Within the wake of Cambridge Analytica improperly buying the information of as much as 87 million Fb customers, the social media large is exploring how blockchain might decentralize its community to guard person information and even probably create a cryptocurrency. A brand new report revealed immediately has specialists speculating about what Fb is growing.
CEO Mark Zuckerberg confirmed in his New Yr submit that Fb was exploring “counter-trends” to centralized networks, together with encryption and cryptocurrency. Within the submit, Zuckerberg mentioned:
Numerous us bought into expertise as a result of we consider it may be a decentralizing pressure that places extra energy in folks’s arms.
Now, it seems Fb is, certainly, making strikes into blockchain expertise, a digital, decentralized ledger which permits safe, encrypted transactions confirmed by friends on the community as a substitute of a central server or authority.
Earlier this month, Fb appointed David Marcus, the manager beforehand in command of Messenger, to helm a group growing blockchain expertise for the social community.
“I’m organising a small group to discover how one can greatest leverage Blockchain throughout Fb, ranging from scratch,” he wrote in a Fb submit.
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After practically 4 unbelievably rewarding years main Messenger, I’ve determined it was time for me to tackle a brand new…
Fb has been tight-lipped, however in a brand new report out of The Monetary Occasions, specialists are weighing in on what the social media large might be as much as.
These specialists say Fb might leverage the blockchain to guard person information, confirm identities, and even create its personal cryptocurrency for transactions on the community.
Sheila Warren, head of blockchain on the World Financial Discussion board, mentioned that Fb’s foray into the tech was a “actually good transfer.” A cryptocurrency might facilitate micropayments and an “explosion of functions” from builders.
It might additionally give customers extra management over their information by letting them set particular permissions about what sort of information the community can retailer from the blockchain-based transactions.