Almost the entire world is swept by the digital currency wave and now the mogul of the social networking world – Mark Zuckerberg has set his eyes on the world of cryptocurrencies. In his latest Facebook post, Zuckerberg has set a personal challenge for 2018 to fix issues and improve services on his social networking platform as well as study the “positive and negative aspects” of cryptocurrency and encryption.C
Zuckerberg writes: “My personal challenge for 2018 is to focus on fixing these important issues. We won’t prevent all mistakes or abuse, but we currently make too many errors enforcing our policies and preventing misuse of our tools. If we’re successful this year then we’ll end 2018 on a much better trajectory.”
One of the major challenges which Facebook currently faces is fighting against fake news being spreader through the use of its platform. He says that the problem with the Internet these days is that it is controlled by a few big companies which include Facebook as well. He believes that this is somehow against the actual vision of web which gives everyone equal power and share.
In his long post, Zuckerberg writes “A lot of us got into technology because we believe it can be a decentralizing force that puts more power in people’s hands. (The first four words of Facebook’s mission have always been “give people the power”.) Back in the 1990s and 2000s, most people believed technology would be a decentralizing force.”
He further states that “… today, many people have lost faith in that promise. With the rise of a small number of big tech companies — and governments using technology to watch their citizens — many people now believe technology only centralizes power rather than decentralizes it.”
Zuckerberg wishes to turn these things around and said that he would look forward to studying cryptocurrency and its underlying technology. We all know that around the globe investors are divided about their opinion on cryptocurrency but many of them come together and are positive about the blockchain technology and its future potential in a wide range of applications.
We have also seen that several banks and other financial institutions who have denounced the idea of digital currency but have supported the blockchain technology.
Zuckerberg writes: “There are important counter-trends to this – like encryption and cryptocurrency – that take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”
2018 would be an interesting year to see how Facebook other players take up the blockchain technology to improve their digital products and services.