The recent increase in reported incidents of surveillance and security breaches compromising users’ privacy call into question the current model, in which third-parties collect and control massive amounts of personal data. Bitcoin has demonstrated a decentralized network, which is trusted in the financial space. KYCBench presents a decentralized personal data management system that ensures users own and control their data. We implement a Vguard protocol that turns a blockchain into an automated access-control manager. Unlike Bitcoin, transactions in our system are not strictly financial – they are used to carry instructions, such as storing, querying and sharing data.
The amount of data in nova days is rapidly increasing. According to a recent reports, it is estimated that 20% of the world’s data has been collected in the past couple of years. Facebook, the largest online social-network, collected 300 petabytes of personal data since its inception. In the Data era, data is constantly being collected and processed, leading to innovation and rapid economic growth. Companies and organizations use the data they collect in many possible ways – to personalize services, decision-making process, forecasting and more. Today, data is a valuable asset in the world’s economy. While we all reap the benefits of a data-driven society, there is a growing public concern about user privacy. Centralized organizations – both public and private, amass large quantities of personal and sensitive information. Individuals have little or no control over the data that is stored about them and how it is used. In recent years, public media has repeatedly covered controversial incidents related to privacy. Among the well-known examples is the story about government surveillance, and Facebook’s large-scale scientific experiment that was apparently conducted without explicitly informing participants.
In August 2016, a 2014 hack of online platform Yahoo was uncovered, affecting at least 500 million users accounts. In December 2016, the company revealed another hack dating back to 2013, which affected 1 billion user records. The impact of the second reported Yahoo hack was updated in October 2017, when the company revealed that 3 billion accounts had been affected, making it the largest data breach in history.
There have been various attempts to address these privacy issues, both from a legislative perspective, such as implementing GDPR in Europe, as well as from a technological standpoint.
Personal data, and sensitive data in general, should not be trusted in the hands of third-parties, where they are susceptible to attacks and misuse. Instead, users should own and control their data without compromising security or limiting companies’ and authorities’ ability to provide personalized services. KYCBench platform enables Vguard protocol as a solution. KYCBench users are not required to trust any third-party and are always aware of the data that is being collected about them and how it is used. In addition, the blockchain recognizes the users as the owners of their personal data. KYCBench customers, in turn, can focus on utilizing data without being overly concerned about properly securing and compartmentalizing them. Furthermore, with our decentralized platform, making legal and regulatory decisions about collecting, storing and sharing sensitive data should be simpler. Moreover, by Vguard protocol laws and regulations could be programmed into the blockchain itself, so that they are enforced automatically.
KYCbench, your reliable KYC partner
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: firstname.lastname@example.org