Bitcoin Forum

The blockchain market will reach an estimated $60 billion in revenue by 2024 according to a Wintergreen Research study. It’s the next step in information technology set to disrupt every industry. Blockchain networks are touted for many future use cases including finance, supply chain, and data security.

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In 2019 alone companies including Toyota, Canva, Facebook,( the list goes on) have reported data breaches. It’s alarming how powerless an individual becomes against these giants. In a decentralized network fraud tampering, duplication are unfeasible. The data can be granted back to consumer control.

In Sweden, for example, it’s even worse.

several governmental departments have leaked classified and sensitive information to foreign countries. The slaps on the wrists the top brass were given has later been revoked. The Swedish equivalent of DMV has frequently been used to look up who owns expensive cars and where they live in order to steal these cars, often to be sold abroad. Our customs “services” only checks incoming goods so getting the stolen vehicles out of the country has not been a problem. As a citizen there is nothing I can do to protect my information as eg. GDPR does not cover government agencies the same way it covers/forces private companies.

Full article (https://tide.org/blog/blockchain-data-protection/)

I do not think it is a failure of those companies, but it is a double standard in order to make gains.
Blockchain is not the magic solution to all the problems, but perhaps make it worse, and makes the "decentralization" word is a slogan.
For example, if Libra is implemented, will this enhance financial transparency? Will it protect privacy? No.

Even Bitcoin suffers from some manipulation problems. I wish you had brought my point.

How did we get to the point that blockchain is the solution to everything in the world ?
Like seriously, whenever you mention anything in the forum you will see some crypto and blockchain enthusiasts that would pop out from nowhere to be telling you that it has the solution to even your health. That's crazy, we are doing all these things and neglecting the fact that anything that has the advantage, has a disadvantage.

So, what are the disadvantages of making use of blockchain? Have you looked into that as well? If these companies decides to switch to blockchain, what are the changes they are going to face and is it something they can deal with?

Highly agree about that slogan thing which these companies do tend to use it up just for the sake of getting some attention yet we know that crypto/decentralized is some sort of

good niche for them to add it up just for the sake of exposure but in depth thing theres no such changes that it can give when it comes to its service.So in short theres nothing new on what they do tend to deliver.

It's because blockchain is touted to be the best solution to the ever growing problem in the world, for corruption, to food to everything under the sun. But if you look at it, companies are just jumping on the bandwagon without doing any feasible study.

And if you look at it closely, most of the time blockchain technology is not the solution, just a simply centralised database will be enough for any companies around the world.

If anything, some helter skelter approach to keeping data on blockchain isn't even going to let you worry about data breaches, when it could be in direct violation of some GDPR principles... I really can't see a blockchain architecture being used to manipulate, store, destroy data by controllers or managers.

There are far better ways, and they must be centralised for now, just because it's impossible for even smart contracts to use the very human discerning needed with data retention, use, storage.

Silly to see people complain about Bitcoin or blockchain FUD but then happy to FUD other stuff for a word or two in on blockchain.

Very happy to hear this news. of course this is a sign that bitcoin is increasingly popular and trusted as the currency of the future. at least more and more big companies are adopting blockchain technology and are involved in the crypto industry.

Blockchain will do nothing for the supply chain.  It is slow, bloated, and costly.  The only real purpose of blockchain is censorship resistance.  No one is trying to hack shipments for walmart or target.  We already have superior database systems in place that can use a trusted oracle.

Data are very valuable asset and that becomes more and more an issue. Companies and governments are more and more vulnerable and they don't still invest enough in data and information protection. Is blockchain a solution? I don't know, it might help in certain ways but I don't think that will stop data breaches completely. Although everything that serves to better protection is worth trying.

I enjoyed this rumor even though it was still in the planning and development stages. at least with this news more and more people are interested in crypto. ;D

Errors are common, this doesn't mean that these data breaches were the failure of the corporate companies. Even when blockchain technology is integrated to the data management there are chances for a breach. This doesn't mean it is the failure of the blockchain technology or the companies. Companies weren't that vulnerable as more people mentioned.

Haha, word blockchain looks like an innovative one, they use it for just attracting people and making them believe that it can do something great in their project.
Btw in reality blockchain really adds an extra layer of protection to data, for example no one can modify stored data easily.
To be fair blockchain can't protect us from data steal.
But on another hand, please can you tell me disadvantages of blockchain?