Blockchain, Cryptography, Smart Contracts are All Technologies that Allow Us to Effectively Manage Our Data, According to John Izaguirre from Ontology

John Izaguirre, the Business Director, Europe at Ontology, a high-performance or high-throughput blockchain platform, believes that privacy is a basic human right.

Izaguiree notes that data is becoming a very important topic for both individuals and companies. However, he believes that the Internet is still a relatively new technology and that we’re still learning how to use it effectively and responsibly.

Izaguiree, a graduate from San Francisco State University, points out during a recent podcast that if “we look at human history and the achievements [we’ve made] let’s say over the last 500 years…[and you compare that to how long the Internet has been around,] then [you realize] it’s a very young technology.”

He added:

“We’re still trying to learn how to utilize the Internet. On top of the internet, as a technology, it’s a tool over which several layers have been built over these last 20 years.”

He continued:

“One of these layers has been the communication technology layers that we now know as social media platforms…these platforms are not the evil corporations that we tend to believe they are. Even though what they’ve done in the past isn’t the most [appropriate] thing to do or the [morally right] thing to do…. I also don’t think they have a [special] agenda [where they’re trying to take advantage] of people’s data.”

He believes the European Union has done a fairly good job when it comes to promoting the GDPR laws. However, he still thinks effective or proper user data management is still in its early stages just like the Internet.

He adds:

“When it comes down to blockchain, cryptography, smart contracts, these technologies are helping with preserving the individual’s data and educating societies on how to protect their own data. In terms of technology development, I think what blockchain has achieved in this regard in the last two years is remarkable. [But] we’re still trying to figure out how to [further] educate people and make people [feel] accountable for their own data.”

The Ontology team has been working on various data management solutions that leverage blockchain or distributed ledger (DLT) technology. Recently, Ontology introduced a “self-sovereign” credit evaluation system, called OScore. It’s based on user data that resides on the Ontology blockchain network.

As explained in a blog post by Ontology:

“With full integration of ONT ID, Ontology’s decentralized identity framework, OScore supports cross-chain interaction and verifiable credentials, connecting user identities with personal accounts on the Ontology blockchain, eliminating third parties from the process. Once a user authorizes their financial data, Ontology’s OScore system generates a quantifiable credit score, while ensuring the user’s privacy is fully protected.”

(Note: for more details on how OScore works, check here.)

As covered recently, Ontology’s native ONT and ONG tokens may now be swapped to eONT, eONG on Ethereum. They’re also listed on Uniswap, a leading decentralized ERC-20 token exchange.

Open Banking style benefits are now also available to Ontology Users, after its integration with Fintech Plaid. As reported, more than 6 million decentralized application or dApp related transactions have now been recorded on the Ontology blockchain since its genesis (or first) block was produced.

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