Exclusive: NEO GM Says Blockchain Could be Used to Replace Facebook

Exclusive: NEO GM Says Blockchain Could be Used to Replace Facebook

THELOGICALINDIAN - A chief NEO controlling has questioned how Facebook handles abstracts alms blockchain as a band-aid to the botheration of abstracts accord Speaking on his aboriginal time in London he additionally said NEO are planning to actualize a European appointment to admission the western market

Blockchain: More Transparent and Private

Chen ‘Johnson’ Zhao, General Manager of NEO Global Development, said that it is difficult to acquaint who controls user abstracts on Facebook and that there is little accent on users accouterment accord over who has their data. Speaking at the ‘Zeroing in on Europe’ appointment on June 16 as allotment of London Tech Week, he additionally looked at the issues of acquiescence for cryptocurrencies.

Zhao said: “Take Facebook, the abstracts is transferred in agreement of, I don’t apperceive area my abstracts is transferred on Facebook. To a third party? To addition else? It’s not absolutely focused on accord of the abstracts owner. Blockchain has an befalling here, in general.”

“For example, my jogging data, this can additionally be an asset. These will be heavily traded, I believe, in the future. We will be able to barter value, or data, with our consent. It’s activity to be added cellophane and aloofness will be protected.”

Zhao additionally batten on his antecedent acquaintance of alive in the banking area and said that there was a lot of amount for advertisement and acknowledging with regulations. Regarding blockchain, he said that the authoritative ancillary of it is ‘difficult but exciting.’

He said: “We charge to body in both character and abstracts rules. Compliance reduces Ponzi schemes, manipulations and hacks. China banned ICOs mainly because of the Ponzi schemes. Preventing these are actual important. It will advice the blockchain amplitude go mainstream.”

Zhao mentioned that NEO has a agenda character band which allows for users to attach agenda signature to assets. He said that it is important for accouterment the capacity on area a badge has appear from, area it’s going, for what acumen and at what time. He alleged it a ‘micro-level of acquiescence trail.’

He additionally said acknowledging with regulations back application blockchain technology could accessible up new industries that would contrarily be adamantine to move from cardboard to digital.

He said: “It’s difficult to agitate the accumulation alternation industry because so abundant of the abstracts is on paper. It’s not accessible to accompany the abstracts from cardboard to a database. It costs a lot to accompany them to agenda records. We believe, in the future, the abridgement will be active in the agenda form. Not aloof assets but our activities. ‘Things’ [IoT] will additionally accept identities, hopefully.”

NEO is the twelth accomplished cryptocurrency ranked by bazaar cap. Recently, NEO Global Capital contributed to the £12 actor in donations for Crowdequity belvedere Republic. NEO Global Capital opened in March and accept back invested $1 actor in acute abridgement workforce belvedere Moonlight.