NEO’s Senior Executive Director has addressed the question of how Facebook deals with data and offers blockchain as a solution to the problem of handling this data. In London, he also said for the first time that NEO plans to create a European location for access to the Western market.
Chen Jong, CEO of NEO Global Development, said it is difficult to determine who controls user data on Facebook, and that little attention is given to users who agree to the processing of their data. Jeong also considered compliance issues at the Zeroing in Europe conference on June 16 as part of the London Technology Week. Jeong said:
“Look at Facebook — I do not know how my data is transferred to Facebook and where it’s stored. Third parties? Someone else? This does not seem to focus on the consent of the data owner. The blockchain has the opportunity to change this situation. We may exchange values or data with our consent. This process becomes more transparent and confidentiality is protected.“
The CEO of NEO GD also talked about his past experiences in the financial sector and said that there is a price for keeping records and complying with the rules. Regarding blockchain, he said that the regulatory side of this topic is “complicated but exciting”: “We need to develop rules for user identification and data storage. Compliance with certain rules reduces the likelihood of manipulation or hacking. China has banned ICOs mainly because of the pyramid schemes, as it is very important to prevent their occurrence.
Jeong also pointed out that NEO has a digital identification layer that allows users to attach a digital signature to their assets. He also said that it is important to provide detailed information about where the token comes from, how it moves, for what reason, and at what time. He called such a system “a micro level of compliance tracking”.
Right now, NEO is in twelfth place after capitalizing all cryptocurrencies. Recently, NEO Global Capital donated £ 12 million to the Crowdequity Republic platform. NEO Global Capital also opened in March and has since invested $ 1 million in Moonlight’s economic platform.
Marko Vidrih @cryptomarks
Marko Vidrih - Medium
Read writing from Marko Vidrih on Medium. @cryptomarks. Every day, Marko Vidrih and thousands of other voices read…
(Image-ID: 234062251) / www.bigstockphoto.com