Facebook Exploring Applications for Blockchain Technology

Facebook Exploring Applications for Blockchain Technology

The head of Facebook’s messaging app, David Marcus, announced today that the social media giant will be exploring uses for blockchain technology in the foreseeable future. This reported on CNBC on May 8.

Marcus has been in charge of the Facebook Messenger app for almost 4 years. He also joined Coinbase as a board member back in December 2017.

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The executive posted on his personal Facebook page… “I’m setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch”.

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.

In January, Facebook announced that they would be banning all ads that are relevant to cryptocurrency and ICO’s (initial coin offerings). The ban was a surprise to many as Zuckerberg had just announced his interest in cryptocurrency.

Due to the recent Senate hearing over Facebook’s privacy issues, blockchain technology would be a welcome technology for this company considering this current “social matter”.

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