MySpace former CEO Michael Jones informed CNBC they will use blockchain technology to protect users’ data. Despite its relative decline since the early 2000s, MySpace blockchain technology developement is a sign of not giving up on technology evolution and is currently challenging Facebook by providing better data security.
In the present, Jones explained, whenever we use the internet, we leave our digital footprints, hoping that companies will use these data correctly. In the future, there might be a better method. People are starting to look into blockchain technology and to understand that this is a system where data is encrypted, where access can be granted and revoked without losing service quality. Nowadays people don’t want companies to store copies of them in their database and are looking forward to a new type of technical architecture that might respond to the privacy needs of the future citizens of the digital world. That’s the purpose of MySpace blockchain technology.
Michael Jones was also asked, as an angel investor, whether the company were looking into technology in a different way and he revealed he invests in numerous blockchain-based start ups, especially those focusing on identity protection and verification.
At the end of the interview Mr. Jones was asked if bitcoin price had effects on cryptocurrencies and blockchain products. He answered that it has an enormous effect on all these products, mainly because people that invest in this sector first started with bitcoin and then looked for correlated products. Once they see their portfolio value drop, they are less likely to invest in blockchain technology.
Will Facebook and other major social networks start to use this technology to develop better privacy services? We’ll see. Google has started using it for more efficient transactions on the Cloud and Microsoft to develop products for the protection of users’ digital identity.