Facebook are of course one of the major tech companies of the world. Facebook is more than just a social network, it is a group, a group with many fingers in many pies. We can argue that Facebook has spearheaded the technological revolution, making the absolute most of the internet and of course, making the internet safer and more accessible to all.
We must consider the recent data breach scandal which is still on going within Facebook so of course, we can question the integrity of Facebooks claims to provide data security, however, that aside, recent news from Facebook points towards their future plans for investment in blockchain technology. Perhaps the blockchain can help them really improve their data security, who knows.
According to Recode, Facebook have just appointed new heads for their three major entities, the Facebook app, Facebook Messenger and WhatsApp. Within this, new executives have been moved into a new branch which has been established to explore the possibilities of the blockchain.
According to Recode:
“Facebook is also building a new team dedicated to blockchain technology. David Marcus, the executive in charge of Facebook’s standalone messaging app, Messenger, is leaving that post to run the blockchain group, these sources said. That new team will fall under one of the other three divisions, referred to as “New platforms and infra,” which will be managed by CTO Mike Schroepfer. Facebook’s AR, VR and artificial intelligence efforts will also live under Schroepfer’s division.”
You can see Recode’s full report, here- https://www.recode.net/2018/5/8/17330226/facebook-reorg-mark-zuckerberg-whatsapp-messenger-ceo-blockchain
So, what does this mean?
Obviously, this does mean Facebook will be looking into blockchain technology, that’s a given. However, we can’t work out just yet, what Facebook will be using blockchain technology for. Firstly, we doubt this will have anything to do directly with cryptocurrency, however smart contracts and transactions of a sort may be of some benefit to Facebook, especially concerning data security and of course, intellectual property rights.
Moreover, perhaps Facebook could improve their advertising platform through the blockchain?
What we can take from this – it’s great that Facebook are recognising a new, world changing technology. By not engaging with it fully, Facebook are limiting themselves and their customers, now however we can have some confidence in that Facebook will be expanding into the blockchain, finally, it is not a matter of if, but when.