Libra Cryptocurrency Might Centralize Customer Data

Microsoft, the tech giant of theUnited States, is among the companies who are joining the rank of the HyperledgerGreenhouse, hosted by the Linux Foundation. Several businesses are coming up with an enterprise-grade solution whichis focused on the increasing numbers of tools which are being built on theHyperledger.

Marley Gray, the principalblockchain architect at Microsoft, stated, “Our journey in the blockchainecosystem has brought us a long way, and now is the time for us to join theHyperledger community. We are proud of our contributions to such a diverseblockchain ecosystem, from our Azure service offerings and developer toolkitsto our leadership in driving open specifications.”

A critical comment about Facebookcoin was, “Do not deposit it on Facebook if you don’t want your financialdetails read about tomorrow morning by every money-grabbing company.”

Concerns were also expressedabout Libra about centralizing customer data. Further, the company will performresearch about “Using customer data to conduct research projects related tofinancial inclusion and economic opportunity.”

The significant dossier of datawill be useful to companies who will be offering discriminatory pricing forproducts and services.

Orin Snyder, recently stated, ‘Donot post it on Facebook, if you don’t want to read about it tomorrow morning inthe school newspaper.”

In the case where Facebook hasbeen sued for privacy, it has been stated that “There is no case to answeras Facebook insists it because when you provide your data to Facebook, you giveup on your right to privacy.”

However, another justificationgoes that when you share data to a hundred friends, there can be no reasonableexpectation for privacy.

Libra is considered to be a greatidea; however, it has been felt that it comes from the wrong company. Whilethere are several companies which have dubious legality, which is wasteful ofenergy and not responsible when it comes to speculation, Jack Dorsey statedthat this is just about the right time for the coming of a coin which wouldsuit the internet era. This is also away to universalize the world; however, it is in the hands of the wrongcompany.

A lot of guesswork is goingaround about the company incentivizing the users ranging from paying foradvertising to promote the products, coming up with loyalty schemes, payinginterest to customers to avoid criticisms about the company holding on to theattention of customers on their deposit.

No matter what, the coming of theLibra has raised awareness about the cryptocurrency among other countries.

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