CandleFocus Web3’s responsibility is to advance data privacy | Opinion
2024-11-16
Author: Content Editor
The article discusses the erosion of internet users' trust in their privacy due to data breaches and data monetization by Big Tech companies. It highlights the shortcomings of the European Union's General Data Protection Regulation (GDPR) in enforcing privacy rights and holding companies accountable. In the absence of federal legislation on data protection in the United States, states have taken their own initiatives, leading to compliance complexities for businesses. Big Tech companies have lobbied against legislation that could undermine innovation. The article suggests that web3's decentralized infrastructure can provide a higher standard of data protection by bypassing centralized entities. Blockchain technology and web3 projects have the potential to protect user data through encryption and immutable ledgers.
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