How creepy is it if you’ll find out that your personal data is out for sale in the market by companies you haven’t even heard of? Unfortunately, data collection trade has been existence for decades, and most of us don’t even know about it. These companies that collect data are called data brokers, and it’s their job to collect all information about you, including name, address, workplace, telephone numbers, email address, family, interests, hobbies, and everything else that you submit online. The most common question that would come up once you’ve learned about this is “Why?” so, here’s the truth about why companies collect data, and how to protect it.
Why do companies collect data?
Data brokers are considered specialty firms on the web. They collect your most sensitive personal data, then analyze and package it so that they can sell it to businesses, other data brokers, advertisers, and sometimes, even the government. They build your profile using your data so that they can use it to identify your target products and services. Their customers are willing to pay a lot for these data because it plays a major role in targeting specific segments in the market. This is also why data brokerage is now a multi-billion dollar industry despite operating in gloom over the past decades. Some of the most data-eccentric companies are Amazon, Facebook, Microsoft, Apple, etc.
How to protect your data
Data protection is a critical factor in ensuring that your information will not be used for criminal acts such as identity theft and money laundering. This is where blockchain comes to the picture. Decentralized blockchain platforms such as the Virie Market, ensures that your data, as well as your transactions, are encrypted, making it extremely difficult to modify it. The decentralized nature of blockchain technology does not rely on a single point of control. It’s a digital ledger of transactions with each computer having a complete copy of the data, thus it does not have any point of failure. To be able to collect any data, they would have to take down all those computers in the network.
Most blockchain platforms use the Proof of Work (PoW) protocol across a network of nodes for validating data and transactions in such an incorruptible manner. Virie innovated it even more with the addition of Proof of Stake (PoS). An attacker would then need 50% of PoW and 50% of Pos to be able to collect any data and information from the platform, which makes it extremely challenging. In a nutshell, using blockchain platforms is how you protect your data, as simple as that.
With Virie’s upcoming ICO, the data collection business may have a run for their money soon enough. The truth is, you don’t even have to submit any personal data to use the platform, making it completely safe to conduct any type of transactions, which are then stored in the blockchain. All you have to do is download the application, and that’s it. To make it even easier for you, download the guide and the Whitepaper, as well. The world will soon be a much safer place with Virie.