As Facebook is trying to recover for the massive disgrace, related to what is believed to be one of the enormous tech giant’s data breaches, blockchain may catch a better wave and benefit from the situation.
This opinion has been expressed by Mitch Steves, who is an analyst at the global investment bank RBC Capital Markets.
Blockchain to Take The Lead?
Given growing fears regarding potential data leaks on social media after it was reported that 50 mln Facebook users’ data was harvested, blockchain may get another chance to win the heart of the world.
In particular, Steves, commenting on how this tech trend might deal with social networks, taking the floor at “Fast Money” by CNBC, said that within some years, people wouldn't have to post their photos on Facebook.
Everything will change thanks to the tech trend, which is the core of cyber money and can be applied in other spheres of life.
“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," explained the analyst.
And, apparently, that all is thanks to the blockchain. Steves also emphasized that there is a 100% guarantee that one can trace such information on the blockchain and it is going to function in the long-term perspective.
How Will It Work?
In Steves’ opinion, with blockchain users will get a chance to trace their own data, how and between who it has been distributed and so on. Therefore, violations and illicit uses of personal info can be prevented, the analyst believes.
And even though the blockchain tech trend won’t be able to put more control on the data sharing, it will help people to make the whole process of info distribution more transparent.