Facebook Makes Big Move Towards The Blockchain

A Facebook led and managed blockchain is what many of us expect to see open up over the next couple of years. As a major tech firm, Facebook have to be seen to be keeping on top of new technologies and therefore, it’s no surprise that Facebook are already exploring blockchain technology.

Some of the rumours suggest that Facebook could look towards launching their own in app cryptocurrency that could be used in Messenger and WhatsApp, others suggest that actually, Facebook aren’t interested in cryptocurrencies as such and that their focus is on the technology that drives them, the blockchain.

Whatever it is that they are planning, when it is launched, the Facebook blockchain will be very significant considering the scope that it will have. There are more than one billion people that use Facebook, meaning that when this system is confirmed, more than one billion people will be given access to a new blockchain technology, it’s basically instant blockchain adoption and will help to educate the masses about it’s wonders and advantages.

It’s just a matter of time now.

According to Finance Magnates, Facebook have recently bolstered their blockchain department by acquiring a number of staff members from blockchain firm, Chainspace. Chainspace is a UK founded company that has grown through the development of smart contract platforms with University College London. Chainspace want to create a blockchain that is bigger and better than any current blockchain technologies. As per the Finance Magnates report:

“The acquisition was made to poach the talent at the blockchain startup – a very common practice known as acqui-hire in the Silicon Valley. Four out of five researchers of Chainspace’s whitepaper are joining Facebook. A Facebook spokesperson confirmed that the latest hiring of the social media firm to strengthen its blockchain team and revealed that the acquisition will not transfer any technology of Chainspace to Facebook.”

So, to reiterate, Facebook have no acquired Chainspace or any of their smart contract technologies, however they have acquired a number of the minds behind the Chainspace project. Of course, they can’t go on and plagiarise the work of their previous employers but what they can do and what they will do is bring a wealth of knowledge and expertise to the ever growing blockchain department at Facebook.