Data privacy in the metaworld is a serious issue.
It’s no longer just a question of whether your metadata is being used to know more about you and your habits… It’s also a question of how it’s being used to influence you. Whether it’s about what you buy or how you make decisions, it’s scary to think that someone could be using your metadata against you. With the rise in popularity of blockchain technology, many people are predicting this will soon change.
Let’s dive deeper into the consequences of data mining, and how decentralization and blockchain technology can provide increased protection and data privacy.
What Exactly is the Metaworld and Metadata?
While the terms metaworld and metadata might sound completely foreign to you… There’s no doubt your everyday life is deeply embedded with them both.
The metaworld refers to the virtual world in which we live. It is a world where our actions are recorded and data about us is stored. We create metadata every time we post on social media, shop online, or even just browse the web.
The amount of your metadata available for analysis is growing exponentially. This data can be owned by any individual, business, or organization. The more we participate in this virtual environment, the more information there is to be gathered about us.
Common Data Ownership Issues in the Digital World
Metadata is the new oil.
It’s become the most valuable commodity in the digital world. While you may think you’re just finding out what movies are playing nearby or looking up a recipe for dinner. That simple information has become a resource that can be sold, traded, and used to monitor and profile your behavior.
In today’s world, it is no longer enough to simply store and manage your own personal data. We must also be aware of how your metadata can get used by others and how you can protect yourself from misuse or unwanted access to your personal information.
With the rise of digitalization, centralized systems have taken over and data mining is happening on a massive scale.
Data mining is a process used by companies to turn your raw data into useful information. By using software to look for patterns, they can use this data to predict future trends and learn more about you. The next step is to use that information to develop more targeted, manipulative marketing strategies to increase their profits.
Unsurprisingly, it’s not just Big Tech grabbing up info on you, it’s also used by government agencies like the NSA and the FBI. They use data mining to keep track of their citizens’ activities.
Privacy violations are a major concern with data mining because it is an invasive process that can be used against people without their knowledge or consent.
Decentralization is now seen as a solution for solving the issue of data mining. Decentralize, blockchain technology provides an opportunity to get rid of centralized data storage. This structure allows for more privacy and transparency.
Decentralization is Architecting the Future of Data Ownership
Whether you know it or not, we are in the middle of a digital revolution.
At the heart of this revolution is a new, decentralized Digital World that is empowering individuals and enterprises to take control of their transactions, communications, documents, and day-to-day web interactions -without a centralized authority dictating the masses.
How is this type of digital freedom possible?
Unless you’ve been living in a remote village with no access to media, you’ve likely heard of blockchain technology… or at least Bitcoin. But, for a lot of us, the functionality and value of emerging, open-source technologies are still hard to define.
The blockchain is not just a storage area for digital currencies such as Bitcoin, it has the potential to disrupt many industries and change how digital identity and data ownership are used.
To put it simply, the blockchain is a decentralized system. What’s the significance behind this type of structure? In a decentralized system, every single person has equal ownership and control. There’s no middleman or corporations in control. You get to decide who has access to your data.
Because of its potential to redefine our understanding of how metadata is created, stored, shared, and monetized…the blockchain and decentralization have been described as the most important innovation since the creation of the Internet.
Can you imagine a world where the power was redistributed? Where the control Big Tech has to collect and profit from our personal data was given back to us – the people who created it in the first place?
If you want to learn more about how to own your data and protect your privacy and digital assets, join the Digital World Community’s monthly Towne Hall meeting. In these live sessions, we’ll fill you in on the latest advancements happening in the new, decentralized Digital World and hold a Q&A to answer any of your questions.