As every year Mark Zuckerberg this year challenge is to “get out and have a series of discussion on the future of technology, internet and how it’s going to affect the society”.
Right from his challenge, he started hosting a series of discussions on the future of technology and society, starting with Harvard Law Professor Jonathan Zittrain.
They almost spoke for 2 hours covering topics including information fiduciaries, encryption, decentralized services, governance, fighting misinformation, different business models, privacy innovation and future research areas.
Be ready to log in to Facebook with Blockchain based authentication, as indicated by Zuckerberg.
Let’s dive deeper into the root cause of the problem.
Facebook’s Pitfall: Data privacy Scandal
The words stating “Data is Money” was proved by facebook by this data privacy scandal, which collected personal information of nearly 85 million people on their platform. Cambridge Analytica the political consulting and strategic communication firm was the main player of this game, which gained access to personal data of Facebook users through a third party application which is useful in building psychographic profiles of users. They have not only focussed the users alone but also extracts data of people who are connected to the users, all the common data which includes their likes, comments etc. this will give them an understanding that what is there mindsets and how can they manipulate the users with their own data.
Solution Proposed: Blockchain
As a result of the interview, Zuckerberg is in thoughts of going back to blockchain or decentralized authentication which could give more power to users when granting data access to the third-party application, like other companies’ even Facebook is ready to adopt Blockchain technology as a caution for risk of further data sharing scandals.
Facebook already started investing in blockchain as they set up a separate group inside the company to explore Blockchain in multiple Platform, also promoted one of their senior engineers Evan Cheng as Director for there recently launched Blockchain Division.
Reports stating that Facebook is going to explore and develop its own Cryptocurrency which allows their 2.3 billion global users to make payments with their own virtual currency which is similar to Bitcoin.
The risk associated with Solution
Even a fully decentralized system makes it possible for third-party apps which violate user privacy to continue running even in states of a massive data breach, apart from this implementing blockchain will include immense technical challenge, reason why Facebook hasn’t implemented the change.
Latest reports say that Facebook is planning to create a new crypto division, already having acquired one and is secretly eyeing on other acquisitions in crypto space.
Mark Zuckerberg is still evaluating the pros and cons of implementing blockchain.
He further acknowledged the broad technical challenges created by decentralization.
“Certainly the level of computation that Facebook is doing is really intense to do in a distributed way,” he said. “Decentralized things that are computationally intensive will be harder. They’re harder to do computation on, but eventually, maybe you have the resources to do that.”
It’s a complete confusing scenario for Facebook whether to adopt blockchain or not.
Let’s see how Facebook will survive in the industry with or without any new technology adoption.