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No, the idea is that it's under collective control.

Why would you as a consumer want collective control over your data? Why should anybody but myself be able to affect my own credit?

That isn't how a blockchain works.

Great explanation /s

Please tell me how a blockchain works then.

Ok, sure. Why does having a public ledger imply anybody can control your data? Can I take your Bitcoin? You're being outright stupid tbh.