It’s a strange world we live in when large companies such as Experian, Equifax, and TransUnion are able to store huge quantities of our personal data and profit from it in a way that doesn’t always benefit us. And when those same companies lose our personal data and make us susceptible to identity theft, there’s virtually nothing we can do about it. Equifax lost the data of more than 140 million people, and recompense is not forthcoming. Meanwhile, the CEO may be stepping down with a pension worth $18 million. Clearly, the system is broken, and it’s time to stop and ask ourselves why we continue to rely on a system that doesn’t stand up to the challenges we face in a digital society.
Blockchain Could Help Us Reclaim Control of Our Personal Data
Recent data breaches should be a huge wake-up call.
October 05, 2017
Summary.
Using smart, distributed ledgers to prove our identities and store our personal data could shift the power of (and profit from) data management from big, established firms back to individuals. This would havebig implications for identity systems. We could keep certified copies of identity documents, biometric test results, health data, or academic and training certificates online, available at all times, yet safe unless you give away your key. At a whole system level, the database is very secure, as each single ledger entry among billions would need to be found and then individually “cracked” at great expense in time and computing.
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Digital Intelligence Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Digital Intelligence . Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Excel in a world that's being continually transformed by technology.