Cryptocurrency News

Facebook To Launch A Team Dedicated To Blockchain Technology

Messenger’s David Marcus has been penciled in to be head of a team that Facebook are putting together that will be dedicated to investigating the blockchain. Facebook are keen to learn all there is to know about blockchain technology, and if/how it will benefit them in the future.

Mark Zuckerberg might be worth a squillion dollars and head of a company which has more influence over more of the earth’s population than any organized religion, but he is never one to rest on his laurels. Zuckerberg is the founder and CEO of Facebook, which has more than 2.2 active users globally. World leaders suck up to “The Zuck” because he has the power to make life very easy – or very difficult for them.

However, nice as all that is, Zuckerberg wants more. Unlike the older generation of gazillionaires like Warren Buffet and Bill Gates who cannot resist taking potshots at cryptocurrency at every opportunity, Zuckerberg is keen to learn all about the technology that drives the likes of Bitcoin and Ethereum, and find out if Facebook can learn or even benefit from it.

What Is The Blockchain And Will It Help Facebook?

Facebook and Mark Zuckerberg want to know exactly what is the blockchain, and should they be using it. So serious is Zuckerberg about this quest, he is putting one of his very best men on the job, David Marcus. Marcus had been doing a great job, running Facebook’s messaging app Messenger.

Now Marcus will front a small (less than a dozen) but highly competent team, all recruited from within the Facebook empire. For example, Marcus will be joined by two very experienced campaigners in Instagram’s VP of Engineering James Everingham, and Instagram’s VP of Product, Kevin Weil. Facebook acquired Instagram for $1billion in in 2012.

Why David Marcus?

David Marcus has personal interest in the blockchain and digital currency, and is respected enough in the field that last December he was invited to join the board of cryptocurrency exchange Coinbase. Marcus is also the former president of PayPal, and therefore vastly experienced in the field of digital payments and transactions. While Messenger would seem a completely different field,  it was Marcus who oversaw Messenger’s recent push into the realms of customer service bots, shopping and advertising.

Blockchain technology is the basis for all cryptocurrencies including EOS, Ethereum, Dash, Ripple and Bitcoin, and it is proving to be a cause of fascination for finance and big business, with banking and corporate giants Goldman Sachs and Samsung recently coming on board and signing up.

Facebook’s sudden interest in the blockchain could be related to data storage and protection, an area in which they were found wanting recently, resulting in global embarrassment and the demise of a company named Cambridge Analytica.

Mark Zuckerberg’s resulting appearance before the US Senate proved to be little more than a token gesture in which he came up smelling of roses, although clearly he never wants that kind of situation – not to mention negative publicity – to happen again.

Hopefully blockchain technology will provide Facebook with that answers they are looking for, but in the meantime, the blockchain being liked with the world’s biggest social network company is a massive step forward to mainstream credibility for the cryptocurrency industry.

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