Here’s Why Mark Zuckerberg, Jack Dorsey Warming To Blockchain
Just recently, Facebook’s very own Mark Zuckerberg revealed an intriguing post outlining social networking with a vision to focus on privacy alone. He further suggested that for this to happen, it is time to embrace end-to-end encryption of users’ data on the platform, as well as Instagram and WhatsApp.
Using Blockchain For Social Media
In an interview, Zuckerberg hinted at the possibility of the social media giant utilizing a blockchain model to allow decentralized logins without its servers, which usually act as authenticators. Interestingly, this hint from the CEO came at the exact time reports suggest that the social media site is working on a digital currency that allows people to trade among each other and exchange on crypto exchanges.
Jack Dorsey, the CEO of Twitter, on the other hand, has also gotten a bit religious when it comes to digital currencies. He has even announced that Bitcoin will soon become the Internet’s native currency. Even more so, the executive has started investing in Lightning Labs, which is currently working on payment channels for BTC based on the lightning network.
Dorsey also said that Square, a separate payments firm that he also heads, will be hiring cryptocurrency engineers and likely pay them using the world’s leading crypto.
Based on these statements, it is safe to say that there is a noticeable degree of skepticism that social media companies will soon change their stripes. After all, they have made their fortunes out of using a centralized model capable of gathering user data.
Take for example Facebook. It has faced a deluge of criticisms from pundits suggesting that it would not be able to shift its entire business model. Considering the existence of the infamous Cambridge Analytica scandal, skeptics like crypto pioneer David Chaum argue Zuckerberg’s decentralization and privacy ideas are nothing but merely a PR move.
The Pressure To Change
Of course, there are those who seem to agree with Chaum’s claims. However, one could not also deny the possibility of Zuckerberg’s true intentions. It is worth noting that Facebook has seen the exit of some senior executives – including those who were in charge of developing a centralized data-gathering model – in 2018 and earlier this year. Their departure somehow suggests that Zuckerberg is indeed serious in its goal of utilizing a blockchain for Facebook.
It is no denying that social media sites like Facebook are facing pressure to change. Users of these platforms have voiced out their concerns on data abuse, thus these companies are contemplating at the idea of changing its entire business model.