The Impact of Web3 on Data Privacy and Ownership
Web3 is changing the tradition of data privacy and ownership from centralized control to an individual user level as it is based on the use of the blockchain technology in establishing decentralization where all the past have ownership control over their data. This solves the perpetual problem of privacy breaches and exploitation in the Web2 era.
Web2 is centralized. In it, all the platforms, without prior and clear consent from users, collect, store, and sell their data. This model has resulted in numerous hacks and abuse of personal data. Through DID systems and self-sovereign identity, Web3 creates a new model of keeping everything decentralized and pure allowing people access to their personal data. People will now have access to share cryptography keys and decide what and with whom they want to share data, so privacy would be by design.
Smart contracts provide the core needed power and enhancement for ownership of data. Here, smart contracts will be automated to accompany or enable data sharing agreements under which the user still will have ownership rights of the data but will allow short-term access to the data for some specific purposes. Here again, through imutability, it is ensured that there would be transparency and accountability in the use of the data and thus a reduced risk of unauthorized exploitation.
It is also a direct bounty to a user by meaning elimination of intermediaries and allowing direct monetization of data or tokenized return or revenue sharing models. Thus, people can earn the value generated by their data.
Even with major challenges such as scalability and accessibility, the new face of Web3 is privacy and ownership, which is definitely transforming the internet into a better and more user-friendly one.
~ Regards,
VEIGO (Community Mod)
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