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In the light of the recent security breaches that have compromised the data of thousands of Facebook users, will blockchain be the answer to the largest social media’s privacy and security issues?
About Facebook’s Cryptocurrency Efforts – Timeline of Events
It can be recalled that Mark Zuckerberg, Facebook’s CEO, had expressed his interest in cryptocurrency, saying he wants to go deeper and study the positive and the negative aspects of cryptocurrency technologies, during his annual mission statement on January 2018.
The giant social networking company has since then created a group dedicated to learning about cryptocurrency, in a bid to identify how the technology can be of best use for Facebook to leverage its services.
However, Facebook’s blockchain exploration has actually first started in the middle of 2016. Back then, the company has reportedly assigned one of their corporate development staff to explore the blockchain technology.
On May 2018, Facebook announced a huge reorganization upon the creation of its blockchain group run by David Marcus, former president of Paypal and head of Facebook Messenger, along with Kevin Weil, former VP of Product at Instagram and at least 10 other people. This was then followed by the company’s decision to reverse its ban on cryptocurrency ads, in June 2018.
What’s in store should Facebook and Blockchain Integrate?
Facebook’s move to explore blockchain technologies isn’t particularly new and is no longer surprising. The company has had a reputation for envisioning technology related to digital currency.
Now, Facebook is more than ever serious in redefining its brand and leveraging its services. That said, it is highly likely that blockchain could play a significant role in this expansion.
With Facebook’s apparent blockchain ambitions, the possibility of FaceCoin, a Facebook cryptocurrency may not be that far in the future. A lot of experts have many theories regarding the different possibilities that could spawn should Facebook finally take a leap towards taking advantage in blockchain technologies.
Serious Advantage in Coin Distribution
Facebook could implement crypto tokens distribution and, with its huge influence on its platform users, it could actually pave the way towards universal adoption of these tokens for use as money.
Micropayment Influence
Coin adoption is just the beginning as FaceCoin could be potentially used in online payments, e-commerce, bill payment and investing options, electronic banking and many more.
Challenger Bank
It is possible that Facebook could build a challenger bank that can promote a streamlined retail banking experience for its users.
Edge in Digital Currency
There is no doubt about Facebook’s strong grip in social media networking, and, that alone can be the company’s serious advantage in realizing its blockchain ambitions. Facebook could easily surpass Coinbase and take the lead in the digital currency exchange platform. It can be noted that David Marcus left his post on the board of Coinbase the moment he assumed his role in Facebook’s blockchain group.
Identity Tech
As if its current identity layers is not impressive enough, with blockchain Facebook would be able to build a login layer like Facebook Connect which can then be used for decentralized apps. Thus, expanding the company’s online ID capabilities even more.
Published:25/04/2024
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