The Facebook fallout could be good news for blockchain technology, said Mitch Steves, analyst at RBC Capital Markets. “In the future, someone like yourself no longer has to give their photos to Facebook,” Steves said Wednesday on CNBC’s “Fast Money,” on how blockchain would work with social media.
“Instead, you could just share that photo specifically with people, and then you’d be able to track it and make sure it’s not shared with someone who gets access to your information.” “You can 100 percent track all this stuff,” he said.
“I think that’s where we’re going long term.” But, he said, while the technology would allow users to keep tabs on their data and how it is being shared, it would not allow users to prevent misuse in the first place.
“Blockchain would solve the transparency issue, but it would not solve the control issue you have,” he said. Privacy issues came to the fore after The New York Times and the Guardian’s Observer reported Saturday that political data analytics firm Cambridge Analytica improperly gained access to personal data of more than 50 million Facebook users.Despite being aware of the misuse since 2015, Facebook did not alert its users.
Facebook founder and CEO Mark Zuckerberg spoke out on Wednesday for the first time since the news broke. In a Facebook post he wrote, “We have a responsibility to protect your data.” Read more from cnbc.com…
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