Rozium

The prevalence of shopping online has been becoming more and more popular year by year with the advent of companies such as Amazon, however, it is not uncommon to hear of instances where customer data is taken by identity thieves. For example, In 2016, Uber suffered a data breach where the individuals were able to download files that had the names and driver’s license numbers of around 600,000 drivers in the United States, as well as email addresses and the mobile phone numbers of Uber riders. In another notable incident, Target in 2013 suffered a data breach where hackers gained access to 40 million compromised accounts during the Black Friday shopping weekend, with the information stolen including customer names, credit or debit card numbers, the card’s expiration date and the CVV.

Incidents such as these, as well as the recent Equifax data breach, are on the minds of consumers, IT security personnel, and aspiring data thieves alike. If a more stringent form of digital security was used in any of these cases, such as a blockchain based system that we propose, it’s likely that the data of these customers would still be safe.

Using encryption is evidently not enough; We live in a world where hackers are getting more experienced and more clever every day. This is where we believe the blockchain can save the day. The Rozium team has theorized that by connecting account funds to an immutable and open ledger system, and by disassociating those funds from their known credit or debit source, via the “digital airlock”, we can prevent the removal, deletion or malicious use of customer or vendor data that is gained through a potential, if not eventual breach of the system.