Facebook is Working on Blockchain Technology but What is it About?

Nishanth Shetty

May 17, 2018 2:08 pm

Facebook is Working on Blockchain Technology but What is it About? | Coindelite News
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Messenger’s David Marcus will be Leading Facebook Blockchain Team

Last week Facebook announced that it is creating a blockchain unit which will be led by David Marcus (One of the most senior executives) is increasing the speculation among those in the blockchain world since the firm revealed few ideas about what the group is going to do.

The blockchain industry is wondering what Facebook has planned. In order to get an idea of what could be going on industry watchers have turned to Marcus’ resume. He was an in charge of Facebook for a while and was also the president of Paypal.

Marcus also a part of the board of Coinbase. All of his current and previous roles provide the clues that Facebook could be looking for a payments product using blockchain. One idea being discussed that Facebook will use blockchain for creating its own cryptocurrency to enable payments on the platform.

Sheila Warren, head of Blockchain at the World Economic Forum told that Facebook might develop a cryptocurrency for enabling micropayments on the social media platform. She said it could result in a slew of new applications. It will be welcomed by publishers who want to get paid while Facebook users share and spread their content.

Facebook can Prove user’s Identity using Blockchain Technology

Experts told Facebook can use blockchain technology for enhancing privacy for the billions of people who use the platform. For example, blockchain can be used to prove a person’s identity and can also be used for providing users with more control over their data. Facebook can create contracts which could specify who can receive information on the platform.

Warren said:

“One of the things blockchain is good at doing is creating a trust where trust doesn’t exist. You set the permissions in such a way that if you say for cat videos, you can take all my data, but for music videos, you can only take my screen name, it is self-executed automatically.”

She also said Facebook could utilize blockchain technology for creating a public key that matches a user’s private information.

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