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Facebook Hacked: Blockchain Technology to the Rescue?

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Facebook hacked

Facebook dropped another bombshell last week.

In fact, it revealed an unknown hacker breached the site, compromising the accounts of 50 million users.  Trust is in jeopardy.

Worse, not only did the hackers obtain the ability to access the Facebook accounts, they could access other services you use with your Facebook account registration.

The latest hack is another major misstep for Facebook, which has been trying to win back consumer trust. Besides the Cambridge Analytics issue, Congress has strongly criticized the company for failing to prevent the spread propaganda.

So, What Happened this Time?

Attackers were able to trick Facebook into issuing them “access tokens.” These are digital keys that allow them to access accounts as if the attackers were the users.

The access keys allowed the attackers to even access any other services that someone used Facebook’s login service to log in to, whether that’s dating app Tinder, or a niche smartphone game, and gain access to highly personal information.

Unfortunately, it’s not clear who carried out the attack.

They may never know.  What we do know is that the company patched the problem.  And while Facebook doesn’t believe this attack will hurt its business, we’re not so sure.  If users can’t trust their data to Facebook, they’ll delete their accounts or just stop using Facebook altogether.

It Highlights the Need for Cyber Security and Blockchain

Blockchain technology is seen as particularly useful in improving both user privacy and data security. With data in in centralized databases, it makes it susceptible to mass data breaches.

However, according The Next Web, “Decentralizing databases can safeguard against mass data breaches as there is no more a single point of failure that a hacker can target.”

According to Forbes, “Typically, once data is stored on the blockchain it cannot be manipulated or changed – it is immutable. This is because of the architectural nature of blockchain structures where every block has a specific summary of the previous block in the form of a secure hash value.  Since these blocks are structured in the form of a ‘chain’ sequence, the timing, order and content of transactions cannot be manipulated. Also, these blocks cannot be replaced unless all the ‘nodes’ achieve consensus or agree with the proposed change.”

 

 

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