Blockchain

Mark Zuckerberg reveals Facebook may start using blockchain-based log-in system

Facebook CEO Mark Zuckerberg is eyeing a blockchain-based log-in system for the social media platform, claiming in a Facebook Live video that it would be a more secure option.

The 34-year-old billionaire said that blockchain technology could be utilised as a way for users to access, store, and manage private data.

“Basically, you take your information, you store it on some decentralised system, and you have the choice of whether to log in to different places and you’re not going through an intermediary,” he said.

Zuckerberg’s comments come after the Cambridge Analytica scandal that rocked the social media heavyweight, with more than 50 million Facebook profiles being “harvested” in a major data breach.

One of the many uses of blockchain technology is bypassing an intermediary, allowing users to have full control and sovereign access to their data.

“That’s why I’m thinking about going back to decentralised or blockchain authentication,” he said, according to a transcript.

“That’s why I’m kind of bouncing around how could you potentially make this work…”

Zuckerberg went on to claim that a blockchain-based system would “dramatically empower individuals.”

The Facebook chief’s positive comments on distributed ledger technology come after the company acquired the team behind Chainspace, a London-based blockchain start-up.

For more news, guides, and cryptocurrency analysis, click here.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.

Disqus Comments Loading...

Recent Posts

Here is why Bitcoin is still a lucrative investment in 2024

Those who enter the market at this time may be surprised to hear that Bitcoin…

1 hour ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

9 hours ago

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

1 month ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

1 month ago