The tech giant, Facebook, is facing increasing pressure from users and US Congress to address issues on privacy. To do just this, the company intends to tap blockchain technology by leading an experimental blockchain group through the former head of Messenger and Coinbase board member at present – David Marcus.
Facebook CEO Mark Zuckerberg had already expressed interest in cryptocurrencies earlier this year. Despite the possible impact decentralization will have on the company, Mark Zuckerberg is still willing to consider the potential in the technology. In fact, there are already rumors that cryptocurrency may be integrated to Facebook as Zuckerberg had already shown an interest in cryptocurrencies before.
Although in the works, it remains unclear how exactly Facebook will integrate the technology to the existing platform since it has not disclosed any details on the matter. A probable use case may include encrypted data storage. Whatever Facebook may come up with, Zuckerberg stated that the overall goal is simply taking the leap to figure out “how best to use them in our services.”
How It All Started
Last December 2015, the Cambridge Analytica scandal revealed how much danger ‘big data’ breaches posed for Facebook. In one illegal breach, the data of 50 million users was harvested by a political consulting firm. Said firm was then hired by President Trump who would now have access to the ins and outs of Facebook’s security.
This was then followed by a serious re-evaluation of its management systems and teams to better focus on the major issues at hand. Recode was able to report this planned shift and stated that the new setup will comprise three divisions:
- The family of apps (Facebook, Instagram, Messenger, and WhatsApp)
- New platforms and infra (Facebook’s VR, AR, Workplace, and Artificial Intelligence projects)
- Central product services (shared features such as ads, data analytics, security, etc.)
From here, Facebook now has a solid, more focused team (New platforms and infra) to shoulder the exploratory project.
Marcus announced the move on a personal page as he stated: