Securing private data has been a big challenge in the digital era. A challenge that is costing the world around $500 billion every year. Large institutions such as government establishments, banks and, institutions from the medical and pharmaceutical industry face this problem when they have to transfer sensitive digital information from A to B making sure no third party has any kind of access to that information. For the longest time, this problem proved to be very difficult to tackle but recent developments in blockchain technology can solve it efficiently if implemented correctly.

 

P2PS is developing a decentralized platform that will be able to safeguard your confidential digital assets during an exchange between two parties. By confidential digital asset I mean, for example, your banking information, medical records and any other type of confidential and personal information that is important to you. The platform will function as a peer to peer solution, meaning any data you choose to share with another party will be directly exchanged with that party interference free.

The idea dates back to 2010 when Innovative Solutions International Inc. developed the Push System, but recent developments in cryptography and blockchain technology made things easier and more efficient to implement. When you store data on a blockchain, the data is split into multiple pieces and that makes it impossible to extract in a malicious way. In comparison, when data is stored in a database on a server, that server becomes a central point of failure, meaning any breach could cause a data leak. There are numerous examples of breaches that took place in the recent years like Equifax, Yahoo, etc. that led to massive capital losses, not to mention the inconveniences caused to the affected users.

 

The P2PS platform will future an utility token, P2PS, designed to be used by its members, assisting the transactions that will take place. The P2PS token is an ERC20 utility token based on the Ethereum blockchain, allowing it to leverage the full benefits of the Smart Contracts module. The economics behind the utility token suggests that the volume of purchases has a direct impact on the transaction volume accommodated by the ecosystem.

We are pretty much at the beginning of a ‘digital revolution’ and in terms of competition in this branch, well… it is pretty much non-existent. The importance of security and privacy of your personal data is tremendous and this will be more obvious in the years to come. The exchange of confidential data will take place exclusively online and it is very important that data is safely handled and kept away from the hands of bad actors. Blockchain technology already proved to solve the secured storing of data and the efficient exchange of data. This technology will play a huge role down the road.

 

P2PS is a very interesting project that aims to solve a real world issue. This is an important aspect in an environment where most of the projects don’t have an actual use case. If you are interested to find out more about P2PS, I strongly suggest you read the white paper and the one pager.

Disclaimer: This article was created in exchange for a potential token reward through Bounty0x.

Bounty0x username: @nelubodea