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Facebook’s Data Security lapse could smooth the path for Blockchain

 

Facebook is under flame this week over a discussion controversy involving tens of millions of users’ personal information.

The dramatization started when the $500 billion organization conceded Friday that data analysis firm Cambridge Analytica, which has close connections to President Trump’s election campaign and right-inclining megadonors, utilized information that had been gathered from 50 million clients without their assent.

This could be good news for blockchain technology, said Mitch Steves, an analyst at RBC Capital Markets.

“In the future, someone like yourself no longer has to give their photos to Facebook,” Steves said Wednesday on CNBC’s “Fast Money,” on how blockchain would work with social media. “Instead, you could just share that photo specifically with people, and then you’d be able to track it and make sure it’s not shared with someone who gets access to your information.”

“You can 100 percent track all this stuff,” he said. “I think that’s where we’re going long term.”

While blockchain, the online ledger technology underlying bitcoin and other cryptocurrencies, would allow users to keep tabs on their data and how it is being shared, it would not allow users to prevent misuse in the first place, Steves said. “Blockchain would solve the transparency issue, but it would not solve the control issue you have.”

Facebook founder and CEO Mark Zuckerberg spoke out on Wednesday for the first time since the news broke. In a Facebook post, he wrote, “We have a responsibility to protect your data.” But the stock tumbled considerably this week.

 

 

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