Facebook Taps Blockchain Technology to Steer the Company in a New Direction


Facebook has come under fire from many different angles lately. The company is in the midst of some big controversies, but there is still time to turn things around. Some internal changes will be forthcoming and a blockchain division will be added to the overall company structure. For the company, this is one of the biggest management shakeups to date, although it may not be the last.

Major Changes for Facebook

Some big developments are taking place behind the scenes of Facebook. The social network needs to consolidate its power before things get out of hand even further. No one will be fired, but some higher-ups will be given more responsibility across the company’s different ventures. Facebook CPO Chris Cox will now manage Instagram, Messenger, and WhatsApp as well.

That latter part is a surprising change. The popular messaging app has done its own thing since 2014. With the two co-founders recently leaving the company, changes are more than warranted at this time. Moving employees around within the parent company can take all of these services in a completely new direction moving forward. So far, it remains unclear if other reasons are at play regarding these developments.

Perhaps the biggest announcement comes in the form of how Facebook is launching a blockchain division. A lot of blockchain enthusiasts are convinced this technology will make a positive impact on social media in general. This new venture will be spearheaded by David Marcus, the former head of Messenger. Incorporating blockchain into Facebook and other services will pose some unique challenges along the way.

Incorporating Blockchain Technology

There is a lot of speculation as to how the company will use blockchain. It may eventually lead to cryptocurrency support as well, although such plans have not been officially announced. Information is scarce to come by right now, although Marcus confirmed the company wills tart from scratch. This seems to indicate there will be an open-minded approach to this technology and not necessarily a clear plan of action as of yet.

There are many things Facebook can do with blockchain technology. The company won’t necessarily give up its centralized position on the market, though. Decentralization is not necessarily an option Facebook  – the parent company – needs to pursue at this stage. A distributed ledger can have both private and public properties at all times. As such, there are many different options for Facebook to explore, both for the social network as well as its other ventures.

This is a big development for the world of blockchain as a whole. Facebook is tapping into this new and innovative technology as a way to redeem itself in the eyes of the public. After the recent Cambridge Analytica scandal, some positive news is more than welcome for the company. It is now up to the higher-ups to properly use the options at their disposal. How they will do so, remains to be determined at this stage.

 

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