How Does The Matrix Bio-Wallet Empower Users In Different Everyday Scenarios? (2/2)
Personal Data Ownership
To elaborate further on our previous article about credible digital identification and the concept of decentralized identity (DID) we thought it important to discuss personal data ownership.
A Gaming Example
If you are an avid gamer, you have probably come across the ongoing lawsuit between one of the largest Chinese-based gaming companies and the operator of a virtual item trading platform. The lawsuit is based on the claim that the gaming company owns all in-game items and that players are only allowed to use their accounts to participate in the game but have no right to trade them amongst each other.
Many gamers have spent tens of thousands of dollars on in-game purchases so why should the gaming company decide whether players can trade those in-game items. Not very fair one might say and the need for a form of decentralized ownership becomes very clear.
Personalised advertising, where do they get your information?
It is an all to common occurrence nowadays that when watching a TikTok or YouTube video, you get a pop-up advert for the exact same smartphone cover you browsed for online. How does TikTok/YouTube know this?
Sometimes after chatting with a friend on WeChat, you go to JD and find the exact same product you talked about right there in JD’s recommendation list. Where did JD get this information?
Even if the above examples do not bother you much, what about the possibility that those sensitive personal items you searched for on Taobao or Amazon pop-up in your browser just when you are in an important business meeting? What a catastrophe that could be.
Why is your private information shared among all these unrelated companies? And, for that matter, why should apps owned by the same company be allowed to share your data among themselves? Surely, there is no economic interest involved. They are just helping each other out for free, right?
In the future, the need for privacy protection will only become greater. To be able to give back to users the ownership of their personal data, we need an ID management system that is a layer above all these apps and platforms.
If Taobao or Amazon want your data, it should pay you for that permission. Rather than letting some random company profit from your personal data, you should be the one profiting directly.
Blockchain has laid a solid foundation for this, but we still need a good DID verification tool, and the Matrix Bio-Wallet is the answer.
Yet that is not all. The Bio-Wallet could become an integral part of the foundation of the next internet.
IPFS (InterPlanetary File System)
IPFS is the cornerstone for the next-generation internet as it has a significant advantage over the current HTTP protocol.
Data saved on IPFS is permanent. There is no risk of losing it or deleting it by accident and importantly decentralized sharing as well as point-to-point saving is supported for all types of data. This is a traceable system that keeps track of every change you make and since the hash does not change, every piece of content can be traced back to the original source. Seeing that the traceability of any piece of content always remains valid, the result is reliable.
IPFS has a vast number of use case scenarios.
It will deliver an upgraded experience for today’s apps, including content creation platforms, cloud storage platforms, art platforms, etc.
Use Case Scenarios of IPFS
One common use case scenario is cloud storage. Not only is IPFS perfectly compatible with these apps, but it will also improve the download speed and lower the price of current cloud storage services.
That said, data security may be the biggest concern for cloud storage.
Does it make sense to store my data on IPFS? Is it a safe option?
While IPFS itself does not offer data encryption, the Matrix Bio-Wallet is more than capable of keeping your files safe without the need to remember complicated passwords. It is the perfect complement to IPFS in terms of data safety.
To answer the question posed in our first article. If you had the chance to time travel back to 2010, be sure to take the Matrix Bio-Wallet with you. It is would be all you need to keep your 1 million Bitcoin safe. It is however also clear from everything noted above that Bio-Wallet will also be the answer of the future.