Facebook on the blockchain? Is Zuckerberg just trying to save Face(book)?
It seems not a week goes by when Facebook isn’t in the news for another data or privacy scandal.
Just last week, the social media giant made news yet again when it was revealed that hundreds of millions of user credentials for Facebook, Facebook Lite, and Instagram were stored as plaintext on one of the company’s internal platforms. This means that company employees could have exploited this technical vulnerability.
After last year’s Cambridge Analytica scandal, most of us thought it couldn’t get any worse for Zuckerberg and Co. However, it now seems like a weekly occurrence where Facebook informs the public about another data breach that occurred on one of their platforms.
Of course, this has profound implications for a user base of more than 2 billion people worldwide. We all devote a large chunk of our digital lives to Facebook, and its subsidiaries — including Instagram or WhatsApp — and therefore we have every right to be concerned and distressed when these data breaches occur.
I think it’s safe to assume that Facebook knows more about us than even some of our friends and family do!
Zuckerberg’s recent blog post signaled a major shift in Facebook’s business strategy, including more of a central focus on ephemeral messaging, small group conversations, end-to-end encryption, and enhanced user privacy. Undoubtedly, Facebook sees the writing on the ‘wall’ (pun-intended) and recognizes that their users now desire more intimate experiences online.
If Facebook is genuine in its intention to change, it would represent a new beginning in how we communicate; a shift away from public posting to more private conversations. As Zuckerberg wrote in his blog post, “I believe the future of communication will increasingly shift to private, encrypted services where people can be confident what they say to each other stays secure and their messages and content won’t stick around forever.”
While it remains to be seen exactly what Facebook is currently building, rumors are swirling. It has been reported that Facebook is trying to list its own cryptocurrency, supposedly pegged to a basket of fiat currencies. Also, it’s well-known that Facebook is building out its own internal blockchain team.
However, given Facebook’s previous hollow promises and commitments to change, the public is right to be skeptical. Many see Zuckerberg’s blog post as nothing more than a clever PR stunt. Besides, even if Facebook is genuine in its intention to develop blockchain-based products, can we really expect them to uphold blockchain’s defining values; decentralization, security and above all, privacy?
While we are right to wonder whether a company that has made billions upon billions due to its centralized structure would ever embrace decentralization, nonetheless it embodies a significant change in thinking and will hopefully inspire a more widespread understanding and adoption of the benefits of blockchain. Could this be the major pivot that Zuckerberg was referring to? Only time will tell.
Originally published at https://skrumble.network/facebook-on-the-blockchain-is-zuckerberg-just-trying-to-save-facebook/
About Skrumble Network
Skrumble Network (SKM) is a new, innovative public blockchain that is uniquely optimized for secure communication-centric connections and transactions, decentralized applications, and offers a communication layer for developers to build into any application. With no middle entity or centralized server host in between to censor, block or manipulate any data, Skrumble Network’s blockchain and decentralized applications aim to be a catalyst for data privacy and help to truly democratize communication on a global scale. For more information, please visit https://skrumble.network/.