The recent Facebook data scandal is a perfect reminder of why crypto and decentralization is needed.
Recently, Facebook has been caught misusing their clients data. Cambridge Analytica, a data firm, has gotten access to over 50 Million private Facebook accounts. Private details of peoples’ daily lives were leaked to corporations.
It’s not just Facebook. Corporations have huge amounts of data about us, and even if they don’t misuse it, hackers could get into their databases. This shows why we need crypto and decentralization. Decentralized systems could prevent a lot of this in the future.
How Decentralization Helps.
In a centralized network, a hacker would target the center and get access to a lot of data. But in a decentralized network, there is no center for the hacker to attack. This makes everyone’s data extremely secure, as the data isn’t put in one place.
Take Bitcoin for example, as opposed to bank accounts. If hackers successfully attack the bank, millions of dollars are at stake. Even if they don’t get access to the money, but only the data, they know have records of all your spending patterns. They could then sell this data to huge corporations to take advantage of you.
But in Bitcoin, there would be no central authority they could attack, and all the data is essentially anonymous.
Why This Matters.
As corporations such as Facebook get larger and larger, the amount at stake grows. They will have more data on us, and more power. If this power falls into the wrong hands, or gets purposefully misused, billions of people are at danger.
If these corporations adopted blockchain technology and cryptocurrencies, this wouldn’t happen.
This article was originally published by BitPlex