Everyone is now living in the age where the competition amongst the technologies and cut throat and we may never know what could be the next big thing when we wake up in the morning. Currently, blockchain technology has been making this revolution, coming as a motivation and threat both, to the already existing technologies.
Speaking at the ‘Zeroing in on Europe’ conference on June 16 as part of London Tech Week, General Manager of NEO Global Development, Chen ‘Johnson’ Zhao, has in a way question Facebook about how it controls its data and said that there is hardly any emphasis on users providing consent over who has their data. Zhao also looked at the issues of compliance for cryptocurrencies.
Zhao spoke,
“Take Facebook, the data is transferred in terms of, I don’t know where my data is transferred on Facebook. To a third party? To someone else? It’s not really focused on consent of the data owner. Blockchain has an opportunity here, in general.”
“For example, my jogging data, this can also be an asset. These will be heavily traded, I believe, in the future. We will be able to exchange value, or data, with our consent. It’s going to be more transparent and privacy will be protected.”
Zhao then went ahead and showed his support for NEO which has a strong feature of keeping the data private and has a digital identity layer which allows for users to attach digital signature to assets. He said that it is important for providing the details on where a token has come from, where it’s going, for what reason and at what time. He called it a ‘micro-level of compliance trail.’
Zhao also emphasized the importance of going along with regulations when using blockchain technology, as these could open up new industries that would otherwise be hard to move from paper to digital.
He continued,
“It’s difficult to disrupt the supply chain industry because so much of the data is on paper. It’s not easy to bring the data from paper to a database. It costs a lot to bring them to digital records. We believe, in the future, the economy will be running in the digital form. Not just assets but our activities. ‘Things’ [IoT] will also have identities, hopefully.”
Currently, NEO is the twelfth highest cryptocurrency ranked by market cap.
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