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Blockchain Alone Cannot Help Facebook

Apr 13, 2018 Posted /  805 Views

Blockchain Alone Cannot Help Facebook

Facebook this time is caught bad. With the Cambridge analytical leak and the question on the privacy of millions of people, the company has seen its worst today.

The founder of Facebook appeared before the Congress for an explanation on the data leak by Facebook and how they could manage to compromise the security of the people of not just the US but also the entire world.

Mark Zuckerburg built a mechanism he no longer can contain. Things for him are now running out of hand and time both. After a lot of thinking and deliberating one could easily say that what came out as a simple website to connect people, things are now more driven towards minting money by selling the personal information of the people and that too quite easily.

The question here, however, reflects on the utility of blockchain for this purpose as it too stores personal data and that too offers high quality of security. This has arisen out of just one major thing which is the centralization of data control!

Blockchains have a lot of potential like:

  • Identifying fake news
  • Preventing the leak of user data
  • Providing a sustainable model than facebook

And yes, a decentralised and completely safe social media has been up and running for two years now by the name of “Steemit” which has no interest in your data and keeps it completely off their radar. This social media app runs on Ethereum based platform for the civils.

Their vision by which they run is that of an “ownerless content platforms based on fully open-source software models”. This is a simple math- putting users in charge of their own data. No third party involved, not even the company itself. And the reward content providers based on fair, objective metrics of audience engagement and community priorities, and apply reputation tokens or other skin-in-the-game staking mechanisms to foster greater accountability and honesty in information production and distribution.

But this cannot be the case with any blockchain based platform as blockchain still needs a lot of evolving to offer something this exquisite to its users. They simply won’t have the capacity to handle the humongous amount of data coming their way.

However, Steemit too has its own set of limitations as well. It offers the top rated stories with its own tokens.

This model, which was intended and designed as a decentralized and a censorship-free way to distribute the funds for popular content while allowing advertisers a way to buy more favourable positions in the feed, appears to have created another self-reinforcing echo chamber.

Also, the users don’t really trust blockchain and the number of vocal support against the data which has come upon these social medias themselves simply shows how they are yet to bring up for themselves a place in the heart of the people and maybe then gain the required confidence to take up something as big as the responsibility of the data protection of billions of people around the world.

Meanwhile, it won’t be an unreasonable or wrong bet to conclude, for example, that a network like Lightning or Raiden will one day resolve these scaling challenges regarding the data privacy, not only for transactions in currencies but also for transactions in data and content.

The founders of the high-tech encryption provider Enigma argued in a recent blog post, entitled "Why Blockchain Alone Can't Fix Facebook." In the blog post they said that the development of "a complete privacy protocol," a layered structure that will include both the blockchain technology and a "secure computation" to keep the entire user information private even when the system fails to do that due to some internal error or discretion.

Stating this issue, one of the Twitter users and miners said that “The first step in reducing the power of these internet behemoths, then, must be to use the kind of decentralized trust models that blockchains enable to make their data aggregation monopolies redundant”

The problem, however, is finding an s solution to this issue of data in the form of currency being compromised upon. It is the duty and the need right now of these bigshot techies to come up with the solution to this problem so that further issues are no more and that things can take off in a justified way in order to provide the best user experience to its customer base from all around the world.

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Tags: blockchain based platform

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