Michael Luckhoo, an experienced entrepreneur and business expert, has been featured in an exclusive online interview to explore his current career efforts and interest in decentralized technologies. He aims to help introduce blockchain to developing economies since he has a great interest in the banking industry. Within the next five years, he wants to be a household name in the big data business.
Who is Michael Luckhoo?
Michael Luckhoo is a successful businessman and entrepreneur located in Mississauga, Ontario. He spent twelve years working in the aviation sector after earning a post-secondary degree from Western University before deciding to pursue a career in business. Michael has been concentrating on decentralized digital assets, such as cryptocurrencies and blockchain technologies, since 2017. Michael’s main goal is to use blockchain to bring in a new age of customer connection.
Data has been dubbed the “new oil” in today’s economy. Websites and applications amass massive quantities of data about each user, which may be monetized. Consider a future where each person has complete control over their data and how websites utilize it. Data has the potential to become a personal asset that can be leveraged in the same way that liquid money does.
Michael Luckhoo predicts how data will be used in the future:
The usage of blockchain to protect personal data in the future will have a profound impact on developing countries. Companies who wish to be among the first to use this technology are urged to do so as soon as possible. The Cirus Foundation is a leading blockchain initiative that aims to close this gap by simply replacing the home’s internet router and establishing data wealth vaults on the blockchain.
Investors should pay attention to businesses developing digital wallets that link personal data assets, leading to banking-like services and new economic incentives. These startups are following in the footsteps of bitcoin by building a safe data environment for their customers. Users will control their data while still having access to financial services if they utilize a secure data wallet system, which is a win-win approach.
Michael Luckhoo urges all internet users to investigate the possibility of establishing their own blockchain data wallet and protecting their sensitive personal information. We can avoid becoming simply another saleable asset for a large corporation by regaining ownership of our data.
Data is a valuable asset in and of itself. It should, in theory, belong to the person who developed it. It’s made up of your online actions and habits, as well as the insights gained from studying them. It’s a digital identity-related information trail. It may be traced all across the web, giving you a complete picture of your online activity.
Blockchain and Data:
Your data trail may be used to verify your identity. It may help you prove that you aren’t a robot by verifying your digital identity in a more sophisticated way. For example, similar to credit history, your purchasing history may be included in your data trail.
Data may serve as a link between individuals in underdeveloped nations and the financial services they are often unable to access due to their geographical remoteness. For example, one-third of Africa’s population cannot use banking services, even though financial access is gradually increasing year by year.
Blockchain as a safe system:
If the average person could keep their internet data in a blockchain system, they would unquestionably own it. On the other hand, websites and data brokers would have to pay the users if they wanted to access the data. Personal data is turned into a bankable asset in this way.