In today’s world, the leakage of personal information of the users of different platforms has become a prominent issue. Social media giants of the modern world are often accused of this. But isn’t there any technology that might provide a solution to this problem by removing the centrally controlling authority? Yes, there is, and its called blockchain. In order to know about this technology better, BlockPublisher got in touch with the Core Developer and Co-Founder of Ubiq, Luke Williams. Ubiq is essentially a decentralized platform that gives its users the ability to develop decentralized applications on top of smart contracts.
Talking to BlockPublisher regarding blockchain, Luke stated:
Blockchain technology as a whole is still very young, but has a lot of potential.
As implied by Luke, the potential carried by blockchain is immense, but it still has a lot of hurdles in front of it that it needs to overcome. One of such hurdles is scalability. There is a limit to which the number of transactions can take place on a blockchain-based network. As of yet, this number is very small and needs to be made large as soon as possible if blockchain is to get more mainstream adoption. Once such issues are resolved, blockchain technology can prove to be revolutionary for different industries across the world.
Further adding on his statements, Luke stated:
Many of the major issues we see on the internet today are a result of having to trust centralized parties with owning/controlling our data, misusing it, and failing to secure it. CC info and personal info, constantly getting leaked due to data breaches. Ownership, trust, censorship, resistance, and decentralization are all things this tech deals with extremely well, allowing new systems to be built that remove a lot of the risk we are exposed to today online.
The centralized framework of operation that is currently employed across various platforms today is prone to a lot of security attacks. Hacks make all the information stored on the servers of a centrally controlling authority available to the hackers which can prove to be disastrous for the users. Misuse of this information can also take place. Blockchain eliminates such a security threat by making the entire system decentralized. There is no need for the users to hand out their personal information to a third-party. Features like ownership, trust, immutability transparency etc. make blockchain a game-changing technology. From finance to social media, industries can be revolutionized if this technology is used properly, but first, it needs to solve the issues that are associated with it. The more mature it becomes, more use-cases it will find.