Fiduciary Exchange

 1. Introduction
      1.1. Personal Privacy vs Virus Visibility
      1.2. Crowd-Sourced vs Crowd-Owned
 2. Scalable Account
      2.1. Blockchain Comparison

1. Introduction

Fiduciary Exchange is the ONLY online service technology in the world that gives users FULL control of the processing of their online data.

Homomorphic Encryption and Command Chaining are used to solve the Personal Privacy vs Virus Visibility conundrum plaguing many governments in this pandemic.

Identity and Location data are encrypted on individual mobile phones before being submitted to a citizen owned contact tracing system online.

Close Contacts are identified quickly and notified anonymously using only the submitted encrypted data thus protecting the privacy and confidentially of the citizens.

1.1. Personal Privacy vs Virus Visibility

Unlike private companies which are profiting from people's data with impunity, governments need to protect the privacy of their citizens (and themselves), so massive centralised real-time location logging cannot be used in the fight with COVID-19.

The lack of instant and complete visibility into virus movements means

  1. Contact tracing is not scalable - easily overwhelmed once positive cases increases
  2. Massive testing and lock downs because we just don't know where the virus is
  3. Colossal leak of citizen data from credit card purchases to mobile towers used

If the citizens can provide complete visibility into their movements by tracking THEMSELVES (instead of being tracked by someone else), then most of the privacy concerns will disappear!

Fiduciary Exchange's universal privacy protection means incidents like the BBQ Man Leak would have been prevented (since Fiduciary Exchange uses encoded location blocks instead of specific business names like Barbeques Galore and has progressive matching telling only increasingly more relevant people increasingly more details).

Fiduciary Exchange enables governments and citizens to work seamlessly TOGETHER fighting COVID-19 surgically WITHOUT blunt instruments like lockdowns by bringing unprecedented human and computer resources of the whole population to assist the government in a privacy protected way.

1.2. Crowd-Sourced vs Crowd-Owned

Problems with privacy is easily solved if you retain OWNERSHIP of your data, instead of just giving it away and allow others to do whatever they want with your data.

Unlike other online services, which use you as the data source only, Fiduciary Exchange gives you control (and thus retain ownership) of your data even when they are being processed on foreign devices.

Fiduciary Exchange enables you to control your online interactions fully, contributions and rewards can be exchanged safely even with entities that you do not trust.

Instead of the online service deciding what data they will process and how they will process it, you decide who to use to process your data and which processes they run on your data.

In Citizen Assisted Contact Tracing, you control how to contribute data you have collected inside your Personal Map, how to process those data inside the Fiduciary Exchange and where to send the resulting output (e.g. to a friend, to the government, to the Communiy Map etc.).

The unprecedented privacy guarantees provided by Fiduciary Exchange underpins Citizen Assisted Contact Tracing's ability make use of your most private data to expose the virus precisely (down to meters) and cutting the virus' legs off rapidly (notification within minutes).

2. Scalable Account

2.1. Blockchain Comparison

Despite their claims, public blockchains (e.g. Bitcoin, Ethereum) are neither trustless nor decentralised. Without the underpinning of those 2 properties, cryptocurrencies and dapps lose their fundamental advantage over non-blockchain based online services.

Online
Services
Traditional
Centralised
Bitcoin
Ethereum
Fiduciary
Exchange
DATAConcentratedDistributedDistributed
CONTROLConcentratedConcentratedDistributed

Proof of Work and Proof of Stake schemes ALL give those that ALREADY HAVE resources increasing control over those that HAVE NOT - which the total opposite of the "decentralisation" claims they are making.

Contrary to blockchain's original DISTRIBUTED ideal, in practice the control of current public blockchains is highly CONCENTRATED in almost every aspect, from developers to miners to exchanges to so called whales.

By distributing the control of the online service to the users, Fiduciary Exchange prevents market manipulation, promotes innovation and adds unprecedented privacy and value to their data.

Fiduciary Exchange is very different to public blockchains but a very rough comparison table may be useful for illustration purposes:

Online
Services
Bitcoin
Ethereum
Fiduciary
Exchange
STORAGEFull NodesPersonal Files
INTERFACECrypto ExchangesAnonymity Consoles
PROCESSORCrypto MinersDisposable Nodes

STORAGE - unlike public blockchains your data are NOT stored remotely inside so called "full nodes", they are stored as encrypted personal files on your personal devices (e.g. phones, laptops) which you can view, edit and move around at anytime.

INTERFACE - unlike public blockchains the interface is NOT on some remote exchange you have not control of, it is on your personal devices (e.g. phones, laptops) which you have full control and no one else have access to.

PROCESSOR - unlike public blockchains the processor is NOT some anonymous miner half way around the world, it is selected by you and has verified identity and known physical location, you can use whoever you like to process your data. You know them but they don't know you.