How Blockchain And Data Dividends Could Fix Facebook Posted on : Dec 17 - 2018

As a person of a certain age, Facebook is more meaningful to me than any fish-lips selfie or desire to bring out my inner influencer. It’s a nice way to spend a few moments a day taking an inventory of friends, family and acquaintances and marvel at the joys and sorrows that are the human journey. I know I’m not alone. But I spent the weekend commiserating with my dwindling number of Facebook cohorts who know that they are in abusive relationships with their social media of choice.

It was one thing to have to look at an ad or two, many of which were perfectly targeted. It’s another thing for them to get rich off of my personal information, make democracy less tamper-proof and then start covering up their tracks through crafty PR schemes.

I never went to Facebook for reality (if you did, you’d know that your friends can’t possibly be having that much fun or drama). I don’t mind that Facebook knows something about my love of country decor or low-fat recipes. In the end, that’s beneficial. I also set up my preferences according to what seemed like their heartfelt concern for my safety. So, this is not a rant; it’s a thank you note. And this is the thanks I get?

The paid advertising model has been egregiously abused by Facebook. And the hemorrhaging has begun. Trust has eroded. Viewership is down 20%. And 44% of users ages 18 to 29 have deleted the app from their phones in the past year.

Two major underpinnings of Facebook need serious fixing if there’s even a remote chance of climbing out of its self-inflicted muck. The first is personal identification — simply put, verifying that you are who you say you are. The second? A rewards system for being an engaged user. Both require major reconstruction, not just another Band-Aid or mea culpa.

The Data Dividend

At last year’s Techonomy Forum, David Kirkpatrick interviewed Chris Hughes, a former roommate of Mark Zuckerberg. Hughes suggested creating a “data dividend” to offset income inequality. He reasoned that, individually, our personal data has worth; collectively, we’re creating a commonwealth based on data. “I think it’s reasonable to ask that everyone who’s creating the data shares in a little bit of the upside,” said Hughes. Pandora’s box. View More