While thousands of companies and organizations are trying to collect data from people for various reasons, The popular idea that people don’t care about privacy is wrongAccording to Electric Coin Company, the company behind the privacy-oriented crypto asset Zcash.
Citing inconvenience and other excuses, some people claim they don’t care about privacy, said Elena Giralt, product marketing officer at Electric Coin Company, in a presentation at CoinDesk’s digital conference Consensus 2020. However, she added:
If you think about what’s behind it, it helps to understand that billions and billions of dollars are being used to develop technology platforms and systems for data collection, as there is a really lucrative business model. “
The digital age is data acquisition
As more of the world goes digital, Companies often try to collect customer data for both illegal and legal purposes.
The 2020 numbers show that bad actors stole data from 500,000 Zoom customers, while Facebook had leaked information from 30 million users in 2018. Google even regularly collects user data as part of a “legally acceptable” data breach revenue model.
Businesses urge the public to care less about privacy
Tech teams take various measures to make privacy seem like an unattainable nuisanceGiralt noticed. The employee of the Electric Coin Company quoted the researcher and professor at Carnegie Mellon University, Alessandro Acquisti:
If someone tells you that people don’t care about privacy, consider whether the game has been tampered with so that they don’t care about privacy. “
Even in the cryptocurrency space, transactions are not private. Most of the blockchain activity is published online in the immutable ledger. However, assets such as Zcash (ZEC) and Monero (XMR) have intrinsic features that target users who focus on privacy and prevent the world from viewing people’s backgrounds and activities.
“The great idea is that our virtual lives need privacy before the cryptocurrency.”Giralt said. “Cryptocurrencies need privacy, and privacy needs protection.”
Rand Corporation recently released an investigation report showing this Criminals do not massively accept Zcash, although the asset is geared towards privacy.