What Does Facebook Need Blockchain For?

May 17, 2018

Facebook Inc. Has set sights on blockchain when declared opening a new division with one of the company’s chief officers in the lead, David Marcus. So far we know nothing of the future plans the company has for the technology underlying cryptocurrencies. We may only guess and consider possible scenarios.

To get the idea of what the coming project implies, public referred to Marcus’ CV. He used to be in charge for Facebook Messenger and was the president of PayPal. Marcus is one of the Coinbase chairs. His background and current positions give reasons to guess, Facebook may well be developing a blockchain-based payment project. Others supposed, the social net deploys blockchain to create its own cryptocurrency for carrying out payments on the platform.

As Sheila Warren told Financial Times, Facebook may develop digital token to enable micro-payments on the social network platform. As she said, this may result in lots of new apps coming. This could also help publishers who want get paid when Facebook users share their content.

Experts also told, Facebook can use blockchain for better confidentiality of billions of people registered at the platform. For instance, the technology can be used for identity verification of granting extended access to some data. Facebook can create contracts that control who can get information on the platform.

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