Over the last couple of decades, internet connectivity has become pervasive and impacts every aspect of life. Many of us have forgotten what life with actual privacy was like. In this marketplace, Web3 aims to provide an open Internet without the need for permission and where trust is a given.
Web3’s aim is to create an open internet where users can interact with one another without worrying about privacy, giving up ownership or relying on a third party. Blockchain technologies underpin this futuristic vision. Using blockchains to build new platforms eliminates the need for using third parties. It becomes much easier to foster direct relationships between service providers and users. Blockchains basically reconfigure the power balance and structure in data ownership.
Thanks to blockchains, it should become possible for a person to circumvent centralized websites and directly interact with another person. It becomes possible to buy anything and have access to public resources. This is the idea that is driving this innovation.
The reality is that in the blockchains used today, users are identified by a public key. Every activity in the metadata and transaction undermines anonymity. This means that the benefits offered by a blockchain are useless and expose sensitive personal information to everyone on a specific network. The question then is: where are the layers that protect a person’s privacy?
Privacy implementation has not been given the importance it deserves. The fact is that there is already a solution. Technical reasons prevent applications from executing the needed actions on existing blockchain networks. Privacy is also hard to guarantee – many other elements and issues have been made more important. Blockchain technology has the capacity to answer the call for privacy with the right measures. Privacy’s time with the help of blockchain has almost arrived. It is just a matter of waiting.