Facebook, a Blockchain to regain trust?
Facebook has been hit hard by the Cambridge Analytica scandal. Could the most famous social network regain the trust of its users through the use of blockchain technology?
Privacy and data sales, how the Blockchain could change the game
Blockchain technology is based on the transparent and decentralized storage and transmission of information. By allowing its users to manage their data, Facebook would be obliged to completely review its business model.
Indeed, the use of a shared data registry, administered by the community, is in contrast to Facebook’s current operation, based on the sale of advertising inserts and sharp advertising targeting facilitated by the collection of personal data.
Following the Cambridge Analytica scandal, Facebook announced numerous measures to protect the privacy of its users, including a ban on the monetization of private data by the company. The adoption of the blockchain would go much further by really giving Internet users the keys to the use of their personal data.
Facebook and the Blockchain, which could happen
If Facebook adopts the blockchain, we can imagine multiple applications that would result from it. First of all, the users themselves monetize their data with marketing companies, but also the creation of a Facebook-specific token. If the platform were to launch its own Cryptocurrency, it would be able to use it in its Marketplace space, facilitating its potential adoption by millions of users.
To develop its project around the blockchain, Facebook has surrounded itself with a team led by David Marcus, an accomplished entrepreneur. Former CEO of Paypal, who tripled the number of Facebook Messenger users is also a member of the Board of Directors of Coinbase, the famous Cryptocurrency exchange platform.
Facebook seems to have all the cards in hand to integrate the blockchain but there is a good chance that its massive adoption (if it materializes) will not happen overnight.