Cryptocurrency stole the show in 2017 after disrupting the finance industry like nothing ever seen before. As cryptocurrency plunged its way into society, self-sovereign identity movements have made significant advances in attempts to decentralize control of personal data. If the boom of cryptocurrency taught us anything it is the inability of a third party vetoing a transaction among peers and the idea of data portability, a concept that would allow consumers to easily and securely transfer their records from one service to another.
Last month Naval Ravikant was interviewed by Marc Hochstein of CoinDesk for the company’s Most Influential in Blockchain 2017 series. Ravikant brought up several interesting points during the interview that can help others gain an understanding for what direction the world of information is heading. Ravikant claimed blockchains are “incredibly inefficient,” adding “it’s worth paying the cost when you need decentralization, but it’s not when you don’t.” Ravikant also believe that the concepts of seamless peer to peer transactions and data portability to be tightly related, hence efforts by digital currencies to implement distributed ledgers.
Ravikant’s conversation also included the censorship of data and potential uses of a decentralized personal database that could cross over all platforms.
“Today, every piece of content and media you have is living somewhere owned by somebody,” Ravikant explained. “Your data is inside Facebook, your photos are inside a Google silo or an Apple silo…Assets that normally would have been in a silo are, in a sense, censorship-resistant to developers… New developers come along and as long as you, the user, agree to share your content, they can reuse your content to give you new applications…All your data today is censored in terms of what boundaries it can cross and what applications it can live in,” he said. “These silos are a form of censorship.”
So what exactly does Ravikant expect in the future? Ravikant believes that these “silos” possessing pieces of information will soon be opened and data owned by each individual will be under their control, allowing them to use it across any app or platform. Cryptocurrency isn’t just a trend it stands for the development of continuous improvements in systems and efficiencies. People believe in blockchain technology because it is what the people want and they themselves feel the desires and needs for it in today’s society. The same implementations being made in digital currencies today can be used to give power back to the people by compiling, storing, and allowing controlled use of an individual’s information.