Blockchain empowers people to take control of their personal data

ReCheck’s CEO believes that blockchain has empowered people to take back control of their personal data.

Emiliyan Enev, the CEO and co-founder of ReCheck, a blockchain startup located in Limburg, The Netherlands, has hailed blockchain technology and its numerous applications.

In a recent interview, Enev said blockchain is good for such processes and use cases where secure data exchange, traceability, automation, and transparency are important. He stated that;

“The digital ledger technology plays an important role as a layer and component on top of existing platforms that enable real ownership of data and direct exchange of value between users. I believe that before web3, we need to achieve web2.5 – interweaving and integrating blockchain into existing systems. What’s exciting to me is the opportunity to take back control of our personal data and decide what information we share with whom, as well as getting a direct return on the content we generate. The other option is to have ownership of the platforms and products we use, and so get a share of the value they generate.”

Several countries are actively regulating cryptocurrencies or are in the process of rolling out regulations. Enev added that he thinks cryptocurrency regulation will affect blockchain development in the coming years. He said;

“Regulations will certainly have a strong effect on it. On the one hand, they protect investors and consumers. But on the other hand, they can be a brake on innovation and create barriers for start-ups and small companies. It is important to me that regulations are bottom up, not imposed from above, and that they do not privilege only the big players.”

The crypto market has been in a bearish trend since the start of the year, mostly due to the rising interest rates in numerous countries. Enev said he doesn’t think the market will recover as long as the interest rates keep rising. He said;

“As long as there is a restrictive monetary policy and high-interest rates, it will be difficult to see a recovery in cryptocurrency prices. I expect that a few notches will dominate in the coming years, and their token prices will sustain a higher price. Altcoins will have almost no value.”

The crypto market has lost more than 65% of its value over the past ten months, with the total market cap now below $1 trillion.