UPDATE

Leakage of Personal Information in Intermediary Platforms.

As the society becomes more dependent on the growing power of the social media and the dominance of the internet, the issues of the leakage of personal information have rose in conjunction with it. The main function of the intermediary platforms and its phenomena was due to the fact that it was supposed to be the riposte to these problems by becoming the middlemen of the sellers and consumers. Nevertheless, even with intermediaries in the current systems, numerous personal information leaks have occurred because these key functions and responsibilities were not kept by the inner administration structures within the tainted intermediary platform itself.
Leakages of personal information in the intermediary platforms are especially problematical because consumers and sellers trust these intermediary platforms with their personal information such as full names, date of birth, national identity card numbers, tax identification numbers, employment information and other specific detailed information that can open them to scams and frauds.

The graph above shows the amount of frauds that arose according to date of year, name of number, number of victims and lastly the route of information leakage that the fraud occurred through.

When one’s personal information gets leaked to another one’s hands, it exposed one to many complications. Personal information put into another words can also directly mean the individual themself. Thus, when obtained this type of information, one can convict from monetary, commercial, financial and other type of crimes.

The solution however, to these problems can be resolved using the technology provided through block chain. Block chain technology allows security through ensuring that the data is encrypted implying that any alteration of the data will be challenging tasks. Likewise because of block chain is decentralized in nature, it does not depend on one central point of control. Consequently, this leads to mean that it is potentially a digital ledger of transactions with every single computer having a complete copy of the data. Since each date is protected on numerous computers, it is secured even if some computers end up becoming malfunctioned. Also, the histories on a block chain are safeguarded through cryptography. Users thus, have their own private keys that are allocated to each transaction that they have prepared which acts as a personal digital signature. If any record is changed or altered, the signature will become unacceptable and other networks will be informed that a change has occurred. Prompt and early notification is central to averting supplementary damage.

With LIUM’s services and its block chain technology, it will make the current system sturdier than it was before confirming safety to its consumers making certain that no leakage of personal information arises. Consequently, LIUM will be the new paradigm for the solution to the prevailing problems of the leakage of personal information that has yet to be solved by other intermediary platforms.