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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