It is obvious that Mark Zuckerberg and Facebook are looking into utilizing and implementing blockchain technology into Facebook’s platform. As mentioned in one of our articles, the social media giant has already taken important strides toward decentralization. However, as of late, Facebook CEO Mark Zuckerberg is said to be considering to put Facebook’s login on the blockchain.
In a recent interview with Jonathan Zittrain, a Havard Law professor, Zuckerberg explained that putting the login on the blockchain has the potential to give social media users unique powers when allowing data access to third-party apps.
Facebook recent interest in the blockchain technology has blockchain experts questioning what are Zuckerberg plans and strategies for Facebook in terms of Blockchain. Furthermore, some of the experts have even started analyzing the company’s recent activities related to the decentralized ledger technology.
Ryan Fang, Co-founder, and COO of Ankr, a distributed cloud computing network sees Zuckerberg and Facebook interest in blockchain technology as no surprise, stating:
“With Facebook’s recent acquisition of four members of Chainspace’s founding team and rumors of a stablecoin in development, it’s ate as clear that a considerable investment in effort and resources have been made in exploring DLT’s utility for the social media giant,”
Fang would go on to refer to the number of scandals that have recently hit the social media giant, he added:
“Given its history of data privacy scandals, Facebook would benefit from a system truly devoid of intermediaries and if done well, coupled with its other intended forays in implementing DLT-based solutions, it would potentially boost both its enterprise and social media market share,”
Another specialist who spoke on the matter is Benjamin Scherrey. Scherrey is the CTO of HotNow, an online platform that makes digital marketing accessible to retail businesses. In his statement, He explained that Zuckerberg might be frightened by the idea of Facebook potentially ending up like MySpace due to the lack of a changeable user base, so its only normal for Zuckerberg and Facebook to find ways to add value to all accounts and their holders. Scherrey would go on to say:
A great way to do that is to become a reliable cryptocurrency wallet that satisfies the know-your-customer requirements necessary to satisfy governments, he added. Given how much data Facebook already has on its users, the incremental cost to Facebook is relatively small.
It is fair to assume that lately, the social media giant has been going through rough patches, all related to the numerous scandals that have harmed the companies credibility in the face of governments and its users. So the adoption of blockchain technology is perhaps viewed as the way to improve Facebook transparency issues.