After Amazon and Microsoft, Facebook has officially entered the blockchain industry by developing a dedicated team that will be headed by Coinbase board member, David Marcus. After the data scandal, Facebook’s move to blockchain technology came at a time when the company experienced its biggest executive shakeup in 15 years.
Coinbase board member, David Marcus to head Facebook’s blockchain division
Facebook is the newest addition to the blockchain industry as the social media giant created a blockchain division. This new division will be dedicated to exploring the ways to leverage this nascent technology.
Companies and governments might be crypto reluctant worldwide but its underlying technology i.e. blockchain is revolutionizing different industries right, left and center.
After Microsoft and Amazon, the newest addition to the ever-growing list of sectors and companies investing in blockchain technology is Facebook which has appointed a team dedicated to exploring the blockchain technology.
Blockchain division will be headed by David Marcus who was previously heading the messaging app of Facebook, Messenger.
Marcus revealed the news in a Facebook post, stating:
“I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch.”
In December, Marcus joined the board of Coinbase, one of the biggest players in the crypto marketplace, as part of Coinbase’s hiring spree.
Kevin Weil, the VP of Instagram will also be joining the blockchain team.
After the data scandal, Facebook to leverage decentralized technology
The news came amidst the biggest executive shuffle in the last 15 years. This shuffle in their product team means now the company will be divided into three groups i.e. new platforms and infrastructure, a family of apps and central product services.
Facebook has undergone a significant adjustment, one of them being Jan Koum, the co-founder, and CEO of WhatsApp who announced last week that he was leaving the company, now Chris Daniels will be its new head.
In January, Mark Zuckerberg, CEO of Facebook said that they would look into cryptocurrencies to explore their potential in order to empower the individuals. Facebook also announced the ban of cryptocurrencies and ICO ads at the beginning of this year.
Last month, Facebook also got involved in the Cambridge Analytica data scandal and was highly criticized for selling user’s data. After the data scandal, it is to be seen if Facebook will utilize the blockchain technology to provide its billions of users with data protection.
What do you think of Facebook building a team dedicated to the decentralized technology after its involvement in data scandal?
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.