Facebook is Working on Blockchain Technology but What is it About?

[akshayp]

Messenger’s David Marcus will be Leading Facebook Blockchain Team
Last week Facebook announced that it is creating a blockchain unit which will be led by David Marcus (One of the most senior executives) is increasing the speculation among those in the blockchain world since the firm revealed few ideas about what the group is going to do.

Sheila Warren, head of Blockchain at the World Economic Forum told that Facebook might develop a cryptocurrency for enabling micropayments on the social media platform. She said it could result in a slew of new applications. It will be welcomed by publishers who want to get paid while Facebook users share and spread their content.

Facebook can Prove user’s Identity using Blockchain Technology
Experts told Facebook can use blockchain technology for enhancing privacy for the billions of people who use the platform. For example, blockchain can be used to prove a person’s identity and can also be used for providing users with more control over their data. Facebook can create contracts which could specify who can receive information on the platform.

Warren said:
“One of the things blockchain is good at doing is creating a trust where trust doesn’t exist. You set the permissions in such a way that if you say for cat videos, you can take all my data, but for music videos, you can only take my screen name, it is self-executed automatically.”

She also said Facebook could utilize blockchain technology for creating a public key that matches a user’s private information.

[JacobLiam12]

Facebook is attracted by the popularity of the crypto currency market as well as the growing emergence of the block chain technology. Now there is huge number of coins operating in the market. Bitcoin has earned huge popularity tan others as bitcoin have some advantages over others. It is safer and trusted by the all than others currency. So now Facebook is trying to be in the market with its own currency.

[samarabtc]

Few days age Fcebook announced that they will remove all the advertisement about bitcoin because facebook is working on blockchain system because they wants to apply their own coin but I think this is bullshit idea because they can’t even compare with bitcoin because they have to think about their position and bitcoin position in the market so bitcoin is acceptable for all the people where as facebook is developing process its really funny.

[cryptorTUX]

I bet they are going to use blockchain at Facebook for enhanced privacy...  For this they will need some extra private protocol on top of it. Having in mind that facebook is in fact the marketing company that is doing so well as its great targeting and retargeting tools, because of this advanced algorithms plus algorithms that keeps you occupied to stay on the platform they need your privacy. Really is this some kind of a joke a trick they are pulling on is. I wouldn't trust Facebook for the privacy from the first time you enter something on their system. They are doing everything they can to earn an extra buck like many people do in this world.

[CryptoBry]

There are so many things that a big social site like Facebook can do with the blockchain technology and hopefully all of the new features they can come up will be for the good of all the users and not the other way around. I am looking forward to the idea that Facebook will share some of the revenues they generated to the users who are the owners of all the content inside Facebook...maybe a little bit similar to what YouTube has already established with their content partners. 

[onurgozupek]

Facebook is planing to use it's own crypto currency for paying for ads. Probably they learned that crypto currencies will be in our future as payment alternatives Facebook wouldn't ignore crypto currencies. Having alternative payment options is good but I don't think every company needs it's own crypto currency.

[rider212]

Now facebook will adopt blockchain, and will probably make its own coins. But why does facebook prohibit crypto ads ?, it is very strange. I think facebook is already licking his own spit.

[Tytanowy Janusz]

Now facebook will adopt blockchain, and will probably make its own coins. But why does facebook prohibit crypto ads ?, it is very strange. I think facebook is already licking his own spit.

Good point.

"First they ignore you
then they laugh at you
then they fight you
then you win."
Mahatma Gandhi

We are slowly winning. Its great to be in this since others were laughting. I would like to be in crypto when others were ignoring. I was to busy ignoring it

[Flomo]

maybe it's better to be more secure and transparent and easier to make payments from the facebook. and other profits indirectly add investors and introduce more crytpo to everyone.

[Kakmakr]

It is not enough that they gather knowledge on your social interaction with other people and what you do every moment of the day, they now wants full access to your wealth too. The only way for them to do that is for them to control the money you use on their platform. If they create a Alt coin and they mine it, then they can basically do what they want with the money that runs on their platform. ^Tinfoil hat off^

Nah, they probably just want to experiment with Blockchain technology, because they do not want to feel left out. The "Blockchain" is after all the buzzword in the IT industry these days.   

[Msile]

If Facebook integrates blockchain technology in a meaningful manner, we will undoubtedly see other big players in the social media space follow suit. The way in which Facebook uses the technology will be important.

If Facebook goes down the route of creating its own cryptocurrencies or adopting existing ones, it will go a long way toward legitimizing and promoting the technology to the greater masses, and moving the blockchain and crypto closer to the mainstream worldwide.

[Itty Bitty]

Messenger’s David Marcus will be Leading Facebook Blockchain Team
Last week Facebook announced that it is creating a blockchain unit which will be led by David Marcus (One of the most senior executives) is increasing the speculation among those in the blockchain world since the firm revealed few ideas about what the group is going to do.

Sheila Warren, head of Blockchain at the World Economic Forum told that Facebook might develop a cryptocurrency for enabling micropayments on the social media platform. She said it could result in a slew of new applications. It will be welcomed by publishers who want to get paid while Facebook users share and spread their content.

Facebook can Prove user’s Identity using Blockchain Technology
Experts told Facebook can use blockchain technology for enhancing privacy for the billions of people who use the platform. For example, blockchain can be used to prove a person’s identity and can also be used for providing users with more control over their data. Facebook can create contracts which could specify who can receive information on the platform.

Warren said:
“One of the things blockchain is good at doing is creating a trust where trust doesn’t exist. You set the permissions in such a way that if you say for cat videos, you can take all my data, but for music videos, you can only take my screen name, it is self-executed automatically.”

She also said Facebook could utilize blockchain technology for creating a public key that matches a user’s private information.

How is this blockchain going to be secured so that its history can't be altered by a malicious actor/party. Will it use decentralized proof of work? Proof of stake? Proof of Sheila Warren?

[passwordnow]

Always put the reference if you are copying an article.
https://coindelite.com/news/facebook-is-working-on-blockchain-technology-but-what-is-it-about/

[chickenado]

Messenger’s David Marcus will be Leading Facebook Blockchain Team
Last week Facebook announced that it is creating a blockchain unit which will be led by David Marcus (One of the most senior executives) is increasing the speculation among those in the blockchain world since the firm revealed few ideas about what the group is going to do.

Sheila Warren, head of Blockchain at the World Economic Forum told that Facebook might develop a cryptocurrency for enabling micropayments on the social media platform. She said it could result in a slew of new applications. It will be welcomed by publishers who want to get paid while Facebook users share and spread their content.

Facebook can Prove user’s Identity using Blockchain Technology
Experts told Facebook can use blockchain technology for enhancing privacy for the billions of people who use the platform. For example, blockchain can be used to prove a person’s identity and can also be used for providing users with more control over their data. Facebook can create contracts which could specify who can receive information on the platform.

Warren said:
“One of the things blockchain is good at doing is creating a trust where trust doesn’t exist. You set the permissions in such a way that if you say for cat videos, you can take all my data, but for music videos, you can only take my screen name, it is self-executed automatically.”

She also said Facebook could utilize blockchain technology for creating a public key that matches a user’s private information.

This sply means that big industries such as facebook are seing the great potential of block chain technology and they are preparing to indulge themselve into this knowing that they can profit a great deal. This will surely be interconnected to their platform the facebook to make it bigger and continues its dominance in the social media industry. I hope that if this will be pushed through it will be of great help to the development of human civilization.

[boakyei]

At least a proof that blockchain technology has come to stay and hence bitcoin is bound to be a leader and future currency. Facebook, though famous have realized the need to venture into blockchain, another area which popularity will outnumber social media in the near future.

[zxrcoin]

I think there is nothing to be so hyped about this. The interest of bitcoin is limited to blockchain only and is not upto the any cryptocurrency or bitcoin. So I think this will bring much good to crypto world.

[mktpromp]

Facebook has taken a very effective decision after banning the ads of crypto in their social media platform. I hope they will bring the upgradation of blockchain through their adoption. And I think they might launch their own crypto through the process.

[carlisle1]

Facebook is attracted by the popularity of the crypto currency market as well as the growing emergence of the block chain technology. Now there is huge number of coins operating in the market. Bitcoin has earned huge popularity tan others as bitcoin have some advantages over others. It is safer and trusted by the all than others currency. So now Facebook is trying to be in the market with its own currency.

This same reason why did they banned crypto in they're platform because the true reason is they are attracted in cryptocurrency,since they knew how huge the circulating money here,so they wanna have piece of cake,isn't it very brilliant?how this facebook boys operating to make profit by using this crypto technology

[goldminecrypto]

This is great! Crypto currency is going very far and working to build a great future! The growth of crypto currency is developed a lot. There are so many companies which have adopted crypto currency to their firms.  Even Amazon started working on it.Good going!

[Al-e_x]

I like with the decision made by the Facebook, this will be the biggest project, and great success.

I predict that facebook will not take long to achieve success.

everyone who will be the leader of the blockchain facebook team, but Mark Zuckerberg always be the mastermind.