Recent developments in the social media platform have raised concerns about user’s privacy. Facebook and Cambridge accepted the charges of sharing private information of its users to other clients. These entities were the biggest companies to collect and monetize information as regulators never tried to supervise their actions.
Amid these allegations, users have been voicing for an alternative system that separates identity from user data. Unlike Facebook, the blockchain technology has the capability to remove data which can affect your privacy from the information vital for marketers. The system Facebook uses to collect data is not opt-in or opt-out which eliminates user’s power. The decentralized technology provides optimum control over data uses digital currencies to reward users in case they want to share their information.
Elad Peled, CEO, Sentiment analysis platform, “I believe users should have the opportunity to share their private data and be compensated for it. The data is physically stored in a decentralized storage space, protected by ECC asymmetric encryption, sharing techniques, and various anti-sybil attack methods. This guarantees that a Cambridge Analytica-like incident can’t happen on our network, while users can enjoy complete data ownership.”
Through the use of blockchain, users can avail the capability to determine the level of security for their information as well as the ways to gain digital currencies through data exchanges. The breakthrough technology can considerably help in regaining the sovereignty of one’s data which has been put at stake by Facebook.
Daniel Gasteiger, VALID Founder, informed about the different approach blockchain takes on information present in social media. He said, “By matching identity owners and data consumers directly, the costs currently charged by data aggregators such as social networks, search engine providers, and data brokers, will be omitted.”
Projects based on blockchain have shown great response by effectively protecting the security, safety, and privacy of its users’ information. On one hand tech giants like Google and Facebook put user data as a priority and on the other hand blockchain applications value their participants the most. Data is not the driving force to sustain blockchain, but the participants itself provide value and necessary momentum.
Co-founder & CEO of Wibson, Matias Travizano, which operates as a blockchain application to assist users in monetizing their information, said, “Now is the time for consumers to get proactive and embrace these alternatives. Consumers own their data. They should profit from it.”
As of now, it seems like a matter of time till people abandon Facebook and look out for a blockchain based social media platform.