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Facebook recently got under fire for security issues. The social media giant was accused that leakage of information of users is misused by companies and especially by data analytics companies. The most recent example comes from Cambridge Analytica, a data analytics company that gained access to personal data of almost 50 million users. There were also some speculations that the data was used to support President Trump and ultimately, led to his win over Hillary Clinton.
Facebook’s CEO, Mark Zuckerberg, has reportedly sold a lot of stock in his own company, more than any other “inside guy” that knows something. CNBC just reported that Zuckerberg sold 1.14m shares, but this selling was “scheduled” and had nothing to do with the problems the social media giant is currently facing.
However, it is blockchain that may come to the rescue of users. According to RBC Capital Markets, blockchain can experience significant growth if used to protect users’data. For example, through the blocks of information that get validated and that can be tracked, each person who shares a photo or something else will know how many people have seen it, shared it or just had access to it. The sharing of information will not be done through the traditional way.
According to analyst Mitch Steves, the recent backlash that Facebook is facing may prove very beneficial to the popularity of blockchain.
CNBC just reported his words:
“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.”
While the CEO of Facebook is trying to defend the company’s fallout, and essentially ensure all users that Facebook truly realizes their responsibility for keeping data private, the power of blockchain comes from the transparency and control that each and every user can have over their own information.
While Facebook was created in the first place because of the idea of sharing and reaching out to people, the issue of privacy has become a huge problem for many big tech companies. The solution may come in the form of blockchain very soon. Right now, for example, Google is reportedly working on their very own blockchain technology.
And while the prices of Bitcoin and other altcoins fluctuate going from huge ups and downs, the benefits that blockchain brings are undisputed at this point.