The secure and encrypted storage of personal data within blockchain ecosystems offers a decentralized system that provides users with more control over their private information, as opposed to storage by profit-driven companies like Google or Amazon. This shift raises questions about how internet security can be maintained in the face of advancing artificial intelligence technologies.
The concept of self-sovereign identity, strengthened by blockchain technology, suggests that individuals could have greater control over their personal data. This theory implies that when accessing online platforms, users could determine which data can be accessed and how it will be used. Raheel Govindji, CEO and founder of ModClub, states that unlike centralized systems like Google, which have full control over user data, decentralized systems allow individuals to control their own data, enhancing privacy and autonomy.
Modclub is preparing to test biometric identity scanning with the decentralized chat application OpenChat to overcome the Proof of Humanity challenge. Isaac Patka, co-founder of the blockchain security company Shield3, warns that while decentralized systems offer more control over data, they are not devoid of security vulnerabilities. He suggests that the absence of a centralized data pool forces attackers to compromise multiple systems individually, reducing the potential breadth of attacks.
Experts argue that the immutability of blockchain inherently makes it more resistant to identity theft and fraud risks. The resilience of blockchain technology in security terms helps ensure that recorded information cannot be altered or tampered with at a later date, potentially restricting malicious activities. Govindji emphasizes that blockchain records all interactions permanently, contrasting with centralized systems where access records are more easily manipulated. In blockchain, changes or updates are securely logged, enhancing both security and efficiency without the need for repeated data exchanges.