As technological innovation evolves, society evolves with it.
The problem is, with each new innovation also comes risk.
While this competition may fuel greater innovation, many are concerned that this comes at a heavy price.
The Cambridge Analytica scandal exposed the vulnerability that comes with trusting companies with our user data.
Last year GDPR, the most comprehensive data protection regulations to date, came into force.
But some say this doesnt go far enough.
Not the other way around.
Citizens should easily be able to see, monetize and manage their own data.
The next billion users are ready to connect and leverage the benefits that technology can bring.
But this will bring both new opportunities and challenges.
Many saw this as an opportunity for a clean slate.
At the same time, exploitation was a major concern.
This is a moment that should be shaped by the next billion users themselves.
Cyberterrorism
In our interconnected world, cybersecurity threats cant be combated alone.
We need to support cybersecurity with investment and better tech policies.
But this hasnt always boded well for us.
This means that some 2,000 Facebook engineers and developers could have easily accessed users personal information.
New technologies like blockchain are bringing promises of a more decentralized future.
But will our data actually be safer on a decentralized web connection?
The keynote speaker on this topic, Jon Matonis, Founding Director of the Bitcoin Foundation, thinks so.
Trust in a trustless system
Decentralization is bringing us into a new virtual wild west.
Its based on the emergence of systems with short-lived histories and very little regulation.
Nuclear power plants, modern jet systems, and blockchain are all fault tolerant.
This means that when a cyber attack happens, youre going to want to use the blockchain.
This requires them to reach a consensus via messenger.
Blockchain solves this problem by introducing an algorithm calledProof-of-work.
As long as 23 of the miners are honest, a consensus can be reached.
For example, the mining power needed to hack Bitcoin would cost over$260,000 per hour.
Still, this doesnt mean it hasnt been done.
Blockchains can be compromised if hackers gain 51% control of the networks computing power.
Recently, the well-known Ethereum Classic suffered a$1 million hack.
But most hacks have been done through cryptocurrency exchanges and online wallets.
There is however one method which has been used to return lost coins.
But the decision to hard fork can only be made based on consensus.
This brings us to yet another complex trade-off between centralization and decentralization.
Unlike centralized systems, blockchain cannot be shut down or changed at the will of third parties.
Not a perfect system but a new option
Decentralization is still not a perfect solution.
It also requires a large amount of computing power to run.
Large companies are using it to work more transparently with suppliers and reduce food waste.
