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Decentralisation and Data

Security
RAJ TAPASE | DEVANSH SOLANKI | SIDDHARTH UMACHANDAR | CHIRAG
SHETTY | SHARVAI PATIL
If there’s one thing the Internet lacks, it’s privacy

● Every time we get online, we generate data. The amount of data


generated from clicks, likes, lists to watch, shop and browse
has created enough personal data to sufficiently form a digital
persona, which is not merely our identity, but our history and
our experiences – in short, our digital life story made possible
from the record of our digital labour.
● Our digital personas are the ‘citizens’ of this nation whether
we like it or not, and whoever has power over the digital
personas govern this Internet nation.
● We live in an era, where gone are the times when land, gold, oil
and other materialistic things used to be the biggest asset.
The world’s most valuable resource is no longer oil, but data
What does this mean ?
What Solution do we have ?

IS THIS ENOUGH ?
Prevention is better than Cure
Basic insight into Data Breaches

● Data breaches have gained widespread attention as


businesses of all sizes become increasingly reliant on
digital data, cloud computing, and workforce mobility.
● data breaches have existed for as long as individuals and
companies have maintained records and stored private
information.
● Laws and regulations such as HIPAA(Health Insurance
Portability and Accountability Act)or the PCI Data
Security Standard are created to provide guidelines for
companies and organizations handling certain types of
sensitive consumer information.
data breaches

When large organizations “lose” or accidentally expose data,


it’s often through hacking, negligence, or both. However,
there are several other types of data loss and/or corruption
that would be classified as a “breach.” Let’s take a look at
four additional types of breaches.
data breaches Ransomware

Ransomware is the name for malicious software


which gains access and locks down access to vital
data (i.e., files, systems). These attacks most
commonly target businesses. Files and/or systems
are locked down and a certain fee is demanded
(most often in the form of Bitcoin or other
cryptocurrencies).
data breaches Malware

Malware is any software designed to harm


computer files and/or systems. Ironically,
malware often masquerades as a warning
against malicious software in an attempt to
convince users to download the very types of
software mentioned in the “warning” message.
data breaches phishing

Phishing occurs when someone or something


mimics a trusted, reputable entity in order to
collect sensitive data (often banking or highly
personal details). These attacks are not exclusive
to the Internet. Common methods for phishing
scams can include:

● A pop-up on your browser


● An email with a link
● A person on the phone claiming to be a
representative of a reputable company
Data breaches Denial-of-Service (DoS)

A denial-of-service (DoS) breach essentially takes


away access to websites and webpages. When this
happens at large scale, it’s known as a distributed
denial-of-service (DDoS). These large-scale
attacks can disrupt a large portion of sites online in
certain areas. One of the largest DDoS attacks on
record is the 2016 attack on Dyn which made a
considerable portion of Eastern U.S. Internet
access virtually unusable for several hours. The
largest and most recent DDoS attack happened to
GitHub in February of 2018.
MISUSE OF DATA BY GAFA

Google

Google’s main incentive in entering financial services is access to data. By entering financial
services, they will gain access to a completely new data source that they can use to make their core
business even more profitable.

much of Google’s revenues come from placing ads next to the results of their clients’ queries. Making
the responses to these queries more accurate, and the ads placed next to them more relevant, will
generate more revenue for Google.
MISUSE OF DATA BY GAFA….contd

Apple

Apple wants its customers to keep buying Apple. They want to make sure your next digital device is
one of theirs. By connecting more aspects of their customers’ lives with their products, they aim to
become a (or the) gateway through which they manage their lives – as Steve Jobs’ famous Digital
Hub speech in 2002 proposed.

Apple therefore needs to extend its offering to finance and banking. To succeed, they will need to
make their customers’ engagement with their bank through Apple a more efficient and “pleasant”
experience than going direct (either physically or digitally).
MISUSE OF DATA BY GAFA….contd

Facebook

Facebook makes most of its revenues by selling advertising, very much as a publisher would (even
though they do not like to be reminded of that). They provide content their users care for – often
original content created by their users and their friends – and they show them ads relevant to these
posts in the process. The more time users spend on Facebook, the more ads they will see and
therefore the more Facebook will earn.

Facebook is interested in providing financial services for two reasons. Firstly, access to their users’
financial data, to complement the data they already collect on them, would deeply enhance the
accuracy of their targeted ads. But also, providing payments and other financial services would allow
them to go beyond advertising to create new revenue streams.
MISUSE OF DATA BY GAFA….contd

Amazon

Amazon already sell some financial products. They have offered consumer cards for many years and
are looking at working capital finance to support their merchants – all through partners. Most
recently, they have announced the launch of a current account in partnership with JPMorgan Chase.
This latest offering could be indication of new things to come.
MISUSE OF DATA BY GAFA ….summing up
What is decentralization?
Transfer of decision making power and assignment of accountability and responsibility for results. It
is accompanied by delegation of commensurate authority to individuals or units at all levels of an
organization even those far removed from headquarters or other centers of power.
Degrees of decentralization

● Nature of the authority delegated

● How far down in the organisation it is delegated

● How consistently it is delegated.


Ways to implement decentralization

Using Blockchain

On blockchain networks, data storage is shared across the nodes in the blockchain. The
blockchain includes a ledger of transactions and smart contracts that can be executed
automatically when certain conditions are met.Applications can be made decentralized using
blockchain
Ways to implement decentralization

Other alternatives

Internet creator Berners-Lee has been working on a solution to the problems with today’s
centralized internet. He has created the “Solid” platform, which uses existing web protocols but
allows users to control their own data and store it in a single “data pod” that can be used to
integrate with various applications or platforms.
DIFFERENCE BETWEEN DECENTRALISED AND
DISTRIBUTED SYSTEMS

● In a decentralized system, there is no single controlling


entity. Instead, control is shared among several
independent entities.
● Distribution refers to differences of location.
● In a non-distributed (or co-located) system, all the
parts of the system are in the same physical location. In
a distributed system, parts of the system exist in
separate locations.
IMPACT OF DECENTRALISATION ON CURRENT WORLD

● The bright side of the first wave of internet


decentralization for consumers was that billions of
people gained access to information and communication.
● Applications of blockchain have already been explored and
are currently being established in identity management,
retail and supply, education, the financial sector,
nonprofits, energy, waste management, logistics, and data
services.
IMPACT OF DECENTRALISATION ON CURRENT WORLD (cont.)

● Blockchain solutions have already been experimented with


in Sierra Leone and Brazil in the political sphere to
show how they can provide security, fairness, and
transparency.
ADVANTAGES OF DECENTRALISATION

● Users don’t have to put trust in a central authorit


● There is less likely to be a single point of failure
● There is less censorship
● Decentralized networks are more likely to be open development
platforms
● There is potential for network ownership alignment
● Decentralized networks can be more meritocratic.
DISADVANTAGES OF DECENTRALISATION

● CRIME

● VOLATILITY

● STORAGE ISSUES
Decentralization is the new Robin-hood
Thank You! Let’s Start to #BUIDL

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