Facebook: From Congress to Crypto

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3 min

More discouraging news has emerged regarding the world’s most used social media application, and yet again, it is more bad news. Facebook’s normal rhetoric and stance on people’s data is that it is a priority and they protect the user’s personal information with the utmost vigilance.

However, since March and the Cambridge Analytica scandal, the world has discovered that not only does Facebook not protect their user’s data, but they sell it to the highest bidder.

The now well known logo of the infamous Cambridge Analytica

 For those that do not know about Facebook and Cambridge Analytica Scandal, here are some of the key important factors behind it:

  • Cambridge Analytica markets itself as providing consumer research targeted advertising and other data-related services to both political and corporate clients.
  • With the information provided by Facebook, Cambridge Analytica were able to tailor their propaganda to users through Facebook and market their agenda, and win elections for the highest paying politician.
  • They are said to be behind Donald Trump’s 2016 election campaign and also played a pivotal role in the 2017 Kenyan Election.

Due to this controversy, Mark Zuckerberg had the opportunity to address the allegations to Congress and alleviate any anxieties their users had felt since this story broke. But instead, the Facebook CEO denied the allegations and remained fervent in saying they do not share their user’s data and are continuously improving their security procedures.

Though since Zuckerberg addressed Congress and refuted the claims, evidence has emerged to suggest otherwise. Facebook had given access of their client’s data to both Netflix and Spotify and still even more companies are coming out of the woodwork, paying Facebook for people’s private information, given them a clear advantage.

Log in screen to access the users Facebook

So what’s next for the world’s most used social network giant?

According to numerous sources, Facebook’s focus and narrative next year is e-commerce growth and working closely with its partners, such as PayPal. A partnership was made back in 2016 to combat Facebook’s lack of in-house expertise with the e-commerce expansion.

Additionally, Facebook has been actively hiring developers for an undefined blockchain venture. What this new venture is exactly, is not known, though what has been said is that they are working on creating the “most used product in crypto.”

Can Facebook gain back the trust of investors and their clients alike? Only the New Year will tell us, but we can certainly expect volatility and interesting news ahead.

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