Facebook Goes All In On Blockchain
Social media giant Facebook is going all in on blockchain technology, according to a recent announcement from the company.
Facebook has announced that it will be appointing new executives for Messenger, WhatsApp, and the Facebook core app. The longtime executives of these areas – along with an entire team – will have a new focus: Blockchain.
David Marcus – former executive of Messenger – will head the new blockchain division. Marcus elaborated on his new role in a Facebook post:
Notably, blockchain uses a decentralized record-keeping system; a notion that goes against the centralized nature of Facebook. However, many have pointed to Facebook’s privacy issues following the Cambridge Analytica scandal as to why we need blockchain. It wouldn’t be far-fetched to say this move indicates that Facebook is taking privacy concerns seriously.
In January, Mark Zuckerberg – CEO of Facebook – stated that decentralized systems, such as cryptocurrencies – could put power and ownership back in the hands of its users. “But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services,” Zuckerberg added.