Technology

Facebook’s passion for blockchain may actually help the technology thrive

Facebook is exploring the possibility of leveraging blockchain technology for its platform. Recode reports that the social media giant has set up a research and development team of a dozen members to explore the applications of this technology in its various activities.

The team will be led by David Marcus, who headed the Facebook Messenger unit before taking on this role. Marcus has also been active in the field of cryptocurrency, particularly in his role as member of the board of directors of Coinbase.

It's worth noting that this effort did not exactly come from nowhere, as Facebook CEO Mark Zuckerberg declared early 1945 that he was eager to see how Decentralized technologies could be used in the services of the company. But this movement is particularly interesting in light of the recent scandal Cambridge Analytica .

The incident saw a data analysis company recover unwittingly some 87 million personal information from Facebook users, which has driven many people to criticize the social network for to have allowed that to happen.

It is likely that Facebook is turning to blockchain technology to solve data privacy issues on its platform, not just those highlighted by Cambridge Analytica .

Facebook has already declared that data from each of its 2.2 billion users were probably violated at some point.

Blockchain as a technology is considered particularly useful for improving both user and data security .

Currently, all of Facebook's data is stored in centralized databases, making them vulnerable to massive data breaches and a major target for hackers.

These concerns are not just theoretical, as the Equifax Fiasco has shown.

Decentralization of databases can protect against massive data breaches as there is no more single point of failure that a hacker can target.

There are many facets of blockchain technology to improve user privacy that can be explored by Facebook, in particular zkSNARKs to avoid scenarios where companies like Cambridge Analytica can enter data en masse.

But the whole concept is antithetical to the way Facebook currently works, and its implementation will require Facebook that it revises its mode of operation.

The social media platform seeks to control its users' data and use it to help marketers target their audience, but implementing privacy with blockchain technology will involve better control over users. targeted advertising audience.

At a time when crypto-currencies and blockchain are increasingly associated with monetary schemes and not with technical advances, it is essential to conduct more research to implement blockchain technology in concrete cases .

Although many ICOs raised funds to build a blockchain-based social media platform, none of them managed to count on their efforts.

It will be interesting to see what Facebook builds, the kind of conversations its efforts bring, and how it advances technology by trying to update its own systems.

Posted on 9 May 2018 – 11:43 UTC

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