It’s not often that we readily endorse a product or company. However, when the nature of work they engage in is considered ground-breaking and has a positive impact on our lives – it most certainly warrants a mention.
The rationale for considering such tech-driven projects as highly significant is neither due to ‘gut feeling’. Nor that it is simply fascinating and therefore must be an excellent product. The concept actually has a value proposition for everyday people!
We are indeed well into the information age and while we have written extensively about data, its importance to marketers and its fragility when used and abused by unscrupulous third-parties for their financial gain.
The issue of data security is however, quite a serious issue. You just need to pay attention to the news to become even more aware.
Data breach incidents
In Europe, the where security is supposedly more advanced, we have seen the likes of renowned airline British Airways, being hacked. Several hundreds of thousands of customers’ personal data compromised.
These were followed by hacks on other major airlines such as Cathay Pacific. Aside from airlines, other business outfits have suffered a similar fate.
The perpetrators are getting a lot more brazen and very recently, a cable car, used as public transport in Moscow was hacked, leaving vulnerable passengers terrified and stuck high up in the air. And this probably to the amusement of the pranksters (hackers).
Can you imagine the chaos and commotion that would be caused if their control systems of driverless cars were to be hacked?
The digital intrusions get even more sophisticated.
This time, affecting the very wealthy: private yachts are now being hacked and taken into the pirate waters, all via uniquely coded signals, reading data from their antennas!
On the issue of data security, one often hears about extra protection but not just anti-virus and anti-phishing software. The more secure and heavily encrypted Blockchain technology is making waves in the digital sphere.
It is mainly for the escalation of its once shining star by-product designed for discreet transacting – the Bitcoin.
Blockchain technology has also triggered several other technologies based on its digital cryptology technology to ensure that information is kept safe from prying eyes while stored, used or transferred online.
Blockchain products such as cryptocurrencies, however, are not completely safe from hackers!
The company we chose to highlight uses a unique vault system and is called Zortrex. It has adopted one of such Blockchain technologies dubbed tokenization. It will be using it to ensure that highly sensitive data online is kept safe.
“Our tokenised solution would have protected their customers’ personal identification information (PII) details. Instead the hackers ran off with the date of birth; passport numbers; financial data etc,” says Susan Brown, Chairperson of Zortrex – relating to the British Airways incident.
Tokenization is the process of converting rights to real-world assets into a digital token on a blockchain.
Brown’s background in data privacy systems as well as her devoted passion for the protection of PII, financial and healthcare data let her to start up and chair Zortrex.
“Companies have disrespected their customer data for over 25 years, and if left unattended, there will be nothing left to protect,” Browns says.
Thanks to new laws like the European GDPR law which is now imposing the data protection, data breaches and abuse of customer data is now met with hefty financial penalties.
Companies now think twice about consent and how to use and share customer’s data digitally. But is it enough? The simple answer is no.
The authorities just do not have the resources to investigate every complaint nor to actively enforce all data breaches – yet.
We have ingeniously invented systems that automatically align with financial messaging, payments and securing information. All of which require data.
“However, we should and need to go a step further to secure all the PII details with tokenisation so that in the event of a hack, the cookies and trackers will only be following a ‘useless’ token as there is no real identification on it,” Brown explains.
Zortrex would naturally like to tokenise all healthcare data so that vulnerable people living outside of major cities can also feel assured that their privacy is protected.
In a previous blog, we wrote about the new Internet of things (IoT). All those devices being built for it. They would all need their IP addresses and the serial numbers tokenised for instance.
The application of the all-powerful blockchain is not limited to use in the financial sector and will be applied via the supply chain to all industries that deal with data – especially the most sensitive ones.
An angel investor or any investor for that matter looking to get onto the next best thing since Amazon would therefore be unwise to pass up the opportunity to back the Zortrex venture given its scope.Furthermore, regulations are currently being implemented primarily in the pharmaceutical sector.
A tokenised supply chain such as what Zortrex offers would be ideal for this new law which is planned to be implemented by 2023. A judiciary blockchain, for instance, would enable the police to “talk” to the prison service, who in turn, will communicate with the legal sector or public health institutions (NHS).
Forensic evidence would in such instances be tokenised and kept secure (away from tampering) during legal hearings. In another practical scenario, Smart Contracts (which are touted to replace lawyers) can spark off legal aid assistance.
Court cases can be heard quicker and be more efficient than currently pertains. Protection registers can also be protected with tokenisation rendering it more secure.
Blockchain technology offers quality assurance making sure that no shortcuts are taken. The smart contracts specifically, trigger any possible malfeasance.
This will enable the monitoring and tracking of any data sharing to third parties once it is tokenised. The third party apps would only gain access to the data once the trigger has been activated.
Like other pioneers and visionaries, Brown’s futuristic hope that every child being born will have their name, date of birth, blood type data being tokenised, might seem farfetched. However, given the nature and rise of data breaches it is evidently necessary.
Zortrex wants to use their technology to put the hackers out of business!
Tokenisation cannot be mathematically reversed and thus it will least it will stop the hackers for a while.
Brown explains further that as they move with their education; other information can be added on to the token, as with all their healthcare; any allergies tokenised; what injections they have had right through their life cycle until the day no more data can be tokenised.
For such high ambitions, the creators of Zortrex’s software have adequately ensured that the technology used is fully scalable. One stumbling block many Blockchain projects now face is what is referred to as scalability – which in tech terms, is the ability of a network or software to grow and manage increased demand.
Cryptocurrencies like Bitcoin and Ethereum specifically – which is used to build a lot of Distributed Applications, have massive scalability issues.
The growth in demand for DApps is crippling those systems. They need to investigate the incorporation of alternative technologies, upgrade or split their platforms to cope with such high demand.
Someone must take the first step in securing this data forever. Citizens should purchase what they want without being harassed by trackers and cookies.
The need for tokenisation is endless and further, down the line, celebrities and government official’s PII can be secured by it to protect them from damaging schemes, ‘bad press’ and scandals.
In another previous blog, we “prophesized” that data is the new commodity – like gold or oil. However, the actual value with that data will lie in its privacy, the ability to store it securely and unlock it only with legal permission by its rightful owner.