Crypto Glossary

Data Privacy

Data privacy refers to the area of data protection and security that is responsible for the handling of sensitive data.

What Is Data Privacy?

Data privacy refers to the area of data protection and security that is responsible for the handling of sensitive data, including their notice, consent, and regulatory requirements. 

Note that data handling includes three distinct categories: traditional data protection (backup and file restoration), data security, and data privacy.

Data privacy and protection imply that an individual or party is the sole actor in regards to the handling of their personal information and must be in total compliance with all applicable privacy laws. However, the current technological ecosystem depends heavily on data, which are now viewed as assets that are worth a lot of money for major firms. Internet companies such as Amazon, Google and Facebook are making fortunes through data economics.

When making use of various media platforms, users have ultimately consented to be co-actors in their data’s collection, storage, management, and sharing. It is their job to ensure that their data is not being misused by reading the internet or media platform’s privacy policy before agreeing to it.

Data privacy, however, has not expanded to decentralized technologies. The blockchain framework ensures that all users within a network have total ownership over their data. Unfortunately, everyone has access to all user’s information regarding all transactions that transpire in a given network. As long as a user’s wallet address is not linked to his real-world identity, then his privacy is kept. 

Unfortunately, most users have, in one way or another, utilized platforms that impose Know Your Customer (KYC) procedures, which give away their real-world identities. There are various solutions for preserving privacy while conducting cryptocurrency transactions including privacy coins, mixers, and private wallets such as Blank.

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