Will blockchain bring data ownership back to users?

SINCE the advent of the Internet, users have marvelled at the ability to create a persona of themselves online - be it in the first virtual communities, social networks, retail sites and multi-player games. Increasingly, a greater proportion of our personal lives and information can now be found on digital platforms.

Coupled with a plethora of emerging technologies such as the Internet of Things (IoT), 5G and artificial intelligence (AI), we can only expect that generated data, particularly of the individual, will increase exponentially. In fact, the global datasphere is projected to hit a staggering 163 zettabytes (163 trillion GB) in 2025, according to a recent IDC-Seagate study.

Even as data continues its exponential increase, recent cyber breaches and incidents around the misuse of user data have also cast the spotlight on the ownership of user data and how blockchain is disrupting this.