ADOPTION OF BLOCKCHAIN TECHNOLOGY
The adoption of blockchain technology has been tediously slow. However, countries like Singapore, Philippines, Switzerland have slowly adopted policies that support blockchain technology and privacy.
Estonia has also been noticeable in this area after they began their E-residency program which allows the citizens to record their data on the blockchain. Undeniably , mass adoption also requires awareness. Programs such as mainframe and many other have been working towards disintegrating the popular opinion that blockchain technology mainly caters to cryptocurrency investment and solidifying the technology’s real-world applications in the citizens minds.
Additionally, numerous leading venture capital firms from all over the world like FBG Capital, Rockaway Blockchain Capital and more are recognising the merits of blockchain technology, especially in the online privacy sector. They are investing in and supporting many projects that involve privacy to produce marketable goods and products that had the power back to the consumer.
JPMorgan Chase launched a new blockchain payment processing network with the Royal Bank of Canada and Australia and New Zealand Banking Group.
Indian Banks and other financial entities are also heavily investing in this new technology which shields customer data from breaches or leaks and offer a much higher level of security.
The technology is quite new in India and still has ways to go before it can be implemented in substantial ways to ensure better data protection.
However, the foundation is being built slowly. Blockchain-based privacy system could lead the charge in eliminating the distressing concerns of people when it comes to data privacy.