• Our speakers: Weaverlabs, Joincircle, and Tapx.
  • Does the general public know and care about the data privacy problem?
  • How can blockchain technology change that?
  • What is the ultimate goal of web3 in terms of privacy?

Weaver Labs: a blockchain-software company building in the Telecoms sector

Joincircle — a social ecosystem for Web3.

Tapx — Making Web3 Accessible

How bringing users on a blockchain can help to deal with privacy issues?

  • Maria of Weaver Labs believes that a great moment to be innovating in security in telecoms because it has come so important for the government and businesses that we’re having a great time doing it.
  • Eshan of Joincirle, highlighted that security by design can help to build a trust layer in web3 and will also improve the user experience. Once the project creates this ultimate secure environment, more people would choose you for a better experience.
  • Tom noticed that the privacy element is probably one of the few things that have changed the slowest over time in terms of the fact that the majority of organisations are still doing the same thing that they were doing 20 years ago, albeit we now have terms like data lakes and things like that were probably less on people’s horizons back then.
  • The blockchain is in its infancy of starting to provide a framework to be able to hold onto your data and prove that you are who you say you are without actually having to give that data over and that’s really exciting.

Does the general public knows and cares about the data privacy problem?

  • Regulation brings the security by design narrative to the table and makes it imperative for those softwares to be built with security in mind.
  • In this case, if you want to run a service on top of a network and a web3 application, you’re inheriting the security of all of those bits and pieces that run the network on, so it’s just not good to build networks that are not secure by design for the entire economy.
  • Regulation brings a level of transparency and helps to better understand and evaluate the level of security of the products.

How can we as an industry overcome the privacy problem and bring the other 99.9% of Internet users into the web3 space?

  • People would get more comfortable as the user base grows and we see more mainstream businesses adopting the use of web3 tools. 5–10 years ago, people didn’t want to put their credit card number on a website. Now we’ll do that. So there is a process of trusting the new technology that will come with time.
  • Since have changed in terms of security innovation. We now got 2FA and stuff like that. And if you look at 2FA actually, the vast majority of people still probably haven’t implemented it, they have come up with a strong password and even that’s a bit of a leap for some people.
  • Privacy is a big problem in web3 as well. People get scammed every day, sometimes even losing all their networth.

Tom highlights that blockchain gives opportunity and capability for people to take greater ownership of their data. The big data monopolists are meeting unfriendly regulations and their data policies start to break down.

What is the ultimate goal of web3 in terms of privacy?

  • Web3 and decentralisation in general what it’s given the power to the individual like human beings or organisation to contribute something and for a greater good.
  • The new technology can open up a lot of possibilities for innovation and eventually what the Community wants will win.
  • The end goal in web3 in general is to own your entire value chain. There’s really no middle man controlling anything.
  • If you own and control everything then you can monetise your own way and there’s no central party that all-seeing hand that is taking over control or anything.
  • In terms of connectivity and in terms of building the networks of the future and building the cities where people want to live.

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