Blockchain can be a solution for users of social networks that face abuse of personal data and content, reports RBC Capital Markets on March 21.
Speaking to CNBC over the ongoing Facebook privacy scandal, RBC analyst Mitch Steves said that Blockchain is “where we are going in the long term” regarding the integrity of data on the Internet.
“In the future, someone like you no longer needs to give your photos on Facebook,” Steve said in the Fast Money segment of the network.
“Instead, you can just share this photo with people in particular, and then you can track it and make sure that it does not share with someone who accesses your information.”
While Blockchain technology has not yet progressed to the basic technical tools of social networks, Blockchain’s special alternatives, from dating networks to communities such as Steemit, still appear.
However, Steve notes that because the technology provides transparency, Facebook users will still not have complete control over how their data is distributed over the Internet.
“One of the problems that it does not solve, is that it does not allow you to stop it,” he continued, stating that third parties are using content that was involuntarily made available to them through the user’s privacy settings.
“Suppose that Facebook decided to sell its picture to one advertiser… you could see that this transaction occurred, but you can not prevent this transaction in the first place.”
In what can now be seen with a hint of irony, in January Facebook banned advertising of cryptocurrency on its entire platform over what it called “deceptive advertising practices.”