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18 June 2018
Chen ‘Johnson’ Zhao, the General Manager of NEO Global Development recently questioned the way data is being handled by social media giant – Facebook. Mr. Zhao who is a senior NEO blockchain executive said that blockchain technology is the ultimate solution to resolving the issue of data consent. Mr. Zhao said that Facebook users really don’t have any say as to how their private data is handled on the social media platform.
He made mention of this while speaking at a meetup in London. Mr. Zhao also indicated that NEO blockchain had begun implementing their plan of gaining access to the potentially huge European market by first of all establishing a European base office. A plan that they have already set in motion and should materialise before the end of the year.
Mr. Zhao stated that it was almost impossible to know who regulates and controls data as well as information belonging to Facebook users. He also said that users of Facebook really don’t have control over who can have access to their private data leaving them vulnerable to exposure and a violation of their privacy. Facebook users are not required to give their consent before anyone can have access to their respective private data.
Mr. Chen ‘Johnson’ Zhao had made mention of these issues faced by users of Facebook at the “Zeroing In On Europe” conference that was held in London and was one of the scheduled events of the London Tech Week. Chen ‘Johnson’ Zhao also highlighted the problems of cryptocurrency compliance.
At the conference Mr. Zhao made also questioned where users’ data on Facebook is transferred. He stated that personally he had no idea where data on Facebook gets transferred to, saying he was not sure whether data gets transferred to a third party or a completely unknown person.
According to him, Facebook is not really concerned about obtaining the consent of users before retrieving, transferring or using their data in any shape or form. Chen ‘Johnson’ Zhao stated that the issue of a non-existing or ineffective user data consent is one that the NEO blockchain will effectively solve.
The NEO blockchain will take advantage of the dearth in user data consent that is prevalent in social media platforms like Facebook by providing a network where data can be exchanged with the consent of the data owner. This will result in a fairer, more private and transparent community, one where privacy is respected, secure and protected.
Mr. Chen ‘Johnson’ Zhao said that blockchain regulation is both difficult and exciting. He stated that it was very important for the blockchain to establish both data and identity rules. The rules will set the stage for compliance which will ultimately minimise the prevalence of ‘Ponzi Schemes’, ‘Hacks’ and ‘Manipulations’ in the blockchain ecosystem.
He said that ICOs were prohibited in China primarily because of their high tendency to engage in ‘Ponzi Schemes’. Mr. Zhao further explained that it was a priority to minimise the prevalence of ‘Ponzi Schemes’ in the blockchain so that it could readily move on to mainstream use.
The identity layer of the NEO blockchain is digitalised so as to enable digital signatures to be utilised by users on their digital assets. According to Zhao this is very important as it provides detailed information on where a digital asset has emanated from, who the recipient of the digital asset is, why the digital asset was sent in the first place and when it was sent. Mr. Zhao called this a “micro-level of compliance trail”.
Chen ‘Johnson’ Zhao also said that there is also a possibility that new industries could be created when blockchain regulation compliance is in effect. Something that would have been otherwise difficult to achieve from being written out on paper to actually been digitally feasible.
According to Mr. Zhao it is not an easy feat to transfer data that is on paper into a computerised database, as it is quite expensive converting paper data to a digitalised format. It is the belief of Zhao that the socio-economic activities of people around the world will be completely run in digitized form. This doesn’t mean only digital assets, but just about every activity. It is the hope of Zhao that everything would also eventually have digital identities.
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