Introduction
Individuals and businesses can determine how, for what purpose, and at what cost third parties may use their data. In this regard, the blockchain industry is now the most poised to deliver a data sovereignty environment.
The internet is the global information superhighway, a conduit for the free exchange of ideas. The destiny of our humanity is in the hands of those who control the internet. Centralizing the internet into a small number of organizations has obvious dangers when authoritarian governments are surging worldwide. Privacy is a universally recognized fundamental human right that is enforced in numerous international and regional documents. It refers to an individual’s or group’s ability to safeguard their private life and environment, including personal information. With no control over data, we have no control over our life. In today’s world, just a few firms have access to information about our private lives. Privacy is priceless, and it is the distinction between a top-down control society and a free society.
Data sovereignty entails allowing individuals and organizations more control over their data: the ability to determine who has access to their data, under what conditions, and for what reasons, as well as the right and power to revoke such access at any time.
The Big Tech Problem
Google, Amazon, Facebook, and Apple (GAFA) consider user data to be their most valuable asset, which frequently results in monetization abuses that are concealed deep inside confusing revenue structures. The majority of these businesses treat such information as raw material, and they are often unaware of their ethical duties. The issue of data privacy/control is not new, but the shift in mindset is. People are more concerned and demanding, and a significant amount of change has occurred as a result of the Covid-19 epidemic. As we live in times that expose such injustice and unfairness, it’s becoming clear that this personal data ecosystem requires a complete overhaul. The link between data providers and data consumers is broken at the moment. The dominance of one side over the other is unwarranted, and when inequality reaches this level, it has a detrimental effect on the health of an ecosystem.
The lack of openness between corporations and end users has sparked a debate about the hazards associated with the private sector owning this personal data ecosystem. Corporate data exploitation to generate commercial value does not provide similar benefits to individuals. As the number of data breaches continues to rise dramatically, more consumers realize that something must change to retake ownership of their data.
Benefits of Data Sovereignty
Interoperability: By utilizing decentralized technology, personal and portable management units, the adoption of global data sovereignty protocols and standards enables private and public entities to keep information proofs inside the same accessible decentralized networks.
Ownership: implementing the data sovereignty model will help preserve our ownership by using distributed ledger and smart contracts, thereby removing intermediaries, with the trust now held within the decentralized ledger.
Pseudonymity: individuals generate their data profile under the data sovereignty paradigm. Individuals are permitted to develop as many IDs as necessary to connect with various services in a manner that prevents these entities from associating the individual with any of their previous identities.
Wrap Up
In the era of web3 and Blockchain, digital entities tied to the decentralized web are just the future of personal data protection and use across industries worldwide. NexBloc, a blockchain DNS (bDNS) is building the next generation of the internet to unlock the potential of the decentralized web by ensuring data sovereignty becomes a reality.
Oke Taofeek Deji
Content Writer