Can blockchain technology be used to manage sensitive data?

By LeftFooted | bitcoinea | 18 May 2022


I occasionally freelance for a company that specialises in communications and social media and a few months ago, they asked me to transcript and translate three videos about a topic I knew nothing about: data management in the music industry.


The job was a bit boring but I learnt a lot, and I learnt that managing data, especially when it comes to intellectual property, is a complicated mess. And I immediately thought to myself, "this is what blockchain technology is designed for, actually".


A few months later, at a crypto and NFT conference in Belgrade dubbed 'Tomorrow Conference', I came across the founder of a company that does exactly that: blockchain-based data management.


The company is called Inery and what they aim to do is convert data into readable form, provide backup and blockchain-based management with cross-chain capabilities as well.


The native token is called $INR, on the Tron network (based on what I could find), you can find the contract here.

And you can find more info here.


$INR is the unit of exchange to access decentralised storage of Inery, you can stake it, become a validator and participate in governance.


When non-crypto people ask about crypto and NFTs they usually get a pre-ready answer that this is a "blockchain-based" asset or currency. That's a non-answer that I personally think it's not very useful because you then have to explain what the Blockchain is.


So the idea of managing data using 'blockchain technology' means nothing unless you can explain, easily and quickly, what the blockchain can do for you.


Let me give a shot: the blockchain is based on cryptography, which is basically like math. You can either manage data relying on human beings and trusting they'll do the right thing, or you can use blockchain technology and trust that 2+2 always equals 4. Always.


I've crossposted this article on Bitcoinea and LeoFinance.

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LeftFooted
LeftFooted

I’m a left-footed duck that loves writing. I write about cars, watches, craft beer and, you’ve guessed it, crypto Also active on read.cash


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