Rachel Wolfson, a contributor at Forbes says Facebook might want to start looking at the prospects of implementing blockchain and cryptocurrency right away given that the #DeleteFacebook hashtag continues to gain traction – it appeared more than 10,000 times within a two-hour period on Twitter after the data scandal involving Cambridge Analytica.
Cambridge Analytica is the political data firm behind the exposure of personal data hosted at Facebook through numerous questionnaires, surveys, and quizzes that were using to collect personal data via Facebook. The tools allowed the firm to trick users into logging in with their Facebook login information before, take the surveys, and have their data fetched. The tools also accessed data belonging to Facebook friends lists of those who directly used the tools. Such quizzes include “Thisisyourdigitallife” personality quiz and “sex compass”.
Facebook admitted that “Thisisyourdigitallife” app illegally collected data from 50 million Facebook users. Although 270,000 users — but the effects spread to their Facebook friends lists. The information was purportedly for use for “academic research” purposes.
Need for a cryptocurrency and blockchain
It is to be remembered that Facebook said earlier this year that it will be studying blockchain and cryptocurrencies. Probably with a hope to implement it on the social media platform. But it is unlikely that could happen in the near future.
And Facebook CEO Mark Zuckerberg said since many people have lost faith in the promise held in the 1990s and 2000s. However, that technology would be a decentralized force because a small number of big tech companies and governments were “using technology to watch their citizens”.
He added that encryption and cryptocurrency can help solve that problem. And the need and pressure couldn’t be timelier according to the Forbes writer: “the #DeleteFacebook hashtag continues to gain traction. It appeared more than 10,000 times within a two-hour period on Twitter following the news of the Facebook data scandal”.
So how can blockchain help Facebook or how can Facebook help users through blockchain?
One of the reasons it was so easy for these tools to collect so much amount of data (in an apparently short period of time). It is probably associated with the fact that it was centrally stored.
Blockchain technology, in addition to being more secure and facilitating distributed storage of data and information. It can facilitate trust across the Internet, writes Wolfson. One such company using technology in this way is “Hub”. It is“Human Trust Protocol that allows users to assess trustworthiness “at a distance across applications”.
Users can store information and the access their reputation information “e.g. actual, verified outcomes based on past interactions”. They can then control their personal data and share what reputation information they feel free to share with apps or third parties, securely.
The reputation is portable across various platforms, networks or domains. The gain reputation can even be using service providers to verify users and provide services such as loans.
The platform uses a cryptocurrency called Hub token to incentivize users and share reputation data in the protocol. Participants taking part in a transaction pledge stakes and then earn a positive reputation and their stake back when a task is completed.