Disclosure: Nothing in this blog should be taken as investment advice. Do your own research. This blog is supported by advertising and affiliate links... Links to products and/or services on this blog may include links to affiliate programs that provide commissions to this blog. All of the content in this blog is 100% my own opinion.
“Trusted Third Parties” are getting a lot of heat… Especially in the crypto community.
Indeed, blockchain was created to enable Bitcoin to eliminate the need for trusted third parties altogether.
Of course, it’s bad when a trusted third party in the financial industry, such as a bank, is breached exposing a client’s personal data and information.
But it’s relatively rare… Doesn’t happen every hour of the day.
On the other hand, Facebook’s entire business model is built on siphoning off data about you… As much as it can get while convincing you they’re a trusted platform.
Facebook aims to be the trusted third party connecting you and your friends and family.
But Facebook’s business model isn’t necessarily needed to do what Facebook does…
Specifically: to connect people with each other.
A blockchain based Facebook (Blockbook? Faceblock? Facechain?) could solve the problem of obscene data collection, destroying possibly the worst “trusted third party” in history.