New data-sharing tools that turn publicly available credit card records into interactive maps are now online, and are already making serious waves.
The open-source, community-created data sharing platforms use technology allows anyone to search and search for personal and corporate credit and debit card transactions.
The powerful data-sharing tools are not a privacy breach since credit and debit card companies are not directly sharing transaction data.
These aggregated reports, which map activity across the globe, can be used by credit agencies, financial researchers and law enforcement to map activity across the world and focus on areas with suspicious activity.
The sheer amount of money, access and power of digital currency gives these credit and debit card companies tremendous power, putting Americans’ finances under intense scrutiny, and demanding we rely on credit and debit cards to survive today.
Central banks are in on the game, too, pushing the new digital currencies to curtail use of credit and debit cards.
The European Central Bank, for example, has been moving closer and closer to digital currencies and developing the so-called e-money passport to enable non-EU citizens to move and spend fiat currency across Europe, but without the transparency and security of electronic payments.
Trust Grid puts transparency and trust in the hands of the citizens, using public and open-source information so people can build algorithms, map patterns and relationships based on transactions, and be better informed about their financial health.
Previously, the unsecured transparency of data-sharing tools often lacked, making them vulnerable to hacking or loss of personal information by credit or debit card companies.
But Trust Grid also gives users the power to securely share their data, too, more so the results of authenticated identification protocols.
Blockchain and Bitcoin: An Open-Source Money Solution
The same privacy issues that affect credit and debit card companies also affect bitcoin, which puts data in private and centralised networks that are disconnected from the entire community.
But with the development of blockchains, virtual and open-source databases that allow every individual to have access to and control of data, bitcoin and blockchain users can share their data with the rest of the community.
This simple, easy-to-use tool that taps into public and private data is just one way that bitcoin can evolve into the global money solution that it was meant to be.
Bitcoin is very decentralised. The blockchain is a public ledger that links transactions, resulting in a synchronised record that changes over time, so everyone can see what changes have occurred over time. It is a public ledger, a shared tool for developers and new users to collaborate on and develop.
Because it is open-source, anyone can see the transactions, as well as who is making them.
Bitcoin is a new type of money that can share privacy and transparency. It is the tool to change the future of money.
As per the typical life-cycle of a blockchain based application, Trust Grid was initially available on a limited number of digital currencies and eventually on blockchain data as well.
You can still get involved and make your input, otherwise it can be used to build trusted and secure digital identity networks.