People are hoping that Web 3.0 will address the ongoing data privacy concerns.
Users’ online data has always been at the whim of the firms that own it. Instances of data theft have increased significantly across all companies and sectors. Recently, the cryptocurrency exchange Binance undertook threat study and discovered several obvious details.
ChangePeng Zhao, the CEO of Binance, revealed that the company’s threat intelligence recently discovered that more than 1 billion resident records had been made available for purchase on Sunday, July 3. In CZ’s tweets, Our threat intelligence discovered 1 billion resident records, including name, address, national identification number, mobile phone, police, and medical records, from one Asian country for sale on the dark web. Probably as a result of a problem in a government agency’s deployment of Elastic Search. This affects tools for detecting and preventing hackers, cellphone numbers used for account takeovers, and other things.
The data hack may have occurred in China, despite the fact that the Binance CEO omitted to mention the Asian nation. According to reports, Shanghai had the biggest ever breach of user data privacy. according to Breached.to
The Shanghai National Police (SHGA) database was compromised in 2022. Many TB of data and information about billions of Chinese residents are contained in this database.
Additionally, CZ, the CEO of Binance, stated that the platform’s security procedures are being improved. “It’s critical that all platforms beef up this aspect of their security. @Binance has already accelerated user verifications for those who may be impacted. Keep being #SAFU, he added.
Will Web3 aid in resolving concerns about data privacy?
With great anticipation, everyone has been looking toward Web 3.0 to address the problem of data privacy. Kenny highlights the issues with on-chain privacy that are now present at Manta Network, the Privacy Hub for Web3 built on Polkadot.
Kenny adds that it’s crucial to lay the proper groundwork for Web 3.0 before it reaches a billion users. He therefore advocates for concepts like self-sovereign privacy. Kenny continues by saying that Web 3 is still far from being able to address privacy concerns. Kenny continued:
Web3 is the ideal environment for exploiters to pounce. Web3 use cases are still developing, and there are more use cases for on-chain data than just transactions. It has to do with who you are and what you do. Every dapp you use, everything you do there… all recorded and accessible to everyone. On-chain privacy needs to be discussed and taken seriously at a higher level. Fight for a better web3 together.