Consumers angry about dubious business practices by the tech giants – Facebook recently paid a record $5bn penalty in the US for data violations – are already turning to alternative platforms that protect their personal information. The issue hit the headlines this week when the personal details of about 106 million people across the US and Canada were stolen in a hack targeting financial services firm Capital One. Blockchain is a database that is shared across a network of computers and underpins cyber-currencies like bitcoin.
It allows two parties to share data without a third party, such as a bank or social media app.
Now tech pioneer Jamie Burke, CEO and founder of tech investment platform Outlier Ventures, says blockchain can offer an alternative to the digital domination of tech titans.
He told Coin Rivet: “The current data economy is totally broken. It really signals the beginning of the end for the business model of Facebook and its peers.
“Facebook, like Apple, has for several years let third party companies that use its platform through apps unlock huge amounts of personal data about not just us, but unwittingly also all of our contacts giving over 70,000 data points on every US citizen whether they did or didn’t directly interact with their assets. This is off-the-shelf mass surveillance.
“Fundamentally, there needs to be an entirely new data economy where data, its ownership and access is governed by the individual locally not on someone else’s servers so they can freely grant and revoke access on their own terms as they move around the web.