Privacy-enabled blockchain expands DeFi to the mass market
Technology, although capable of improving quality of life, has eliminated any slivers of privacy. Although a human right, third parties, often big tech corporations, have taken to storing personal data, patterns and other activities, even selling this data for their profit. Many would agree this problem is only increasing with the prevalence of more personalized “offers.”
Data is the new oil, so it’s particularly important to develop technologies that can utilize data in a privacy-preserving way. Most people give away their data, signing it over to companies by clicking “accept,” not even bothering to read the fine print.
As data becomes more popular, many argue that people should maintain control of their own information and should, at a minimum, be able to monetize their details ahead of a third-party organization. This is partly why blockchain has gained in popularity, with tools that enable complete ownership and control.
The only question left unanswered is the paradox of how openness and auditability, being key to a decentralized solution, can coexist with larger concerns around data privacy. For this reason, parties have begun looking for privacy-focused blockchain solutions.
However, in seeking a widespread solution, it is not enough for platforms to solve the privacy problem alone. They must also address the current limitations of decentralized finance (DeFi), including high fees, user trust, scalability and bad actors.
The Oasis Network has since emerged as the solution to this paradox, a leading, scalable, and privacy-enabled layer-1 blockchain. The result is that Oasis can put companies in control of their data while simultaneously bringing privacy into the marketplace and enabling the ease of sharing.
On the Oasis
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