Consumers in the tech industry have concerns, and data privacy and security are among the biggest, especially in the cryptocurrency industry, according to a report from the Aleo Network Foundation. 

The 2024 Data Privacy Report revealed that 77% of the 2,217 consumers surveyed said they were “very or somewhat concerned” about data privacy and security in their everyday lives.

Moreover, nearly half (48%) of the surveyed consumers said that data privacy and security is the “most concerning issue” currently affecting the tech industry.

These concerns don’t just originate from techno-skeptics of generations gone by; in fact, concerns about data privacy span the generations. Baby Boomers responded with an 85% concerned sentiment, Gen X at 77%, Millennials at 74%, and the tech-native Gen Z at 68%. 

While data and privacy concerns are not new in an industry in which users must hand over sensitive information daily to carry out digital activities, this year ushers in even more reasons for users to think twice. Only 10% of respondents said they had “a lot of control” over their data given to companies, with the majority (26%) saying they only had “a little.”

Poll of privacy and data concerns. Source: Aleo 2024 Data Privacy Report 

These concerns will continue to escalate in the face of new, potentially more invasive tech innovations such as powerful artificial intelligence (AI) models that have already caught major tech companies like Google in the crossfire of data infringement lawsuits .

Crypto skeptics 

For cryptocurrency companies, consumer concern was even greater when it came to data privacy and security. 

According to the report, only 10% of survey participants voiced confidence in “the industry's dedication to data privacy and security,” with the most apprehension in older generations. Nonetheless, the survey called this an “issue for people of any age or background.”

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Cointelegraph heard from Brennen Schlueter, the CMO of Aleo Network Foundation, who called the report a “critical barometer” to better understand the evolving dynamics within the cryptocurrency ecosystem. 

“It highlights the urgent need for industry-wide improvements in data privacy and security to pave the way for mass adoption,” he said.

“As the industry matures, this report calls for a collective effort among stakeholders to elevate standards and practices, ensuring that the inherent privacy and security advantages of blockchain technology are fully realized and communicated.”

There’s a solution

Despite the low numbers of confidence in the industry’s practices, the crypto space has been actively evolving with data privacy and security as a priority. 

Recently, Multicoin Capital and Protocol Labs led a $73 million funding round for the cryptography startup Zama, which aims to protect data privacy and make the “entire internet encrypted end-to-end.”

Privacy-focused innovations are something consumers are eager to adopt, with 55% of respondents believing that new products and tools are needed to replace ineffective data privacy solutions and 67% ready to switch to products that offer data protection technology.

Schlueter closed his comment on the industry's efforts to ensure better data privacy protection by saying : 

“[This] is a call for our industry to introspect and innovate, ensuring that advancements in technology are matched with an equally robust commitment to user privacy and security, thereby setting a foundation for sustainable growth and broader societal acceptance."

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