It’s been several weeks since Facebook’s reputation took a major hit, when it was made public that Cambridge Analytica used millions of users’ profiles to benefit Trump and the entire US election process, as was discussed in the media recently. The CEO of Facebook, Mark Zuckerberg, testified in front of the US Senate and Congress, and while the stock price of Facebook is rising again, users are now seriously worried about their personal data and privacy issues connected to social media.
However, Cambridge Analytica is coming up with an “innovative move” on how to turn things around. While the scandals around Trump’s digital media campaign and the heat under which Zuckerberg came under, the analytics companies is designing their very own initial coin offering at the moment.
Digital Trends just announced that the new digital currency of Cambridge Analytica will be used by people to pay for a special system that will allow them to securely store and sell their data to different stakeholders, such as advertizers, analytics companies etc. The information is coming from Brittany Kaiser, an ex-employee of Cambridge Analytica for an interview in the New York Times.
The explanation for the ICO comes from the fact that since Cambridge Analytica is actually the expert in data privacy and storing of personal information, they might the the ones to turn things around and actually change how people think of their exposure when online.
Cambridge Analytica uses a specific predictive models to target different types of investors. The unique model allows for more selected and targeted advertizing.
The ICO is said to have begun last year with raising goal of around $30 million.
Reuters reported the opinion of Cambridge Analytica’s spokesperon:
“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 how their personal data are used. We were exploring multiple options for people to manage and monetize their personal data, including blockchain technology.”
Cambridge Analytica may be now in competition with other companies, who are also developing their ICOs to target the data privacy field, as it has become a very popular sector. The irony here is that many of those turning to solve the issue with personal data and its usage came about then the Facebook – Cambridge Analytica feud exploded.