There is way more to the Mark Zuckerberg Trial than Facebook. This trial has implication across the board for internet use, personal rights, and interest in adopting blockchain technology. The EU has already set a date to enact GPDR (General Protection Data Regulation) - which they call “the most important change in data privacy regulation in 20 years.” U.S. Senators have proposed a bill called the “CONSENT Act,” to adapt to what social media platforms have been doing with data of user’s habits.
Future of Social Media
The Mark Zuckerberg trial is bringing many of the problems associated with the rapid growth of technology when governments don’t keep up. The founding individual principles of Bitcoin and cryptocurrencies are individual rights and transparency - the power to hold sole control over the wealth you possess and the history of transactions available to be seen on a public ledger
Social media websites have become a social ledger for the most important things in our lives. Pictures, conversations videos, check-ins that remind us of gatherings with family and friends. It’s hard to imagine that it could all just go away. However, when data is stored through a private entity, this is entirely possible.
Blockchain options: Steem, SocialX, Mithril, Loom, Obsidian, Akasha, Yours
User Data Trading Market Place: Liberdy
EU - GPDR
Increased Territorial Scope - affect any company if the user resides in the EU
Penalties - 4% of annual global turnover or €20 Million (whichever is greater)
Consent - language used for terms and conditions must be clear and understandable
Breach Notification - if one occurs, users must be notified within 72 hours
Right to Access - a copy of the personal data, free of charge, in an electronic format
Right to be Forgotten - option to erase his/her personal data, cease further dissemination
Data Portability - provided data must be 'commonly used and machine readable format'
Privacy by Design - inclusion of data protection onset of the designing of systems
Data Protection Officers - internal record keeping requirements
U.S - CONSENT Act Requirements of Providors
to obtain opt-in consent from users to use, share, or sell users’ personal information
to develop reasonable data security practices
to notify users about all collection, use, and sharing of users’ personal information
to notify users in the event of a breach
to comply as enforced by the FTC
By: BGN Editorial Staff