Last week McDonald’s customers in South Korea and Taiwan had their personal data exposed after hackers accessed internal files. In a statement, McDonald’s said it would work with security experts to identify ways to further enhance its existing security measures. Li Jun, Founder of Ontology, the high-performance, public blockchain specializing in decentralized identity and data, believes that breaches such as this lay bare the need for companies to invest in decentralized blockchain solutions to ensure the highest levels of privacy and security when it comes to sensitive customer data. On the flip side, individuals can protect themselves through the use of decentralized digital identity solutions that allow them to control how their data is shared.
Q: How does the McDonald’s breach expose the risks associated with traditional data storage systems?
McDonald’s is only one of a plethora of cybercrime victims. A recent study on cybersecurity statistics revealed that data breaches exposed 36 billion records in the first half of 2020, alone. Clearly, something is wrong with how we currently manage data. The centralized nature of how data is traditionally stored makes those responsible for protecting the data vulnerable to attack from bad actors. This is one of the reasons we created Ontology; to provide a decentralized alternative to the status quo.
Q: How do blockchain and digital identity solutions offer a better alternative that puts customer privacy first?
The beauty of blockchain is that it makes possible a decentralized solution to the problem of data and identity management. Right now, users are required to share their data with third parties in order to gain access to their services or authenticate certain credentials. By doing so, users must entrust their most sensitive information with a central platform, and simply hope that they keep it safe. As we’ve already established, the hope we entrust to such platforms, no matter their size, is too often betrayed upon hearing of another data breach.
Q: How does Ontology’s bespoke digital identity solution, ONT ID, address data privacy and identity risks?
Ontology’s ONT ID puts the power back in the hands of the individual user. With ONT ID, the user maintains sovereign control over their data. Users decide if and when to allow third parties access to their data, and which data points they wish to disclose. It often required users of a centralized platform to provide proof of identity that includes more information than the platform actually needs, authenticate the identity of the user.
The platform may only need to know the user’s date of birth or nationality; yet, due to the archaic nature of the current identity model, are having to share sensitive information that is not relevant or required. ONT ID enables users to select which data points they wish to disclose and which information they want to remain private.
Q: What are the opportunities and challenges between Ontology and the Korean market?
Korea has shown a strong interest in cryptocurrency. According to Nikkei Asia, “South Korea has become a hotbed of speculative investment into cryptocurrencies, accounting for 10% of trades”. That said, the popularity of cryptocurrency has garnered increased focus from Korea’s regulatory bodies, resulting in several crypto exchanges recently halting trading.
Ontology has been making in-roads in Korea for some time. We have hosted events there and have announced partnerships with Korea-based companies including MovieBloc, a participant-centric film distribution platform. We have also integrated our cross-chain wallet, ONTO, with Klaytn, the global public blockchain project of Kakao, a Korean social media giant with hundreds of millions of users.
Despite the increased regulatory scrutiny the blockchain industry is currently receiving, we are confident Ontology will continue to have a presence in Korea and look forward to announcing more partnerships and events in the future.
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