As a seasoned analyst with decades of experience in the tech industry, I have witnessed the meteoric rise of data’s influence on our daily lives and the economy at large. The conversation between Elisha Owusu Akyaw and Nicholas Zaldastani, chairman and co-founder of CESS, was a timely reminder of the pressing issues surrounding data ownership, privacy, and security in this digital age.
In our modern world where digital data is becoming more influential in our day-to-day activities, concerns regarding data possession, privacy, and safety have grown significantly important. On this edition of Hashing It Out, hosted by Elisha Owusu Akyaw, these critical topics were addressed with Nicholas Zaldastani, the chairman and co-founder of CESS – a network for decentralized data storage. The discussion touched upon the evolving concept of data sovereignty, emphasized the significance of decentralized storage solutions, and speculated on how blockchain could revolutionize data security.
The value of data
Zaldastani reminisced about his time at Oracle in the late 80s, noting that it was there he first understood the strategic importance of managing data. Over the years, he observed the worth of data multiplying significantly. In today’s world, economies worldwide depend heavily on data as a critical asset, shaping everything from targeted marketing to AI development. With the rise of data-driven decision making, the need for safeguarding data privacy and security has never been more crucial.
Zaldastani explained that CESS, or “Community Enhanced Storage Solutions,” is implementing measures to safeguard data within a decentralized network. Established in 2019, the platform’s goal is to empower data owners by resolving problems associated with centralized storage systems, where users frequently have to give up ownership for convenience’s sake.
Data sovereignty
As an analyst, I found the crux of our discourse revolved around the principle of data sovereignty – a belief that individuals ought to maintain control over their personal data, encompassing decisions about its storage location and methods. Zaldastani emphasized that centralized storage systems, as they are traditionally structured, pose challenges in ensuring data security from unauthorized access or misuse. However, he highlighted that decentralized networks, which disperse data across numerous nodes instead of confining it to a single site, could potentially address these concerns by reducing the risk of a single point of failure or breach.
Platforms such as CESS are discovering innovative strategies by splitting data into encrypted pieces and duplicating each piece over numerous systems. In essence, if an individual manages to access one of these systems, they’ll only obtain a portion of the data. To gain the complete information, they would need to locate and decrypt all other fragments, which is extremely difficult, almost impossible. This technique offers enhanced security, safeguarding data from cyber attacks and potential threats.
Additionally, the podcast delves into how decentralized data storage impacts areas such as non-fungible tokens and artificial intelligence.
As a researcher delving into the fascinating world of cryptocurrencies, I highly recommend tuning into the latest episode of ‘Hashing It Out’. You can find it streaming on Spotify, Apple Podcasts, or TuneIn. For even more enlightening content, feel free to browse through CryptoMoon’s extensive collection of informative podcasts by visiting their dedicated page, the CryptoMoon Podcasts page.
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2024-11-07 20:00