Steven Smith, Head of Protocol at Tools For Humanity. Read Steven Smith's full executive profile here.
Every day seems to bring another data security breach. Despite organizations spending more money than ever on cybersecurity, breaches arefrom MIT professor Stuart Madnick, data breaches increased 20% from 2022 to 2023 while the number of victims of such breaches worldwide doubled over the same period.
In our busy daily lives, privacy is often an afterthought. Many of us check the terms and conditions boxes without thoroughly reading what we’re actually agreeing to. We give companies extremely sensitive information ranging from social security numbers to birth dates and home addresses because it often doesn’t feel like there are other options if we want to operate online. This all results in a huge number of custodians of our digital data, even as we have little choice and control ourselves.
Core to this privacy challenge is the concept of centralization versus decentralization. Over the last 20 years, as online data collection has evolved, breaches have occurred due to the centralized nature of most companies that store large amounts of sensitive data. Regardless of how robust an organization’s security team is, security incidents are bound to occur when such large amounts of information are with one party in one place.
For example, instead of storing money in a bank account, a self-custodial wallet gives users total control over digital assets. Because self-custodial wallets are decentralized and do not rely on third-party custodians, they offer enhanced security and control compared to centralized banks or exchanges. Users can maintain anonymity and privacy because they are not required to provide personal information to any third parties.
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