Is Web3 a Guarantee of Cybersecurity or a Tool That Challenges Our Privacy?
Do you believe that cybersecurity is something from the realm of fantasy existing in a perfect utopian world? Let's dive deeper and figure it out!
Privacy, security, trust, and individual control are points that matter for every user of the Internet as well as for businesses. With the emergence of Web3, these themes are even more discussed because they differentiate Web3 from previous web generations. In addition, for blockchain and cryptocurrency platforms, privacy is a top priority which they attempt to ensure. However, can decentralized Web 3.0 respond to our privacy concerns in full measure? Let’s clarify this to be on the safe side!
How the Modern Internet Violates Our Privacy
Have you ever reflected on the risks that the Internet contains for your business, especially in terms of security and privacy? Have you faced a situation when your data were used without your permission or your competitors or other third parties misused your information? So see you have your back against the wall as you can’t refuse to use modern technologies by staying under regular threat of cyber attacks. In addition, you are split in two because of the need to choose your privacy and permit the use of personal data. Thus, the modern internet violates our privacy in the following ways:
- Snooping and spying. Numerous trackers spy on you online by recording your search history, monitoring your online activities, and making you vulnerable to cyber-attacks.
- Mishandling of Personal Information. Many Internet sites ask for personal information to access their services. The reason why they do this is to save information for later use without your permission.
- Geo Tracking. Google Maps, social media platforms, and other applications ask for your location and know where exactly you are which is insecure.
Thus, these are the reasons why we should regard Web3 as a good alternative to the existing Internet. Thus, let’s reveal its opportunities to understand whether it can indeed address our privacy concerns.
Is a Decentralized Web 3.0 a Guarantee of Cybersecurity?
As Web3 is based on cryptocurrency and blockchain platforms, it differs from the current Internet with the attempts to use decentralized protocols. The advantage of this is that they will be enhanced and maintained by creators. Such an approach is particularly significant for individual users whose interests are aligned more with developers. Thus, a decentralized Web 3.0 intends to transform users from the “product” to “customers”. Let’s see the reasons why Web3 can guarantee cybersecurity and the right to privacy.
Decentralization of Data
Current WWW has centralized servers and databases which means that it controls user data and can sell them to third parties. In addition, these servers and databases can be easily breached; therefore, user data are always under threat. Such a function of Web3 as decentralization of data allows storing the user data in secure and decentralized data storage protocols. This is an important implication for data owners as data centers and databases of tech companies will not have access to personal information. The Web3 function of decentralization of data contributes to direct interaction between applications, users, and connected devices. With the emergence of Web 3.0, hackers will face many challenges as they need to access at least 51% of machines to hit blockchain operations since they are distributed across a large area.
The Absence of Middlemen
The absence of middlemen is another advantage of Web 3.0 that contributes to privacy and security. Ethereum is a public blockchain that provides platforms to ensure direct interaction without middlemen. Thus, Web 3.0 will not allow tech giants like Google and Apple to take over user information. Hence, such an option will prevent malicious parties from using user data. As to governments, they also will be restricted in their ability to take down applications and websites. In addition, Web3 intends to provide users with a self-sovereign identity that will allow them to verify their identity without the need to share personal information. This verification can be done with the help of a blockchain-based and without giving a bank access to your income. Does this sound great to you? However, there are more benefits, but let’s focus more on self-sovereign identity at first.
Self-Sovereign Identity of Web User
A self-sovereign identity for every web user is another privacy perspective offered by decentralized Web3. The cryptocurrency platform Ethereum and blockchain startup ConsenSys power decentralization of Web3. In addition, using the identity application uPort built by ConsenSys provides users with the possibility to privately exchange information. Furthermore, the uPort team works on access to government services such as proof of residency or online voting. Thus, blockchain and cryptocurrency are technologies used by Web3 to protect the personal and private boundaries of the web user.
How Web 3 Challenges Our Privacy?
Can Web3 blockchain technology protect users’ privacy to the full extent or are there any milestones? Without a doubt, blockchain technology provides Internet users with more control of their information while using applications and networks. However, when it comes to the regulatory landscape, decentralized platforms and protocols may have difficulty in processing personal data. For example, Web3 can be forceless when it is necessary to delete or change personal information on the blockchain or determine the processor.
All in all, Web3 can respond to our privacy concerns because its technologies care about security, transparency, and ethics. Without a doubt, you have the right to be either a techno-optimist or a techno-pessimist and believe in cyber security or look for challenges associated with Web3 and its technologies.
However, decentralized Web3 will bring changes in personal privacy and cyber security by increasing its degree and contributing to the development of self-sovereign identity. If you have questions about Web3, cryptocurrency, and blockchain technologies, you can contact us. We will eagerly help you.