The new technology will offers users complete ownership and control of their digital data.
A blockchain-based decentralized data management known as Essentia is building a framework that offers secure private digital identities for individuals or even machines which they will have full control and ownership over. Through Essentia’s framework, users can link and secure their own personal data, computers, files, accounts, software, wallets, and logins while avoiding having it managed by third-parties or centralized services, while being protected by cryptography and decentralized blockchain-based systems.
More information can be found at https://essentia.one.
Essentia was created to address the problem of consumer data ownership. According to its official website, even though consumer data generates revenues of more than $1 trillion annually, consumers have no control over how their data is used. Internet users thus generate significant profits for corporations through their data but have virtually no power over it and cannot use it for any practical purposes.
The new framework allows users to have full control, ownership, and instant access to their data and to the ability to use it however they desire. Essentia can be integrated with any device, application or device and can become the standard for decentralized internet access.
A spokesperson for the company said: “We want to give users, corporations and their devices full ownership over their identity, data, possessions and personal communications. That’s why we built Essentia, a decentralized data management framework that creates a new way to interact with the web, preserving full data ownership and control. It’s a framework that is easily integrable with any device, application, blockchain or website and which can act as the standard for how the decentralized internet is accessed.”
The potential applications of the new technology are extremely diverse. Using Essentia, internet consumers can access their internet accounts without the use of insecure passwords. Similarly, KYC-compliance services can verify new clients and store their data safely and efficiently.
Banks, insurance companies and financial service providers can also verify the trustworthiness of potential clients by checking their Essentia IDs. This offers a direct tool to verify the reputation of a potential client without relying on third parties.
Interested parties can find more information by visiting the above-mentioned website.