Chen Zhao Says NEO Blockchain can Replace Facebook & Solve Data Privacy Issues
Recently, the most popular social media platform in the world, Facebook, has received criticism regarding the way it handles user's confidential data. Specifically, the website has been accused of sharing and using this private information for economic and other purposes without the owner's consent.
In response to this issue, a prominent personality from the NEO blockchain recently suggested that distributed ledger technology can provide a solution to the menace. During his speech, Chen Zhao also disclosed that NEO was working towards the inauguration of new outlets in the Western world, particularly Europe.
According to Chen, Facebook neglects the aspect of user consent over data published on the platform. Therefore, it is subsequently challenging to determine who has control over the information. Zhao issued these sentiments during a convention at the London Tech Week which happened on 16th June 2018. The theme of the meeting was ‘Zeroing on Europe.' Besides the subject of data security, Chen also talked about the regulations imposed on digital currencies.
Presently, Facebook does not define the mechanism behind data transfer on the platform. As a result, data on this platform is not always profitable. In fact, some third-party benefit commercially, while the content publishers get nothing. Nonetheless, Zhao is confident that the integration of blockchain technology is the solution to these problems. Upon the implementation of distributed ledgers, users will get returns for their content in a fast and transparent manner.
On the other hand, Chen acknowledges that it is costly to align projects to comply with the set laws. Concerning blockchain technology, Zhao mentioned that the regulations are interesting, albeit being considerably difficult. He added that the rules are helpful in reduction of scams and other fraudulent activities such as hacking and alteration of data. By deploying such regulations, blockchain projects become more trustworthy as well as appealing to the public audience.
Additionally, Zhao noted that the execution of the new regulations could disrupt the activities in sectors that are heavily reliant on data stored on hardcopy papers. For instance, the supply chain depends on massive amounts of paperwork, making it hard to revolutionize. The adoption of blockchain technology can substantially simplify the transition to digital records, as per Chen Zhao.
As of now, NEO is the 12th largest digital currency according to market capitalization. The coin recently donated a significant amount to Republic, an equity crowdfunding project. In addition to this, the firm has also invested in Moonlight, a smart workforce ecosystem.