Do you know that Cambridge Analytica, the company that harvested and misappropriated 87M private Facebook user information was planning for an ICO last year? Yes, wrap that first before continuing! According to Reuters who spoke to sources privy to the matter, the company was looking forward to issue their own cryptocurrency in exchange of $30M. This was well before their Facebook data breach saga.
Cambridge Analytica and Facebook: Here's a look at the scandal and the fallout so far https://t.co/APHsAaVC0d
— The New York Times (@nytimes) April 17, 2018
Plans of Becoming a Data Company
Ironically, Cambridge Analytica had a well-structured strategy of venturing into the data business. There, their coin would have been the main currency for buying and selling personal data. Through the company’s British CEO, Alexander, the whole ICO process would come through. In an email, a Cambridge Analytica spokesman let through the details saying:
“Prior to the Facebook controversy, we were developing a suite of technologies to help individuals reclaim their personal data from corporate entities and to have full transparency and control over their personal data”
Before facing the sack, he had approached several ICO consulting companies . Fortunately, he was caught on tape bragging about Cambridge Analytica involvement in politics and manipulating democratic processes.
Cambridge Analytica Dystopian Business Model
Even though blockchain technology core objective is to decentralize control, Cambridge Analytica business model was different. Jill Carson, a blockchain expert, attended one of Cambridge Analytica’s pitch. She said that the company was advancing government and corporate control agendas contrary to the whole objective of blockchain technology. Talking to Reuters, she said:
“The way that Cambridge Analytica was talking about it, they were viewing it as a means of being able to basically inflict government control and private corporate control over individuals”
At the moment, it is still not clear if Cambridge Analytica will still go on with their coin offering. However, we know that they shall utilize blockchain technology in one way or another to safeguard user personal data.