Why decenralization is important? After the FacebookCambridge Analytica data scandal, centralized social media platforms have been in the hot seat with intensifying public scrutiny on how personal data is being managed and used. This not only paved way for the GDPR privacy regulations that came into force recently but also gave rise to what is called blockchain social networking.
The personal data of up to 87 million users, mostly in the U.S., was obtained by an analytics firm that, among its other work, helped elect President Donald Trump. In response to that revelation, lawmakers and regulators in the U.S. and U.K. increased their scrutiny of the social media giant, and at least some Facebook users canceled their accounts. The uproar has only added to the pressure on Facebook and Chief Executive Mark Zuckerberg over how the company was used during the 2016 presidential campaign to spread Russian propaganda and phony headlines.
