With Facebook hitting headlines very recently regarding their retraction of the cryptocurrency advertising ban and of course, their reshuffle of the blockchain research team, we have been wondering exactly what sort of products may come from Facebook, once they explore the true potential of the blockchain.
Let’s face it, the staff at Facebook are very smart, therefore I doubt they are exploring blockchain on the surface, it’s likely that actually they are ready to start developing their own products, what exactly will these products be though?
In the pursuit of answers, we have explored a few possibilities. Please note, these ideas are based upon speculation and are not reinforced with any factual material, we just think that the following is not only possible, but would also be very advantageous for Facebook.
Firstly, Facebook could be exploring the possibility of building a cryptocurrency payment and transfer system into their apps, including Facebook, Messenger and Whatsapp. We could imagine such integration including currencies such as Ripple XRP as a result of XRP’s fast transfer rate. Because Facebook is international and spans across borders, a cross border payment system could be very attractive and moreover, would be very useful for Facebook’s customers. We could expect Facebook to use an existing protocol here, such as XRP, however, there is a chance they could take this one step further…
As Facebook already encourages payments for things such as charity donations, business payments for advertising and a messenger money transfer service, it is also likely that Facebook could explore the production of their very own cryptocurrency. We struggled to think up a name for such a project, but one member of the team came to the conclusion that ‘ZuckCoin’ would be most appropriate. We like it, ZuckCoin has a ring to it, right?
A Facebook owned, built and led cryptocurrency would see integration into all areas of the business, from money transfer to business payments to maybe even integration with Facebook’s many apps and games. The possibilities are endless.
In fact, perhaps Facebook intent to build an entire blockchain based on this notion. ZuckChain anybody?
Whilst the above examples are probably a little extreme, indeed, the above is possible. It is however more likely that at first, Facebook will go down these lines;
Smart contracting could become very useful for Facebook, especially considering how much material is shared through the social network. Take Instagram for example. A blockchain based proof of ownership system in here would ensure that users see extra protection of their intellectual property. Likewise, this could work through Facebook too and through the sharing of documents, images, videos and music etc. Smart contracts could even help to remove fake and hacked accounts, allowing for only real Facebook profiles to exist on the Facebook blockchain, or the ZuckChain, FaceChain, BookChain, whatever you want to call it.
Hopefully, if none of the above areas are being considered, a member of the Facebook team reads this and passes on our suggestions. Mr Zuckerberg, if you’re reading, leave us a comment, let us know what you think, that would be cool.
Facebook are exploring the blockchain, this much is true. The possibilities of what they may do within this exploration, honestly know no bounds. Nobody is talking about it yet, but Facebook have already changed the world once, perhaps they’re about to change it again.