Libra Cryptocurrency Might Centralize Customer Data

Libra Cryptocurrency Might Centralize Customer Data

June 24, 2019 0 Steven Anderson By Steven Anderson

Microsoft, the tech giant of the United States, is among the companies who are joining the rank of the Hyperledger Greenhouse, hosted by the Linux Foundation.  Several businesses are coming up with an enterprise-grade solution which is focused on the increasing numbers of tools which are being built on the Hyperledger.

Marley Gray, the principal blockchain architect at Microsoft, stated, “Our journey in the blockchain ecosystem has brought us a long way, and now is the time for us to join the Hyperledger community. We are proud of our contributions to such a diverse blockchain ecosystem, from our Azure service offerings and developer toolkits to our leadership in driving open specifications.”

A critical comment about Facebook coin was, “Do not deposit it on Facebook if you don’t want your financial details read about tomorrow morning by every money-grabbing company.”

Concerns were also expressed about Libra about centralizing customer data. Further, the company will perform research about “Using customer data to conduct research projects related to financial inclusion and economic opportunity.”

The significant dossier of data will be useful to companies who will be offering discriminatory pricing for products and services.

Orin Snyder, recently stated, ‘Do not post it on Facebook, if you don’t want to read about it tomorrow morning in the school newspaper.”

In the case where Facebook has been sued for privacy, it has been stated that “There is no case to answer as Facebook insists it because when you provide your data to Facebook, you give up on your right to privacy.”

However, another justification goes that when you share data to a hundred friends, there can be no reasonable expectation for privacy.

Libra is considered to be a great idea; however, it has been felt that it comes from the wrong company. While there are several companies which have dubious legality, which is wasteful of energy and not responsible when it comes to speculation, Jack Dorsey stated that this is just about the right time for the coming of a coin which would suit the internet era.  This is also a way to universalize the world; however, it is in the hands of the wrong company.

A lot of guesswork is going around about the company incentivizing the users ranging from paying for advertising to promote the products, coming up with loyalty schemes, paying interest to customers to avoid criticisms about the company holding on to the attention of customers on their deposit.

No matter what, the coming of the Libra has raised awareness about the cryptocurrency among other countries.

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