Facebook could use blockchain technology to overhaul its business model, giving users more control over how their data is used, said Joseph Lubin, the founder of the crypto platform Ethereum.
Using a decentralized ledger would allow Facebook users to “store their own personal data in encrypted form” and decide which companies have access to their information, Lubin said. Giving users more control over their information could increase the quality of Facebook's data.
“If you know that this data is protected well, you can put it on data markets and Facebook can potentially participate in those sorts of data markets,” Lubin said Monday in an interview with Cheddar.
A new Ethereum-based system, uPort, is already providing this service. Users can store all of their data in a secure "wallet" that can be used to log in to other apps and make digital transactions.
Last week, Cheddar [reported](https://cheddar.com/videos/facebook-plans-to-create-its-own-cryptocurrency) that Facebook may be building its own cryptocurrency, part of the social media company's exploration of how to use blockchain technology.
For the full interview, [click here](https://cheddar.com/videos/ethereum-co-founder-joseph-lubin-2).
Hackers accessed Xfinity customers’ personal information by exploiting a vulnerability in software used by the company, the Comcast-owned telecommunications business announced this week.
The White House is lending its support to an auto industry effort to standardize Tesla’s electric vehicle charging plugs for all EVs in the United States.
A group representing several big tech companies is suing Utah over state laws about children's social media use.
A new study published in the journal Behavior and Information Technology reveals less time on social media makes people happier and more efficient at work.
Google has agreed to pay $700 million to settle an anti-trust settlement.
Apple announced that starting this week, it will stop selling some versions of the Apple watch in the U.S.
The European Union is investigating Elon Musk's X over alleged illicit content and disinformation on its platform. Cheddar News breaks it all down and discusses what it could mean for users.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Meta says it will start testing a program that would allow posts from Threads to appear on other social media sites.
Several healthcare companies are reportedly joining President Biden's artificial intelligence risk management plan.
