Quras is Ushering in Privacy 2.0 in the Age of Data
Thursday, September 26, 2019 9:10 AM
As data reigns supreme as the fuel for the 21st Century economy, data security, and privacy have become a global priority for both businesses and consumers
TOKYO, JAPAN / ACCESSWIRE / September 26, 2019 / For nearly 5 years, marketing has dreamed of becoming "data-driven" with data justifying the slightest investment. The acquisition and processing of third-party data represented more than $20 billion in the US advertising market alone in 2017 (1).
Today, data (also called big data) is in the mouths of all companies, media, politicians, citizens... But what is it about?
Big data refers to all digital data produced using new technologies for personal or professional purposes. This includes corporate data (emails, documents, databases, business processor histories, etc.) as well as sensor data, web-published content (images, videos, sounds, texts), e-commerce transactions, social network exchanges, data transmitted by connected objects (electronic labels, smart meters, smartphones, etc.), geolocated data, etc.
The term "Big Data" dates to 1997 according to the Association for Computing Machinery. In 2001, Doug Laney, an analyst with Meta Group (now Gartner), described big data according to the "three V" principle:
- Volume, more and more data volume;
- Variety of this data which can be raw, unstructured or semi-structured;
- Velocity refers to the fact that these data are produced, collected and analyzed in real-time.
The use of big data has opened new opportunities in many fields: scientific research, politics, communication, medicine, meteorology, ecology, finance, commerce, etc. Thanks to analytical tools and data modeling, researchers, companies, administrations, they can carry out a trend or predictive analysis, draw up profiles, anticipate risks and monitor phenomena in real-time...
For companies specializing in big data solutions, this is a real Eldorado and a long-term trend with a market estimated at several tens of billions of dollars.
Data is constantly exploding records, for example, in 1 minute, more than 188 million emails are sent, 390,000 applications are downloaded, more than 694,444 hours of videos are viewed on Netflix and more than 277,777 stories are posted on Instagram... (2).
Datanami shows us the evolution of the size of the data worldwide (3).
Data collection is therefore not about to stop.
These figures can make you dizzy, but then why is this data constantly increasing? Simply because the total number of Internet users using the Internet continues to increase. For example, there are more than 367 million new users from January 2018 to January 2019. It should also be added that the massive arrival of 5G will drastically increase its potential number of users.
This data explosion is leading to a major problem, with more and more data breaches and data leaks.
Indeed, we can see, for example, that more than 3 billion people are affected by data leakage and data theft during Yahoo's hacking between 2013 and 2014. The second being First American Financial Corp with more than 885 million people affected and Facebook with 540 million people affected, the latter two events have occurred in 2019, so it is a problem that also affects the news (4).
2019 promises to be a pivotal year for data breaches, with more than 3,800 security breaches, an increase of 50% or more over the past four years, according to a report released by Risk Based Security last Wednesday (5).
Here is a graph representing the largest attacks perpetrated during this century (note: 2019 is not present) (6).
If you are an internet user, you have certainly already been stolen some of your data, without even really knowing it. And this is a problem that is still unknown.
This is reflected in the need for data security and privacy protection.
A new survey shows that 78% of American respondents say that a company's ability to keep their data confidential is "extremely important" and that only 20% of them "fully trust" the organizations with which they interact to keep their data confidential.
This problem of "trust", in fact, is a huge obstacle to a company's economy. The online survey of 10,000 consumers, conducted by Harris Poll on behalf of IBM (NYSE: IBM), revealed that:
- 75% will not buy a product from a company - no matter how good the products are - if they do not trust the company to protect their data;
- 73% think that companies focus on profits rather than consumer safety needs;
- 73% indicated that it is extremely important for companies to take prompt action to stop a data breach.
The study also states that 60% of respondents are more concerned about cybersecurity than about a potential war.
The threatening context in which all companies operate today proves that the old "Trust but verify" model is obsolete and in need of a complete overhaul(7).
The proof is, according to the security magazine, 2019 is on the way to becoming the worst year in terms of data security(8).
First, indeed, it is not stupid to believe that if our data allow us to have access to relevant ads, why not? However, this data is not simply used by the advertisers who sell us the products, but by large companies around the world, and we have no control over that.
Privacy is not something new, it is a subject that has been debated for years. But, drowned in an ultra-capitalist market, the lure of profit has more resonance than the simple protection of private data.
These problems should lead to different markdowns that we should be working towards in order to improve data protection.
- The right to privacy
- The security of our data
- Trust between the two parties
- The ethics
These points are essential if we want to improve our security of private data. It is essential to work on these issues before they can no longer be considered.
That's where the blockchain comes in.
All these points raised above are aspects that are treated and solved thanks to the blockchain. Because, in addition to cryptocurrency, blockchain technology is now being used to secure other virtual assets.
In just two years, blockchain has moved from technology to cutting-edge technology in the fashion cycle, both among start-ups and companies. According to Deloitte's survey last year, 95% of companies were looking to invest in the blockchain. In addition, innovative players in the health, logistics, cybersecurity, and many other sectors are actively exploring pilot projects and use cases of blockchain.
In terms of private data security, we can see that various applications already exist, such as Brave, which replaces Google Chrome, Signal, which replaces WhatsApp, and DuckDuckGo, which replaces Google.
In data protection, the blockchain solves various problems, such as problems related to encryption, but also problems related to data security that can be solved by decentralization or the technical difficulties that this imposes in hacking the blockchain(9).
This is where Quras, our favorite privacy-focused blockchain platform, comes in.
Quras is about to take the lead in the global movement for private protection ‘2.0'.
Indeed, the right to privacy is a challenge today, we have here the main challenges that will have to be solved: mass surveillance, government computer piracy, information sharing, biometric technologies and profiling (10).
As we have all noticed, many people are being overtaken by their past actions in their current lives. The right to make mistakes is no longer possible, and yet morals often change very quickly, you cannot judge a person on a T moment of his life.
These things are now avoidable, there are many solutions, and Quras is one of the best.
Quras is a ‘privacy 2.0' protocol that facilitates anonymous transactions through smart contracts. Anonymous transactions in a smart contract allow only the parties involved to view the transaction and allows the use of the public blockchain in areas where privacy protection is not required. Qurasis aiming to protect privacy for both users and enterprises. Privacy is needed not only in the blockchain but also on an individual and corporate level. The Quras blockchain protocol was built to give enterprises and consumers the opportunity to choose the suitable privacy level for any purpose.
Quras also aims to develop a cross-chain and a digital ID, learn more from their whitepaper (11).
QURAS utilizes two leading privacy technologies, ring signatures and zero-knowledge proof, to give network users options in the way that confidentiality is handled within the transactions.
These two different technologies allow for fully transparent, confidential transactions and private contracts. (12).
Zero-knowledge ProofTechnology: Zero-knowledge proof refers to a proof construction where one person can own a secret key without revealing the information and without any direct interaction between the prover and verifier. This is an essential change compared to the old technologies or at least one of the two parties had to hold the information.(13).
Ring Signatures:A ring signature is a digital signature that is created by a member of a group which each have their own keys. It is then not possible to determine the person in the group who has created the signature, allowing to keep the different people in the group completely anonymous in their information exchange (14).
Quras will, therefore, make it possible, with the help of these technologies but also with their file storage system, transaction speed, incentivization structure, and experience in the field, to greatly evolve the major industries. As blockchain transactions expand from largely being conducted by individuals to corporations, we need to make sure that the privacy of transactions is protected.
Current public blockchains are not suitable for any industry where privacy is required because the trade of smart contracts is open for the world to see and examine. Therefore, when using blockchains in an industry where transaction privacy is required, it is necessary to work in a closed environment blockchain, which has its own set of vulnerabilities related to centralized authority access, data manipulation, and hacking.
Since Quras is a public blockchain that enables anonymous, private transactions, the blockchain is flexible to meet the demands of projects and big enterprises alike. Built-in privacy filtering allows for identity and transaction protection, while adopting a digital ID allows for regulatory compliance, from safeguarding personally identifiable information and confidential trade data between Fortune 500 companies.
Just a few of the industry fields that stand to benefit from the blockchain and privacy technologies include capital lending, private payroll, medical data, Smart Cities, IoT, supply chain, gaming, and entertainment. Quras is set to launch it's touted, the full-fledged platform this Fall. If you want to know more about this let's check the application part of the whitepaper (15).
Why can Blockchain change security and privacy as we know them, and why privacy coins are important?
Technology has had an impact on the protection of our privacy. Most of the things that individuals or organizations do are now in the public domain. Third parties monitor, collect and use personal and organizational data, patterns and preferences. Many new business models rely on the storage, organization, and resale of personal data.
Blockchain's technology could limit the impact of this decline in privacy protection while allowing us to disclose personal information in a timely manner.
The Blockchain has different protocols that allow different degrees of anonymity, confidentiality, and privacy. They can provide data protection in multiple areas including artificial intelligence applications. For example, a user could have a Blockchain containing personal health information and only briefly disclose certain parts of that information. The Blockchain allows anonymity and trust, which we had established earlier in the article as essential criteria.
Currently, personal data collected by third parties is generally stored in centralized databases. And we found that this data was often stolen, adding that users have no control over how it is used.
Cryptocurrencies appeared more than 10 years ago (2008 Bitcoin creations) and have now proven to be a safe way to store and manage information (such as personal data).
Moreover, private corners have important advantages, indeed, today for example, if we want to be anonymous in our purchases, cash can be a very good option, but in this form, money is destined to disappear. The digitization of our economy has led us to use money in its virtual form, so we are no longer anonymous. Thanks to some cryptocurrency, privacy is once again a possibility. From zero knowledge proofs to ring signatures and stealth addresses, privacy corners developers are expanding the human knowledge and helping us improve in this field further and further.
What's next? Data security and privacy in the coming years
We were at a time in the history of the Blockchain when investing in this technology was considered a great risk due to the lack of regulation, the multiplicity of platforms, and the silence from governments towards the technology. Quras is directly addressing these problems which has made it very favorable to adoption by companies. The adoption of the Blockchain in the future will be alongside the adoption of artificial intelligence, IoT, machine learning; technologies that will bring new services and great value to our everyday lives, but these technologies will also make data privacy and security an increasingly important issue. Quras is therefore clearly part of a present and future project, these opportunities are immense, and the demand is exponential.
Today we see that people are giving more and more importance to their private data, and the trend is accelerating. Since the market is still so important, it is interesting to note that very few solutions are on the table to solve this problem.
Privacy is a subject that affects us all, and that's why we think you should discover the opportunities that Quras offers.
We invite you to visit their website: https://quras.io/en/.