According to Coindesk's July 16 report, a well-known American Republican politician said that because regulators are not "flexible" and unable to adapt to the ever-changing world of technology, those who are concerned about online privacy protection should consider turning to decentralized technology.
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US House Minority Leader Kevin McCarthy pointed out in a column in the New York Times on Sunday that governments and regulators are clearly unable to effectively protect citizens from platforms such as Facebook and Google. And selling our data" and other privacy violations.
He said that there are already laws (at least in the United States that have such laws) to punish those who peek at other people's letters or medical records, so why should privacy on the Internet be treated differently?
According to McCarthy, this should not be at all. However, we should not have too much hope for the government to "do this work particularly effectively for us."
He said that some seemingly simple "barbaric" solutions proposed by politicians, such as splitting technology giants into smaller entities, may ultimately not improve data security. At the same time, “intrusive” regulation can effectively protect larger existing businesses while excluding smaller ones. McCarthy said:
“There is no doubt that the premise of these remedies is that only the government can solve the market inefficiency that leads to irresponsible corporate behavior. I believe that we should not have confidence in this bureaucratic behemoth, naively think it has the ability Develop or implement flexible responses to rapid changes in the technology industry."
Instead, the minority leader believes that the solution may lie in the free market and the decentralized "encryption network."
McCarthy believes that on most current network platforms, user data is controlled by the platform, and users are vulnerable to "privacy violations." In a decentralized network, user data is encrypted and stored on the blockchain, which allows the user to control access to their information without having to trust a third party.
McCarthy said that blockchain technology "can provide each user with greater data security, portability and privacy."
McCarthy concluded that the open source nature of many blockchains also provides an additional benefit. If the community feels that the current system does not provide adequate protection, it can easily create new networks to promote competition.