Blockchain & Facebook’s Data Privacy

In the wake of the Cambridge Analytica scandal around Facebook, many are calling for more strict data privacy measures at top tech companies. The problem is these companies depend on user data and attention as the product they sell to advertisers. Facebook isn’t likely to stop sharing user data anytime soon, since that user data is a huge part of their business model.

That being the case, many of those arguing for the end of Facebook has cited blockchain as an alternative way of facilitating social media. While decentralization may certainly be part of the solution, blockchain alone won’t solve the data privacy issues inherent in social media. Giving users control over their data is a larger challenge that will involve blockchain, but blockchain alone can’t solve it.

Data privacy and control is an important issue, and now is a great time for blockchain to shine as a potential player in the race to fix data privacy. However, blockchain alone won’t solve this challenge. It can secure data, but its decentralized nature means that it’s difficult to stop others from re-sharing your data once you’ve given it away. Fixing Facebook will involve other access control technologies that limit sharing and truly give users control over how their data gets used.

Certainly, implementing blockchain faces some obstacles, largely around the issue of interoperability. If I've got a blockchain system and you've got a blockchain system, we need to find a way to communicate. Any solution would raise issues of data governance since such an exchange could potentially break the chain. Large companies like Walmart have the leverage to make suppliers use its blockchain, but smaller companies don’t have that power. What’s needed is standardization, so that everyone’s on the same page. That’s the advantage of a platform like the Oracle Blockchain Cloud Service. It’s an industry- and application-agnostic foundation that makes building and implementing blockchain applications much easier. Moreover, thanks to the inherent standardization of a platform, these applications can be more flexible and future-proof.

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