Blockchain Technology: Key to Resolving US-TikTok Tensions, Says MeWe CEO
Summary:
MeWe's CEO, Jeffrey Edell, suggests that the tensions between the US and China's TikTok over data privacy could be resolved through blockchain technology. He underscores the need for strict guidelines in handling personal data, digital identity, and user privacy. By transitioning to a blockchain network, MeWe has demonstrated that user data can be securely managed, thereby easing regulatory and geopolitical concerns. Edell's recommendations for companies considering this shift include understanding the technology, starting small, selecting the right platform, keeping abreast with regulatory changes, collaborating with stakeholders, and educating employees about blockchain.
Jeffrey Edell, MeWe's CEO and Chairman, recently wrote an article outlining his belief that the ongoing tensions between the US government and China's TikTok could be dispelled with blockchain technology. Edell's perspective is particularly noteworthy, given his role as the leader of a social networking platform, MeWe, with an estimated user base exceeding 20 million, which transitioned successfully from the conventional web2 to blockchain technology.
Presently, there's substantial speculation about the US government's consideration to ban China's popular social media site, TikTok, sparked by claims that ByteDance, the parent company, is compromising US security by handing over delicate user data to the Chinese government. In his article published by Rolling Stone, Edell highlighted that the TikTok predicament primarily revolves around user privacy, which could have been circumvented through decentralization. Edell opined that the issue should go beyond a single app or country, stressing the need for companies to establish stringent protocols for dealing with user data, digital identities and privacy.
In his words, one surefire way to secure and protect personal data is the utilization of Web 3-based, blockchain technology. Edell's company MeWe transitioned to the Frequency blockchain network, a Polkadot parachain, back in April 2023, as Cointelegraph noted. The case for user privacy on a blockchain platform primarily depends on who has permission to access user data. On standard social media platforms, the controlling company usually retains ownership of the gathered data. That implies TikTok's parent company ByteDance, by legal extension, the Chinese government, seemingly owns all data of the platform's users, which includes over 150 million users in the US.
The use of blockchain technology, combined with specific privacy controls, enables social media networks to hand data control to users without undermining the functionality of the platform. Although MeWe's user base is not as extensive as TikTok's, their successful transition to blockchain technology points to its feasibility. To wrap up, Edell proposed six best practices for firms contemplating this shift in his Rolling Stone publication. These included gaining a sound understanding of the technology, initiating with small steps, selecting the right platform for the business, staying abreast of regulatory changes, fostering collaborations with stakeholders, and providing necessary blockchain education and training to employees.
Published At
4/17/2024 10:25:40 PM
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