What Facebook Blockchain Team is Working on?
Back in May this year, Facebook made a loud announcement about creating a special team within the company which will be concentrating on exploring Blockchain technology and its applications for the platform. Facebook executive who was previously running the company’s standalone messaging app, Messenger, David Marcus was appointed as the leader of the reportedly small team of less than a dozen members. As reported, many executives from Instagram and other divisions of the corporation also joined the new team.
While the great potential of Blockchain technology is more than obvious in many major aspects of our lives, the move by the major social network platform could be more than justified. Meanwhile it still remains rather uncertain just towards which direction Facebook will be developing the new technology for its use. Here different field experts give out different opinions regarding the ways Facebook is planning to use the Blockchain technology.
Facebook may be developing its own cryptocurrency.
Many field experts suggest that developing own cryptocurrency for Facebook can make a lot of sense. In case Facebook offers cryptocurrency wallet with its own token, which the users would be able to use for running ads on the platform, it will make transactions almost free and hence make the platform more convenient to use.
Facebook would create cryptocurrency-based payments system.
While now it is already possible to send money via Facebook messenger using credit cards or PayPal accounts, using cryptocurrencies to make the transactions will be more beneficial and faster for the users. This will eventually make Facebook a more preferred method to make transactions for the users. In addition, there will also be the opportunity for the users to send micropayments to their favourite content creators on the web again using cryptocurrencies.
Facebook would have to create a cryptocurrency wallet.
One of the major challenges in crypto world is secure identification of users as they access their virtual funds. Here due to Facebook’s security and accessibility, the company can become the key access point for the users to their cryptocurrency wallets instead of going through complicated account verifications and processes just as it is done on many other popular websites and platforms.
Meanwhile the latest official information shared by the company stated that the Facebook Blockchain team is still on the early stage of exploring the potential applications of the new technology for the company and hence for now they are not able to voice any specific development direction.