Private analytics company Cambridge Analytica, which uses deep data analysis technologies (particularly social media data) to develop strategic communications during election campaigns on the Internet, planned to issue its own digital currency through an ICO. Company representatives voiced this desire before the scandal involving the use of personal data of Facebook users.
"Cambridge Analytica sought expert advice on an initial coin offering (ICO), intending to raise $30 million to create a system that would help people store and sell their personal data to advertisers for the platform's internal cryptocurrency," Brittany Kaiser, a former Cambridge Analytica employee, told the New York Times.
"Who knows more about using personal data than Cambridge Analytica, so why wouldn't a company build a platform that would streamlined this system?” Kaiser said.
“Before the Facebook scandal, we were developing a set of technologies that would allow people to get back their personal data or provide transparency and control over how it is used by legal entities. We wanted to give people the ability to manage and benefit from their data,” a company spokesperson said.
The New York Times notes that in January, Alexander Nix, then CEO of Cambridge Analytica, spoke at a conference on how blockchain technology could solve the problem of personal data abuse on the Internet.
Facebook reported that the breach affected the data of 87 million users.
According to http://www.ejinsight.com
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