Facebook Embrace Blockchain Technology to Address Privacy Concerns
Social messaging app Facebook is setting up a team to explore the applications of blockchain technology in the forseeable future.
The head of Facebook’s messaging app, David Marcus, will be leaving his post to lead the blockchain group, recode reported on Tuesday. Marcos sits on the board of directors of Coinbase, a US-based cryptocurrency exchange and has been in charge of the Facebook Messenger app for almost 4 years.
“I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch,” Marcus said in a post Tuesday on the social media site.
Back in January, Mark Zuckerberg stated that he would be looking into cryptocurrency as a way to explore the potential of empowering individuals. He commented that the decentralized systems like cryptocurrencies could help remove power from centralized banks and place freedom in the hands of the people.
That notwithstanding, the platform still joined several other social messenging app to ban all crypto-related ads and ICOs (initial coin offerings).
The recent move to explore blockchain technology comes as the company instituted its biggest executive shakeup in its 15-year history this week. Facebook will now operate under three divisions: a “family of apps” group (including Facebook, Instagram, WhatsApp and Messenger), a new platforms division (including a blockchain technology team, augmented and virtual reality, enterprise technology and artificial intelligence) and a “central product services” team, which covers shared resources like ads, data analytics and security.
Facebook had faced fallout over data privacy and “fake news,” amid revelations of data sales to outside firms like Cambridge Analytica, and evidence of Russian election interference. Embracing blockchain technology is likely their best option as the platform looks to address privacy concerns.
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