Bitcoin Masterclass Begins: Session One Talks Why Data Privacy Matters


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Privacy, confidentiality, and anonymity — how are these concepts different and why are they so important? As our lives are increasingly affected by the collection and storage of data, the world is grappling with dilemmas around them. Although most people are not aware of it, Bitcoin transactions and the blockchain actually solve these problems. This is Bitcoin creator Dr. It’s the subject of Craig S. Wright’s first two-day Bitcoin Masterclass, broadcast from London on January 25-26.

The Bitcoin Masterclass has a total of eight sessions. The live streams are available here and the recording will remain on CoinGeek’s YouTube channel for later viewing. All are recommended for people who want to learn more about what Bitcoin can really do.

Information, however, was correctly executed

Dr. The focus of Wright’s first presentation is how to properly manage data now and in the future as electronically stored information becomes more universal. Existing methods may be unsafe, too obvious, or spread across multiple systems.

Imagine if there was a way to collect and usefully store all records, no matter how private or confidential, but only to prove that the information is available to the relevant parties without revealing the information or leaking other details that are not needed. to be recognized or to keep partial records and details private, even for those who can provide all your other information.

“It’s about having the information you need when you need it. Another aspect is who,” said Dr. Wright says.

Over the years, Bitcoin has spent a lot of time developing ways to make transactions anonymous. Because people often confuse anonymity with privacy and confidentiality. In reality, complete anonymity is neither desirable nor possible. For honest transactions, there must be ways to verify who you are transacting with and even keep records if needed.

“If you don’t use an identity, you don’t sign,” he adds, noting that an identity recorded in accounting has existed in law since Roman times, perhaps even earlier.

This doesn’t mean that pseudonyms can’t be used, or that someone should expose all of their personal information every time they make a transaction. Even with current systems, we give out too much of our personal information for even the smallest of purchases (credit/debit cards are a big example). Companies and even governments hold more information about us than they should and have poor practices in securing it.

Dr. Wright mentions the “CIA” principle of information security: information must be confidential, intact and accessible.

Bitcoin provides the means to achieve these principles. Parties may share transaction keys or any other information related to their business without making this information public or available to anyone who does not need it.

Automating these processes with wallet software

Dr. Wright urged wallet developers to integrate processes into their apps to simplify this.

“Let’s start thinking about our KPI process,” he says.

Root keys and classification information can be shared using ECDH (Elliptic Curve Diffie-Hellman) secrets, which can break transactions into smaller chunks and allow different keys for each transaction. The software can quickly determine whether a key is valid and whether it belongs to a particular party, even if the key has not yet been generated and even if one party is offline.

An individual or company can keep complete records of all their transactions and personally held data and aggregate that data when necessary (eg tax time). Governments and businesses can keep records about stakeholders and customers, but see only those parts of those records that are relevant to a particular purpose. Another example is changing your residential address. There are an ever-increasing number of different services that you need to be aware of. Bitcoin and the stored digital identifier will only allow you to update a record and broadcast it to the necessary services.

There is a lot of concern about future digital identity offerings, and much of that concern is valid. Many organizations are guilty of over-collection, over-sharing and poor security practices. Likewise, many still prefer cash because of the added level of privacy it (supposedly) provides.

Bitcoin solves data storage, privacy and security issues in how it manages access to that data. It can even be more private than cash (as Dr. Wright points out, even physical money can be tracked through the individual serial numbers on the bills).

The important takeaway is that we should not fear the world of Big Data and Digital Everything as long as the data can be properly managed. Bitcoin handles data properly. Dr. to learn all the ways and reasons for this. Check out Wright’s Bitcoin Masterclass series and be sure to apply his concepts in real-world conversations.

Watch Bitcoin Masterclass Day Two here.

See Blockchain for Government Data and Applications

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New to Bitcoin? Check out CoinGeek Bitcoin for beginners The section is the ultimate resource guide for learning more about Bitcoin and blockchain as envisioned by Satoshi Nakamoto.



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