Opportunities rarer than radium: Social networks could own their currencies very soon. Would Cyberspace be any safer?
The uninterrupted revolution of planet earth is about to be drawn to a halt by the weight of traffic going through social networks every day. It’s amazing. Every person in a 100 people is connected directly or indirectly by a social network that they belong to. More so, it’s quite fascinating to realize how much data we generate on these networks. From personal information shared between people via chat rooms and emails to bank and card data used for shopping online, we’ve continually generated data making these networks become an indispensable part of our lives. Now, we have taken a peek into the minds of the CEOs of two prevalent networks, Slack and Twitter, and found a lingering question: “how can we use what we have to get what we want?”
Interestingly, the answer isn’t so far-fetched. In the neighborhood of Fintechs and startups is the growing binge desire to roll out new attractive features for end users. Fintech is unarguably fast rising and is the future of 22nd-century tech. This is a possible claim they have as a result of a large number of investors that swarm the industry. Now for Social networks CEOs to stay relevant even unto the next era of technological development, they may all need to incorporate a fiscal feature on their platforms. These networks are being used by billions of people. A feature that can enable its users to take their cash from their banks and put it into their wallets on a social networks platform would be really attractive. For example, if tweeter had a currency named Tweelars for instance, I could easily pay for my morning coffee from the Twitter app while tweeting real time too!
Now, the silver lining to this is that it beams opportunities on crackers and hackers who can offer Cyber protection services for in-app methods. The analog would be simple: get the Fintech companies to manage payment methods and make the whole process secured of cyber-attacks. However, it is necessary to consider the impact of this on internet security. Would cyberspace be safer if such was possible? End users are often negligent of the security of their information and privacy online while a few are somewhat conscious. To make social networking currencies authentic, payment methods must be secured by competent cybersecurity persons. This would inadvertently cause the availability of cyber-security skills to be in high demand. You might argue that cyber protection has been automated in recent times. This is not always very effective as threats are often adapted to bypass machine language. Rather, skilled hackers that can provide security options to mitigate threats should be brought in.
Essentially, the birth of social network currencies is a trend that opens up doors to whole other niches such as cybersecurity and Fintech. The fate of cyberspace would, however, lie in the hands of those whose it has always been; hackers and crackers.