Social Networks
Everyone wants to be on the internet safely and securely. Young Generation is more than willing to drive their life via
social networks like instagram, facebook and snapchat etc..
In this digital era of connected world with social networks, where your every digital interactions create a footprint and every footprint is stored on the servers owned by the companies like Facebook, google, amazon.
All these footprints are then used to serve ads, learn more about the user and also getting consumed inappropriately.
Majority of the users have no information on what/how their digital interactions are getting stored and sold to the companies.
Owner of the data ( user) are not in the loop about how the data is being used, mined and monetized.
It is estimated the price of the personal data is about 5000-6000 USD/year minimum. With the current technology available, the owner of the data will never get this money. Instead all big software companies are earning billions of dollars consuming this data.
Blockchain to Rescue
The Blockchain technology can be useful to solve this problem of owning the data rights.
With the blockchain technology as the backend/storage, we can have more controlled, secure and robust applications
without compromising the use of social media. We could continue using social media and all the cool digital services that
are emerging with the rise of cloud computing, IoT and AI.
User can be in total control of their data with the help of blockchain technology. The data is not stored on a server owned by a company. Instead, the data is distributed among the multiple servers with no particular ownership for a server.
That way, we can write software policies to give the user complete ownership of his/her own data. If the user wants to
monetize their data, they can choose to do so by allowing access to the data for the price decided by the owner of the data. If we really want to believe Facebook and the other companies are doing the right thing, Government should make them store their data on blockchain storage and gives the control back to the owner of the data.
Share your ideas/thoughts on this?