Bitcoin Forum

https://bitcoinexchangeguide.com/why-are-social-network-juggernauts-facebook-and-twitter-moving-towards-blockchain-technology/

I really would llike to know why social networks are all of a sudden just now wanting to implement blockchain. Should we trust their motives?

If you understand blockchain well, you'll have an easy answer to that.

One answer I have in mind is, blockchain is seen by these social media giants as a powerful technology — powerful in a sense that it is decentralized. By being decentralized, it won't have to be controlled by any central authority or government. There will be reduced (to zero) taxes, easier transaction based on smart contracts, lesser manpower on the part of FB and TW (hence the huge money that can be saved).

Any visionary would see blockchain taking over most business transactions in the near future.

Main reason technology. And it is one reason why it never stops and tech giants aren't stopping to adopt such new features and technology that they can adopt to their businesses. They are making themselves still on the trend so their users and customers won't be outdated but they won't just adopt a single technology that recently found if there's nothing that they can take advantage of it. A good technology such as blockchain will always be adoptable by any company that sees its potential.

well, of course because blockchain is actually useful for them, both Facebook and Twitter use blockchain as media to compensating their user. But I think they will find much more utilization on blockchain, and other big platform will also join the blockchain movement eventually.

They have realised that ultimately blockchain is the tech that would make them invincible from a different disasters.
Whether it be for security of personal information, data, advertising preference or making the platform ban proof.
They also are intending to be integrated with personal day to day activities ranging from payment of IOT.

They are going to use blockchain in completly different areas then we think of. Eg facebook already has a huge userbase, imagine everyone of this users is a small validation node and eg. ensures that a specific post isnt fake news. The possibilities are endless and I am very looking forward to what they come up with!

The answer is pretty obvious companies big and small are now using and looking at it now, so why not them, they are capable to create and adapt it to their system and of course they should be up to date on what's happening around them it will benefit the cryptocurrency if these two giants will become one of us.

I agree with all your reasons except the decentralized one. Most social network will never want a situation whereby they do not have total control over their project. Take for example facebook. Facebook has become one of the social networks that have millions of traffic every hour. features such as ads are totally controlled by the team and this is the reason why you cant remove ads that are displayed on your timeline because that is their major source of finance

we have heard alot of rumour about big social network such as facebook wanting to adopt blockchain technology although up till now, facebook categorically hasnt make any statement concerning this. However, maintaining platform such as facebook and twitter is not an easy task. the robustness of such platform make blockchain technology the best for them because pieces of information can well be managed by the technology at a very cheap price.

Because through the blockchain they can get more benefits especially facebook and twitter enthusiastically and the supporters are very crowded so it will be very easy if they want to go to the blockchain.

They are huge businesses and it is only wise decision for them to integrate blockchain technology into their platform to adapt to the changing market. You don't want to be left behind if you're a businessman.

Because they are afraid of becoming the next MySpace. A first mover, but slow and not moving to the preference of users, who always want the latest trends, whether it is correct or not really correct.

Blockchain is the baby of the current generation in technology. If you're not doing blockchain, you're not keeping up with the times. It will become a thing of the past, once blockchain becomes the mainstream.

Basically what is the main motive of this social networks? Simple blockchain is a good source of income and profit. I know Mark Zuckerberg, hate cryptocurrency but he knows that the crypto can probably increase by more than 100x fold the income of his social network. Imagine facebook users on the whole world will probably be interested in his coin or token once he decide to make one.

he hates crypto but why he would create a crypto ? if its for the income purposes , well mark z is already wealthy from facebook alone that is why i dont think that he will enter the crypto scene  rather he will only be using blockchain to integrate with thier service because also see the potential of blockchain   . blockchain isnt all about crypto , i dont know if you are already aware with that  .

Yes, of course. They are aware of the technology trend, and now, cryptocurrency has become a new trend which they can participate too. Besides that, they are big companies that can easily to join and trying to implement blockchain with their system. But still, there is a time for them to research and find out what will fits with their needs.

That's right. Though fb wants to integrate blockchain technology within their platform, somehow they will find a way how to have the full control of its usage. They realize that this technology will save them thousands and thousands of dollars in their operations, making them more profitable in the long run. And considering the number of active users on their platform, marketing will be an easy task for them.

Is it a bad idea for them to join the blockchain industry?  They have analysed the blockchain and they see it as a huge step to take so they want in and to me it's really a good move to make. It will add to the development and popularity of blockchain

Yes ofcourse their motives are always win win solution there is nothing to be worried about it, maybe the time that they dont want blockchain because they might resolving some issues first before they want to adapt it very well. It really helps the company when adapting the blockchain technology in many ways. And of course they are leading social media therefore they should adapt something new not only for the people but also for their own welfare.

Blockchain is something that can be implemented on anywhere so it is nothing wrong if the social media want to move to blockchain technology.They are just doing something like that how satoshi implemented blockchain into bitcoin way back.

Blockchain is a great technology. Why they don't want. They will have a advantage with Blokchain. I guess Blockchain and social media apps very convenient to each other.

you have some good points but for the most part you are wrong.
first mistake is that you said "blockchain is decentralized". well it is not. it is just a technology and it can be used both centralized or decentralized. for example bitcoin is using it decentralized, XRP, ETH, the government coins like Petro of Venezuela, the coin of Indian gov., the Iranian coin,... are all centralized usage of blockchain.
second mistake is that you think these companies are using the "blockchain technology", they really aren't doing that. what they are doing is simply creating a centralized token for internal money transfers and they are doing that purely out of greed to make money because things are hyped up with this technology these days.
there will be no smart contracts, no decentralization, no innovation, ... there will only be a centralized database which might as well be like Paypal.

That's because the hype has become a real thing, at first they all thought Bitcoin is like a tulip or the community is shilling Bitcoin, but after all these years they have proven that Bitcoin and blockexplorer are the real thing and here to stay, but I'm glad they are moving in.

Probably because they are interested in the fact that you and I really believe in a miracle. I still hope that the blockchain and cryptocurrency will be able to win this fight for the championship. Therefore, I think that everything will work out.

These companies rely on data storage waaaay too much, they have way to much information in their servers and it costs them a lot of money.

A company like youtube where people constantly upload videos and billions of people watch videos every single day just managed to make profit recently, they couldn't make any profit for a long long time because their server costs was other worldy. Hence, moving to blockchain for these social networks would mean they could potentially cut the server costs down a bit and use blockchain instead.

I know having everything you did on social media implemented on blockchain forever might sound like a daunting thing but these are business and they want to make a lot of profit and if something could make them a single dollar more profit they will take a look into it.

There's a lot of new technologies now and one of this is the blockchain most of the projects in the ICO today are using blockchain technology to have a decentralized system and of course it was spread all over the internet and now the social media might adopt the blockchain technology in order to have a decentralized platform.

But there's still question in my mind... How this would work?

They are not doing it because they love it but because they need it. They now realize that the future is the blockchain so there is no point in not accepting this innovative technology so they have now decided to move towards it.

All interesting points made. Both positive and negative. I am ready to see decentralized social media platforms and not KYC intensive centralized platforms. I have to agree with David Chaum in that article that it seems like Mark is utilizing blockchain as a PR hype since it's in the news now.

I feel that Jack has his heart in it a little bit more than Mark.
Facebook would do it for the PR and to rebuttle all their issues with privacy

Aside from everyones here were saying , I think it's about adoptation and scaling. More companies are already into blockchain and other should have to.

Blockchain is always at the tail or let's say along side with cryptocurrencies. If someone talks about cryptocurrency, expect that there's also a blockchain sub-topic with that conversation. And with these tech companies, they don't want to miss the opportunity while it's on fire. The upgrade might come overtime but as long as it's on the trend, they won't just let this pass without riding the popularity and opportunity that it has accompanied with.

In my opinion blockchain is the future technology, i'm sure on more and more company and business will use blockchain technology too in the future. Let's see what will be happen in the next 5-10 years, maybe we will see blockchain technology will become mainstream on that year.

Well, currently a lot of companies just use it as a database replacement, which a blockchain definitly shouldnt be. So I am very excited what Facebook is coming up with.

Seems op does not trust the blockchain or something.
Of course it is a good thing if they move to Blockchain. But I don't they will. They are probably going to use some blockchain coins while having their data  on centralized data storage.

I don’t think anything is bad about their idea, they are just simply following the trend too, many of their users are already exposed to the blockchain and they have seen how its establishment has made it easy for most of their user when it comes to transaction with other companies, also, if they don’t do it, it will not be long before a guru come up with that idea that may see that a lot of migrate from platform.

Moreover, they also need it too to be able to solve the challenges of many of their users who are also finding it hard to make payment for the use of their platform because of some policies guarding the financial institution in the user’s country and also away to probably avoid taxes, with the technology, government will not be able to monitor their funds.

If other untrusted sites can just build their own project coin then why facebook or any other trusted social media sites cannot? Maybe facebook and other trusted social media sites find it more profitable for them to join blockchain that’s why they are building their own too. I think this is their advantage already or shall we say they are gambling already their reputation to the people since they are entering crypto.

They want to be part of the next big thing which is blockchain technology. I could remember when they were kicking against it now they want to join as they couldn't stop the movement. The decentralized nature of Blockchain is attracting everyone.

Decentralized social networks could put them on backfoot. Crypto is the future so they have realized that the only way to be alive is to adopt the blockchain. Their motive cannot be trusted for the fact that they are wholesomely centralized and the users cannot have their privacy there. We look forward to better social networks serving the true purpose of decentralization. 

The same way, central bank, government, SEC and many more that has really been against the technology will have no choice than to work with it because virtually everyone they feel they are protecting from the disaster they feel blockchain might cause are solidly behind the technology and already adopted it and see the benefit it has brought to them.

Hence, I expect more and more of these happening factors this year to facilitate the movement of cryptocurrency market to its ATH. I really see Facebook coin being a major booster of the market when they roll out their coin and I know their project will be more professional as they have always been.

Because if they don't do it today. Competitors will bypass them. Everyone understands that blocks are better than old technologies. And they are already pulling for too long.

Quite agree, technology based company need to always keeping up with the growth or development of a new technology, if not they will easily being left behind and there's many company that go bankrupt because of such thing.
Also blockchain could solve so many things that it's really beneficial for such company to implement it.

One thing we should know about this companies like facebook and twitter is that what have kept them in the top is the ability to see a new technology and embrace it in other to improve their platform and getting more people on-board, they know that blockchain is the technology of the future and they are not ready to miss out of it because if they miss out, in few years to come they might not be relevant as they are now in the society and world at large.

Merchants and corporate giants first may adopt blockchain technology which might move toward bitcoin over the course of time for sure. I mean now facebook, twitter and JP morgon kind of big corporate are announcing having their own blokchain based coins and this may help spreading awareness on cryptos which will end up in mass adoption and then main stream hitting.

Because noone wants to miss the train. But I think that they are not helping the crypto ecosystem by creating private stable coins. For me it is not a cryptocurrency, only a thing that damages the image of real cryptocurrencies.

You have to understand first what is blockchain technology and how it will benefit both online and offline platforms, businesses and industries then only we will know why everything is adopting this new tech soon you will hear more and more online giants switching to blockchain. I think we should not try to find conspiracy theories behind each news.

I think they have a vision to see the potential of Blockchain technology. Not only Facebook WhatsApp every big companies move towards Blockchain. Cause every one wants to adopt futuristic things at the first place. Blockchain has versatile use cases. And the main thing with Blockchain is it's decentralised. And people are going towards decentralised things. And I think it's pretty normal to adopt the future. And they are doing it.

The answer is simple, no one want to be left out on what blockchain offers. For someone or a platform to grow the platform must be ready to flow with trending technologies. So if they refuse getting involved one day, they will be leftout and out of business.

Facebook, Twitter and these high profile corporates have a big research and development team that are focused far beyond our expectations. This way surely they could have done the thorough study about blockchain and its effectiveness. Maybe they are late to implement, but they'll be strong in the technology adoption and will help blockchain technology reach more small scale firms.

Because the world is changing from physical companies to internet companies and now to blockchain companies. It is the natural development. 
I like it because when internet was created and first companies were created on the internet, I was so young. But now I can be a part of it.

Maybe Facebook should hire some people to make sure that the user passwords are not stored in plaintext before they focus on the blockchain space.   ::)
 Article (https://www.theguardian.com/technology/2019/mar/21/facebook-admits-passwords-unprotected)

The simple answer for this is that they want to use the advantages of blockchain technology and they are realizing it`s potential. They also want a piece of the pie as they have billions of users and do not want others to take this advantage from them.

I also think so, they realize that blockchain technology can be very profitable for them, they will adopt it and because they are very famous so that it will accelerate their steps to achieve success in the field of blockchain and cryptocurrency