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When you purchase any app, upon hitting the ‘confirm purchase’ button, you hand over your credit card, personal information, and purchase history details to a third-party service. While this setup is convenient for the app company, it’s also risky for the user.
There have been many occasions where hackers have gained access to personal information, without the permission of the user. This is called unauthorised access and it means the data you’ve provided to the app company can be potentially leaked or illegally altered. But these risks don’t just apply to app purchases alone, scarily enough, they also apply to most online transactions on the internet.
How can we prevent the data of companies and individuals from being hacked? Well, thanks to blockchain there is now a way.
The blockchain acts as a mini ‘world-computer,’ and instead of storing data on servers or clouds — as stored by third parties — the blockchain stores data on nodes run by people across the globe.
With the blockchain, your personal data such as purchase history, finance, or mortgage information can be controlled and managed by you — the owner or author of the data — instead of third-party services.
At our panel event, Aussie Blockchain Projects, explore how Aussie companies are using the blockchain to protect the way our data is stored and used. See what the future holds for the blockchain and explore some of the Aussie startups that are already making an impact in this space.
48 Druitt Street,