Facebook is having a really bad day, in fact, the second day in a row. Following the Cambridge Analytica debacle, Facebook shares are currently trading at $164.07, down 4.9 percent compared to yesterday’s closing price of $172.56. Facebook’s data was breached recently and this has caused a lot of bad publicity for the company as allegedly a marketing firm accessed the data of 50 million Facebook accounts without their consent illegally.
People have mixed reactions to this major outbreak of Facebook. Recently WhatsApp cofounder has given a shocking statement tweeting on the hashtag ‘It’s time #deletefacebook’. This has raised a lot of awareness among people, disturbing questions like ‘Why does one platform like Facebook have so much control over the personal data?’ have emerged.
People are getting tired of hearing this news regarding breaching of data. Some are thinking of deleting their Facebook, others are making smart ways of stopping Facebook from data sharing to protect your information.
Here the concept of Blockchain can come into a play. A social platform built on the concept of blockchain will have no intermediary parties or central figures in control of the data. This is the reason why people want to learn about ‘Blockchain‘ Technology. Blockchain technology is the purest thing according to some analysts.
A blockchain powered social network will allow people to build social networks and business arrangements on their own terms without letting any central figure know about it.
Blockchain Technology could make such platforms like Facebook obsolete.
Given the negative PR surrounding Facebook, it is expected that its shares will plummet more in the coming days.