The recent wave of headlines around Facebook and Cambridge Analytica has prompted global concern around issues about which many in the crypto community were already keenly aware. Secure data storage is the foremost concern for online businesses and platforms. This article gives an overview of the approach we will take to safe and effective storage of personal data on LaborX and ChronoMint.
ChronoBank takes privacy and data security extremely seriously. Your personal data will never be sold to third parties or misused in any way. We believe that this commitment should be the foundation of trust for any online services.
🚀 LaborX Beta Launch Date: 24th May 2018
IPFS and DMT
Aside from matters of policy, our tech is designed in such a way as to avoid the security issues that impact other models. We do not use centralised cloud storage services to hold user documents, for example, since these are prone to hacking and other problems. And, as a blockchain-based platform, we are already familiar with strong encryption and employ it as a matter of course.
However, blockchains are not suitable for the storage of large documents, images and media, due to the requirements for every full node to hold a complete copy of the blockchain. Even a dedicated child chain using Plasma — as ChronoBank are doing for LaborX and TimeX — would not be able to cope with the bandwidth and storage requirements of all of our users. We therefore need to employ a different system for document storage, whilst using the blockchain to create an immutable and 100% reliable record of these, proving their veracity beyond doubt for anyone who needs to query them.
All documents will be encrypted and held in their full form on IPFS, the InterPlanetary Filing System — a peer-to-peer system for storing media. This employs some of the same technologies as Bitcoin and BitTorrent to connect all users with the same system of files. Basic information about jobs, job boards, user skillsets and reputation are stored on the Ethereum blockchain in the most compact way possible, using keys and hashes of content. This gives us a best-of-both-worlds approach whereby key documents can be accessed by anyone, at any time, and their authenticity can be established, but large amounts of data are not held on the blockchain — with all the costs and complexities that would entail.
We will use our Distributed blockchain Middleware Tracker (DMT) to keep IPFS in a consistent state. DMT will also be used to cache all LaborX platform operations and to provide users with advanced search and analytics services.
We hope that this will reassure our users of our commitment to privacy and that the safety of your personal data is paramount.
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