As more and more payments become digital, a key question upon us as Web3 Builders is how to preserve the privacy of the users. Without enough privacy, payments systems risk becoming surveillance systems for Big Tech & Agencies. In turn these can be extended into control systems where third parties have the information to decide and control who has access to public and private services, based on whatever criteria they choose.
It sounds like an Orwellian dystopia, but the risk is very real - it is well within today’s technology capabilities to monitor everyone’s payments, purchases, subscriptions, donations, income and gifts, together with their location, travel patterns, online searches, email, phone, photos, gaming, reading, political, religious, medical, social media and face-to-face interactions. If it can be done, it will happen unless enough controls are put in place to prevent it.