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Facebook’s Data Security Meltdown Could Bolster Blockchain: Analyst

CyberWisdom Safe Harbor Commentary

A recent story from ccn.com covers a revealing that social media giants should not mistake the forest for trees. Although Facebook continues to be involved in security holes involving tens of millions of users’ personal data, they may just prove an unchangeable open ledger, which is the value of the blockchain. According to Mitch Steve, Capital Markets analyst at Royal Bank of Canada, according to a recent CNBC market segment, he may be looking for something.

Network security is the reason why the risk management team continues to strive for leadership, and Facebook’s latest incident is an example of how flawed the vulnerability is. If you haven’t heard of it, third-party data analysis companies have distributed millions of Facebook users’ personal information without permission. Facebook tried to wipe out all this, and now Mark Zuckerberg has provided a superficial article.

Facebook creates a more secure world for billions of users on the blockchain. Zuckerberg believes that if he chooses to ignore technology and considers his rebound from security breaches, cutting $40 billion from the Internet baby’s market value can prove that he has reached a turning point.

Trust issues

But this is not only the opposition of investors. Wall Street and London’s financial district are questioning whether Facebook can survive another security incident, not to mention the company’s response from regulators. As Wells Fargo analysts point out, “Facebook has upgraded its user privacy features and application review process to prevent similar abuses.” But if too little, is it too late?

If more stringent regulation occurs, you may find that Facebook news sources have changed, not to mention the ad that appears. Facebook has already issued a ban that extends to ICO and cryptocurrency advertising.

It leads an important point about whether blockchain technology can prevent such events from happening first.

Big Tech&Blockchain

On the day Google released its own blockchain program, Big Tech began to realize that they could no longer hide their heads in the sand of the blockchain. Facebook took a step in the right direction on the blockchain and will not flood social media in decentralized areas. The company, not its user, controls the platform, and even if the mail is posted on an immutable global online database such as a blockchain, the company will continue to do so.

But according to Steves of RBC, what the blockchain will do is add another layer of transparency to the social media platform so that users can monitor their data – be it posts, pictures or locations – and know exactly what its hands are. However, if there is not enough centralized blockchain, the creator of the data will be placed in the driver’s seat so that they can decide who can see the data and who cannot see the data.

“You can track all these things 100%… If you use blockchain technology in the Facebook example… You can track the time each photo is sent. Suppose I only want to have my mother See it.I can see if she sends it to someone else because there will be a digital footprint to track it. If you use it in a centralized environment, the problem that cannot be solved is that it will not prevent them from doing so. ” – Steves on CNBC

For the 2016 U.S. presidential election, this is the latest data breach in Facebook. The blockchain may mean that voters will not be unaware of the fact that their data may be like a wildfire.

 

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The social media giant shouldn’t mistake the forest for the trees. While Facebook continues to reel from a security breach involving the personal data of tens of millions of users, they may just have demonstrated the value of an unalterable public ledger, aka blockchain. RBC Capital Markets analyst Mitch Steves thinks so, according to a recent The post Facebook’s Data Security Meltdown Could Bolster Blockchain: Analyst appeared first on CCN… Engaging post, Read More…

thumbnail courtesy of ccn.com

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