KYCBench and Vguard protocol

The recent increase in reported incidents of surveillance and security breaches compromising users’ privacy call into question the current model, in which third-parties collect and control massive amounts of personal data. Bitcoin has demonstrated a decentralized network, which is trusted in the financial space. KYCBench presents a decentralized personal data management system that ensures users own and control their data. We implement a Vguard protocol that turns a blockchain into an automated access-control manager. Unlike Bitcoin, transactions in our system are not strictly financial – they are used to carry instructions, such as storing, querying and sharing data.

The amount of data in nova days is rapidly increasing. According to a recent reports, it is estimated that 20% of the world’s data has been collected in the past couple of years. Facebook, the largest online social-network, collected 300 petabytes of personal data since its inception. In the Data era, data is constantly being collected and processed, leading to innovation and rapid economic growth. Companies and organizations use the data they collect in many possible ways – to personalize services, decision-making process, forecasting and more.

Today, data is a valuable asset in the world’s economy. While we all reap the benefits of a data-driven society, there is a growing public concern about user privacy. Centralized organizations – both public and private, amass large quantities of personal and sensitive information. Individuals have little or no control over the data that is stored about them and how it is used. In recent years, public media has repeatedly covered controversial incidents related to privacy. Among the well-known examples is the story about government surveillance, and Facebook’s large-scale scientific experiment that was apparently conducted without explicitly informing participants.

Read more at: https://www.kycbench.com/kycbench-and-vguard-protocol/


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