Cambridge analytica considers its own ICO
It has emerged that the British data analytical firm Cambridge Analytica were in contact with another consultant firm with a view to launching an ICO. For similar stories take a look at our homepage blockchain daily
This was before news broke that it had improperly obtained millions of Facebook users’ data, which has lead to widespread controversy and investigations into the Brexit campaign, the general election in the U.K and the election of Donald Trump in America.
It is currently unknown whether the controversial company still hold plans to peruse a foray into the cryptocurrency landscape, especially given the news-lead nature of digital tokens and the relationship between press and price. It would be very difficult to raise the purported $30m they’d planned to with the current negative feeling surrounding CA and their professional practices.
“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,” a Cambridge Analytica spokesman said in an email to Reuters. “We were exploring multiple options for people to manage and monetise their personal data, including blockchain technology.”
The money raised by the potential ICO would have been used to pay for the creation of a data system, to let people store their personal data and sell it to advertisers – handing the ownership of such transactions to the people rather than the companies that profit from selling data. Ironically, the scheme would view to protect people from the very same thing Cambridge Analytica are alleged to have done to millions of Facebook users around the world. The company claims is properly licensed data on far fewer than the reported 87 million.
Former Cambridge Analytica employee Brittany Kaiser told the New York Times, “Who knows more about the usage of personal data than Cambridge Analytica? So why not build a platform that reconstructs the way that works?”