Nov 19, 2018 06:41 UTC
Nov 19, 2018 at 08:08 UTC
BigToken Aims to put a Curb on Data Mishandling by Tech Giants
The escalating war over the personal user data theft and mishandling have been a reason of concern for many. People seem to have accepted that, the big giants have a monopoly over their personal data since they are providing their services as a ‘Freebie.’ Well, not anymore, as Europe will lead the path in internet security and privacy. Last May they came up with the GDPR, General Data Protection Regulation. It requires companies that utilize personal data to provide targets of data collection the ability to control the material collected and used for marketing/demographics purposes.
Europe is one of the very first to design and implement hard privacy and data sharing laws over the internet. They have punished big giants like Google with a multi-billion dollar fine for not adhering to their policies and increasing anti-competitive behavior.
In last year itself, Big giants have been summoned over seven times to answer queries of the board regarding data breaches, fake news, political meddling on the internet, and the endless amounts of personal information being gathered on Americans.
Now at this point, many of you folks might be wondering, what is wrong in giving my data to these giants, when I receive many useful services free of cost in return? Well, the problem is not with you consenting to provide your info to these tech giants, the issue arises whether they oblige to the moral duty of safeguarding your data? The answer is a Big NO.
On the contrary, these firms actually monetize your data and sell it to the highest bidder. The Cambridge Analytica was an exposure and not admission. And you know what that theft data lead upto, probably ‘a rigged US Presidential Election’. Well, we will leave that to US lawmakers to conclude.
Let us reimagine the scenario for a better understanding, you make a new friend and connect with him through social media, you exchange numbers. After a few days, you start getting random calls from his friend who is a salesperson. When you enquire about the matter, the person replies that, the other guy is a common friend and needed the contact to fulfill his work priorities. Would you be fine with it?
With European Union leading the path for making data theft as big a crime which it should be, the giant firms need to re-imagine their policies. They must ask themselves a question, how do we manage to gain this information and use it to our advantage without breaking the law?
Bigtoken and how it can change the War around Data Monopoly
BigToken is a system of data storage over the internet where the User pulls the string on his information rather than Tech giants. Wherever you go over the internet and visit a particular size, it starts gathering information about your location, the websites you visit, what you do on those websites. The site then creates a data file on your profile, your likes, your dislikes and then sell it ot a company who sees a potential customer in you pays the firm money.
With BigToken attached to your internet, all these data which was directly being recorded in the company’s database will be held in the Bigtoken Wallet in the form of tokens. The more info a user provides, the bigger the token count gets. Now any party interested in your data will contact you and offer you a monetary return for the same. The BigToken works on the principle of the decentralized system of the blockchain, so theft is not a possibility. The data is stored in an encrypted form with a 256-bit personal signature which cannot be forged.
In case you are not sure about the trade you made with a brand, you can reclaim your data on an agreed amount by the company, thus you always hold a monopoly over your data.
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