Facebook realigns management structure, creates blockchain team

Facebook realigns management structure, creates blockchain team

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. Originally introduced as the decentralized digital ledger underpinning cryptocurrencies such as Bitcoin, blockchain technology is attracting a considerable amount of interest at the moment.

Facebook's team focused on privacy is new inside that second division - but it's not hard to see why the company is building more focus on privacy and policy.

In a bid to increase user engagement, popular instant messaging platform, WhatsApp, has rolled out an update by which users can view content from Facebook and Instagram within its app itself.

Back in January, as part of his New Year's resolution, Mark Zuckerberg said that he wanted to fix Facebook's problems and that he was going to study what virtual currencies are and how they work.

According to Recode, Marcus will be joined by James Everingham, Head of Engineering at Instagram, and Kevin Weil, Vice President of Product at Instragram.

A self proclaimed "cryptogeek" with a knack for startups, Marcus's blockchain group could produce Facebook's answer to the cryptocurrency craze and create a new coin for the social network's more than one billion users.

Mark Zuckerberg at a public in-person Q&A at Facebook HQ.

Social media giant Facebook is launching a blockchain team to explore possible applications for the technology.

Stan Chudnovsky, Messenger's product chief, will take on as the head of the service.

Facebook's new initiative is looking at ways to leverage blockchain technology and heading the initiative is David Marcus. "With all the recent Cambridge Analytica scandals, when Facebook was really getting hit with a lot of criticism that didn't necessarily flow over Instagram or WhatsApp", said Constine in an interview Wednesday with Cheddar.

WhatsApp co-founder Jan Koum announced last month he was leaving the company.

"Central product services" (shared features such as ads, data security and storage).

The social media platform thrives on having control over their users' data and utilizing it to help marketers target their audience, but the implementation of privacy with blockchain technology will involve giving users a greater control over their data, and thereby potentially limiting the targeted advertising audience.

Related Articles