How often do we hear about security breaches at big data companies such as Experian and the like? Just two days ago I read an article about a UK bank who’s clients data was compromised to the tune of 20 million users. Our legacy systems of data management are failing us, that is the bottom line. No matter how much security you pay for, no matter what database technology comes out- other than the blockchain- it will fall short of a good blockchain solution. That is where a new ICO with a proprietary solution comes into play. Clears (clea.rs) has developed a blockchain based solution that can provide users and regulatory bodies with the information they need without having to risk data being compromised, stolen or misused.
Before we get into that, let’s understand something. The blockchain is similar to the database; in fact, it is a form of database. Up until the blockchain came along, ALL databases had one particular flaw. That is, the “double spend” problem. Namely, a traditional database was not able to guarantee the security of the data 100%, that is why the data security industry blossomed. A whole new industry was born out of data security, with names like McAffee still recognized by users all over the world. Funny isn’t it, the same guy who became a legend in data security is now one of the most prominent spokespersons of the blockchain. John McAffee understands what the blockchain solves- regardless of what people think of his approach and style today, the bottom line is that the double spend problem has been solved, and it’s been solved because of one thing and one thing only: the Blockchain.
Enter Clears, a company founded by a big data industry veteran, Florian Seroussi. So how does it work? Simple, instead of keeping a persons private data online, or on the blockchain, what Clears does is first verify and authenticate the data; once that’s done, the private data is moved to a cold storage thereby making it impossible to tamper with. Cold storage means off-line, which means it cannot be hacked- even by the Russians. Once the data has been verified and stored in cold storage, it is ‘marked’ or identified by a hash, that hash is unique to that persons identity, but it does not contain any of their private data. What that enables Clears to do is very if it’s authenticity and accuracy(i.e. perform a legal KYC) without having to expose the data. Now think about that, it means your data just gets verified once, from then on, it’s only your unique hash that is used on the blockchain to provide vendors, government bodies, and companies with the necessary confirmation they need to know it actually you. What a seamless solution. Easy.
There is no doubt in my mind that blockchain solutions will revolutionize the data security space, no doubt. The question is one of adoption. How long will it take for people to demand that this is how their private data be handled? Well, probably a few big data breaches more and people will wake up- hello? hello? I’m the blockchain, and I can solve this problem with more efficiency, security and functionality than anything in existence. It’s coming, and companies like Clears are at the forefront of providing other big data companies with this solution. In fact, Most recently DashHub (dashhub.com), an on-line automotive marketplace has selected Clears to manage all it’s KYC services for it’s clients. This is not only a big coup for Clears, it is a sign of the times to come. Clears is not just a technology that promises a better future, it is a utility that is providing a better future, today. I expect to see many more big data companies sign on with companies like Clears, and being that Clears has the oh so important ‘first mover advantage, I wouldn’t be surprised to hear more announcements from the company on user adoption.
With regulatory measures being upped, and less than scrupulous dark net actors out there, people will simply demand that companies begin to offer better security of their private information. Clears solves that problem, and does so efficiently and effectively. With their upcoming ICO, it gives people an opportunity to play the billion dollar cyber security space from a crypto angle. There are not many companies I know of like Clears, and while I expect to see good things from them, I think the real win for stakeholders is going to come in the years ahead, as people realize that the legacy systems and cyber-security companies of the past, are being dismantled by a new breed of blockchain based solutions. Clears is here to take the lead and all they need to do now is continuing doing what they’re doing.
The company is just launching their pr and marketing efforts, here is a quick promo video on them. I look forward to hearing more about them as their ICO progresses.
Company website: clea.rs