1.4 Why "BaaSid"?
The philosophy behind the blockchain dreams of world that is free from the centralization of existing vested interests such as governments, banks, institutions, corporations (various forms of political, economical, social and cultural powers and for-profit or non-profit powers of concerned groups) from where asset trading and credibility is maintained by means of a public ledger for individuals to create proactive opportunites for themselves amongst a wide range of parties concerned.
The direction the era is taking greatly demands transcending the distrust that arises when a centralized power group, that takes many forms, supplants the public sphere, and replacing this with a massive network consisting of individuals directly taking part.
Blockchain is significant in that it protects the various forms of individual property (money, real estate, intellectual property, and all other types of property) through decentralization, with the same information promised to the public by organizations or corporations that are susceptible to hacking, loss and falsification, enabling individuals to enjoy a higher quality of life and obtain better value.
However, with such blockchain technology and use, other types of centralization continue to come into being and there are doubts and limitations as to how they stand up to the threat of hacking. And this situation is spawning a slew of diverse companies and services.
The most prominent case is centralizing, saving and maintaining information on various internet service users based on the blockchain.
Already, there were many cases where databases (DB) with personal information stored, or other centralized databases were hacked. And event today little can be done to ease the anxiety surrounding such cases.
The blockchain technology itself nearly completely guarantees permanence and security against forgery or falsification, but the various services that are linked to this are already showing many limitations.
Despite these limitations, in virtual currency exchanges that use blockchain technology and in the various free and charged services attempts to collect and hack important and sensitive personal information is still a source of anxiety for participants, users, and service providers.
Even among services that are not based on the blockchain, when it comes to various internet based services, regardless if blockchain technology is being applied or not for: login information (ID & PW), new registration for services (entering personal information), virtual currency wallet (development of a DB through personal information registration) shopping payments (registration and exposure of credit card numbers and other sensitive information) IT corporations or institutions face a wide range of threats and challenges from the severe storage and leakage of personal information at all stages of internet services.
And a more serious problem is that one's personal information can be leaked anytime, anywhere, anyhow with the individual unaware about how this information is being abused, and even if the individual becomes aware, by that time it is too late.