Facebook is one of the largest social media platforms with an estimated 2.13 billion monthly active users and an average of 5 new profiles created every second as reported for December 2017. Over 510,000 comments, 293,000 status updates and 136,000 photos are shared on the platform every second. The company therefore has access to a lot of personal information with many raising concerns over the privacy of users on the platform. Facebook has previously faced challenges such broadcasting of crimes, fake news and disinformation campaigns, terrorism etc. all facilitated on its platform.
One of the greatest challenges it has encountered are information leaks with the latest scandal involving the UK based Cambridge Analytica, which is said to have siphoned personal data from up to 50 million users without consent. Firms are continually using sophisticated artificial intelligence algorithms to better understand the consumers and therefore more accurately target products and services. Facebook requires an innovative solution to solve this problem and secure user data more effectively and Bytom (BTM) might have the answer.
A lot of innovation has been seen in the cryptocurrency industry resulting in development of other digital currencies and crypto assets, building upon the foundations of blockchain technology and decentralized systems to create solutions to our everyday challenges. Bytom is a project created with the goal of closing the gap between real world and digital information by providing a platform that would enable transfer of assets between the atomic world and the byte (digital) world.
Its designed as an interactive protocol that defines how byte assets such as cryptocurrencies and smart contracts operating in different forms on the Bytom blockchain and atomic assets like securities, warrants, intelligence and forecasting information, among others, can be registered, traded, gambled or engaged using other forms of contract based operations between the 2 worlds on the blockchain.
There have been talks of the Chinese government’s intention to introduce a state backed digital currency with the controllable anonymity feature to replace the physical currency. This feature is set to improve security mitigating against financial crimes such as money-laundering, terrorism among others by limiting access to personal information and privacy to only cases where no 3rd party is anonymous. This is in appreciation of the fact that these crimes are encouraged if perpetual third party anonymity is allowed. Bytom has this feature built into its protocol, it can be customized for Facebook to improve the security of its users’ personal data.
Bytom (BTM) is built in 3 layers, the data transaction and transmission layer, contract layer and the asset interaction layer, each designed to handle specific tasks which together result in a secure and effective ecosystem. The asset interaction layer calls on the contracts while the data transaction and transmission layer, built to be compatible with the UTXO model bitcoin’s transaction data structure enables for high speed concurrence and controllable anonymity.
One of the features included in Bytom’s consensus mechanism is non-repudiation which ensures that participants of a transaction cannot deny the occurrence of that transaction. Such a feature would greatly assist Facebook in holding users accountable for the items they post or share as it would make it difficult for users to disown items such as fake news, broadcasts of criminal activities, bullying comments etc. that they share on the platform.
Built into Bytom’s contract layer is the genesis contract, which has the ability to perform standardization and automated audits of a new asset to ensure it complies with corresponding rules and templates before it is approved. Implementing such a feature on Facebook, that would be able to quickly and seamlessly perform such audits on all posts and requests made to the social media platform would enable the company to identify and mitigate against issues such as fake news updates, criminal postings, unapproved access to user information among others.
Bytom (BTM) technology has this features and has demonstrated their functionality. It has also been developed as a flexible ecosystem empowering developers to create customized tools for specific goals. Facebook can greatly benefit from this great technology.