Ensuring privacy and safeguarding transparency in blockchain technology is a delicate balancing act for firms in the industry.
Transparency, which is one of blockchain’s biggest selling points, also hinders widespread adoption and applications in fields like business and medicine, Eran Barak the CEO of Midnight — a privacy sidechain for Cardano — told Cointelegraph.
The CEO said that blockchain metadata reveals much about an individual that allows them to be easily identified, traced, and modeled by threat actors and big data collectors.
Barak gave the hypothetical example of onchain medical records and said that if an individual does not have privacy, the frequency of visits to a doctor could signal that something is wrong to any outside observer.
Read more,**Visual Description:**
The image is split into two distinct yet interconnected halves, visually representing the dual themes of privacy and transparency in blockchain technology.
**Left Half: “Privacy”**
This side features a large, metallic lock embedded in and partially obscuring a digital, matrix-like blockchain. The blockchain is represented by glowing, interconnected blue blocks that symbolize encrypted data. The lock, detailed and solid, casts a shadow across part of the blockchain, illustrating the shield it provides against external threats. This side is darker, dominated by shades of blue and black, suggesting security and confidentiality. A subtle outline of a face is integrated into the design of the lock, symbolizing individual identity being protected.
**Right Half: “Transparency”**
In stark contrast, this side is bright and clear, illuminating the transparent nature of blockchain. Here, the blockchain is represented by crystal-clear blocks linked by delicate, luminescent fibers. Information flows freely and visibly within this structure. In the background, an eye symbol, magnified by a lens, gazes at the blockchain, indicating scrutiny and visibility. This side is rendered in lighter colors such as white and pale yellow, emphasizing openness and disclosure.
**Connecting the Two Halves:**
Between the two halves, a digital beam of light transitions from blue to bright white, merging the concepts of privacy and transparency. This beam is interlaced with subtle code patterns that traverse from the locked, private side to the transparent side, suggesting the exchange and balance between the two principles.
**Overall Atmosphere:**
The overall mood is tech-savvy and futuristic, with a focus on the complex interplay between safeguarding private information and maintaining the intrinsic transparency of the blockchain. The contrasting colors and themes visually argue the delicate balance firms must navigate in the blockchain industry.
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