Government’s Play Catch-Up
PowerKee’s Bastion of Privacy #17 — Why privacy blockchains offer a better alternative for netizens — Includes an update on the development.
Update — Development: All Masternode issues were addressed over the past couple of weeks. After weeks of testing most issues have been resolved. We made changes in the following parts of our code lately: “masternode and controller after collateral transaction”, “Fix PoS balance checks”.
We do expect the to release the wallets to the public soon. We’ll keep everybody updated about the upcoming listing of the KEE token. Please rest assured that the team works relentlessly and will finally get a whole privacy eco system on track.
Bastion of Privacy
The need for efficient data privacy solutions has never been more pressing. Governments across the world are creating policies to protect themselves and their citizens from data breaches and cybersecurity issues. Nevertheless, the number of cases involving data compromises and security issues continues to rise.
In this edition of Bastion of Privacy, we will examine some of the efforts being made by the government and explain why they continue to play catch-up. Also, we will be exploring the possibilities of implementing systems that can enable sustainable data protection across industries, societies, and cultures.
There is an Increasing Trend of Identity Theft
In February 2021 alone, over 2.3 billion user records were breached. This is happening at a time when major states and cities across the world are either discussing or passing bills on data privacy. In the U.S., the states of Virginia, Alabama, California, Florida, and Illinois are all active in the pursuit of data privacy policies during this period.
The increased activity concerning data laws and policies over the past year does not come as a surprise. The impact of the Covid-19 pandemic forced many traditionally physical processes to be moved online. Both governments and corporations have been forced into different levels of remote operations. As a result, both the personal and corporate data of participants are more exposed to the virtual world. This possible exposure may also serve as an incentive for hackers and identity thieves who have been doubling down on their efforts recently.
The global cybercrime damage is predicted to cost up to $6 Trillion annually by 2021. Malware in cyberspace is becoming more sophisticated and resistant to existing firewalls and antivirus. According to the 2020 Webroot Threat Report, almost 50% of business PCs and 53% of consumer PCs that got infected once were re-infected within the same year. Phishing attempts also grew by 640% within the same period. In the CyberEdge Group 2020 Cyberthreat Defense Report, 81% of surveyed organizations were affected by at least one successful attack, as shown in the figure below.
Taking the Front Seat in Data Security
Despite the efforts of the government and corporations, cyber threats are on the increase. Perhaps, the focus needs to be redirected and a newer approach explored. Rather than playing catch-up and looking for corrective measures, it is better to take the initiative and consider more robust and impregnable systems.
Blockchain technology offers secure data management models that are difficult and expensive to penetrate. As a decentralized technology, there are no central servers to attack. Information stored on the blockchain is encrypted. Even when encrypted data is breached, it would make no sense to thieves.
Platforms like PowerKee deliver financial privacy through blockchain technology. The platform enables instant and cheap transactions for cryptocurrency users that are grounded in sophisticated privacy technology.
It’s time for netizens to embrace new philosophies, instead of wandering along with the government’s game of catch-up. Privacy blockchains will not only protect the network’s data but will also discourage hackers from embarking on what would always be fruitless endeavors.
PowerKee is a cryptocurrency network that makes privacy easy. Users can transact cheaply and instantly while maintaining anonymity. The PowerKee protocol uses a mixture of zero-knowledge proofs and coin mixing to provide strong privacy assurances to its users.