data.
They then sell this data to third parties, who use it to sell various services and products to you. The problem with existing messaging solutions is that all the data is stored centrally. All that a hacker would need to do is find a single vulnerability in the central data storage and access this data.
In 2019, it was estimated that the cost of cybersecurity was $2 trillion. With the use of blockchain technology, this problem could be eliminated. By relying on the blockchain, only intended users can gain access to user data. Several firms are already working on this solution. To access user data, a hacker would need the private key of a user. Combined with encryption and tokenomics, hackers would be cut out from the system without a significant rise in costs.
With many genuine concerns about user data security, one company that is taking the problem head-on is Debrief. The company comes with the Debrief Network, which features a decentralized storage ecosystem for user data and an identity management layer. To ensure rapid adoption and growth, the Debrief Network feature sustainable tokenomics and developer tools.
Additionally, it features a network that hosts dApps. This enables it to act as an intermediary between existing communication apps and mainstream blockchains. The communications apps can thus implement secure communication to alleviate the concerns that users have over their data privacy.
VoIP is a cost-effective communication solution. This type of communication has a promising future in the blockchain ecosystem. Current solutions come with a centralized landing point form where the caller’s signal is routed to the receiving number. This comes at a cost. The blockchain eliminated this centralized point and replaces it with a distributed network, which is shared with all of the network’s users. As a result, there is no routing cost since all the routes exist in the distributed ledger.
Besides that, data security is always high due to the decentralized nature of the network. Additionally, the speed of data transfer can be maximized. The result is better security compared to existing solutions and even lower costs.
What the above examples reveal is that the blockchain holds a lot of promise when it comes to enabling simple, secure, and fast communication. Since information is stored in a distributed network, it ensures that speed and security can be offered at the same time.
While all the components to enable blockchain-based communication to become a reality exist, the market is still highly fragmented. Debrief wants to end this problem by ensuring interoperability between all the major public blockchains. It has a clear roadmap, which will see it connect to Cosmos and Ethereum by Q4 2020. The company will launch with a built-in subscription income stream. As a result, the company will be cash-positive from the onset. It will ensure that it does not need to raise any significant capital that sometimes comes with the need to make compromises. Instead, the company will focus on growing its revenue streams sustainably.
With so many blockchain solutions in their infancy, it is proof that the blockchain is not just another fad. In the future, the technology will gain mass adoption due to the numerous practical solutions that it offers users when it comes to their data security. It might one day seem incredulous that communications were possible without the use of blockchain technology.
This content was originally published here.