Facebook to Go Full Steam Ahead in Blockchain?
December 12, 2018 by Paul de Havilland
Facebook looks set to expand its nascent blockchain activities. At least, that’s how it appears given a glance at the social media giant’s careers site.
Also see: Thai Lending Platform JFin Coin Partners with R3 and Microsoft
Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts
Facebook’s Blockchain Team Set to Expand
Facebook already has a blockchain division staffed by around 30 people and headed up by former Messenger head David Marcus. Its careers site is currently looking to recruit a Head of Brand and Global Brand Development Lead to its internal blockchain team.
The jobs would appear to suggest a shift from technical to marketing. The company’s careers site states its “ultimate goal is to help billions of people” using blockchain, indicating a possible move into the blockchain market.
What’s The Catch?
With a notorious reputation for data breaches, selling users’ privacy to advertisers, and helping disseminate Russian propaganda, it is unclear exactly what a Facebook blockchain wing would be set up to achieve.
It would be difficult to believe the company would avail users a default option of near-total privacy, given its revenue is derived from doing the exact opposite. However, if it were to do so, blockchain would probably be necessary. The company’s line on privacy is:
“[I]t’s untrue to suggest we didn’t or don’t care about privacy. The facts tell a different story.”
A blatant falsehood if ever there was one. The giant makes billions making user data accessible and for sale to advertisers, and its shareholders expect it to continue earning revenue.
Not a Stellar Beginning
If Facebook is working on an almost-market ready blockchain product, perhaps even a native currency, it won’t be with Stellar. The company strongly denied August rumors it had met with Stellar to discuss a cooperative arrangement.
If Facebook is to develop a native currency, it will be genuinely native, potentially redeemable for little more than products bought on the platform, or on Facebook ads. Who knows? Per the social network’s careers site:
“We’re exploring lots of areas of interest across all facets of blockchain technology. Our ultimate goal is to help billions of people with access to things they don’t have now – that could be things like equitable financial services, it could be new ways to save, it could be new ways to share information.”
The sophisticated art of making statements without actually saying anything seems to be alive and well in Zuckerberg-land. Stay tuned.
Have your say? Any guesses as to what Facebook’s blockchain plans could be?
Images via Pixabay
