Facebook has always been a leader among social networks when it comes to tracking new trends, demands, and new innovations. This social phenomenon, which has been followed by millionth auditorium for years, is not only a virtual business, but it is part of a bigger story that is about research and development of new technologies.
The Facebook team on the project “blockchain.”
As it is unofficially mentioned, within the Facebook wing for technological research, it is quite possible that it will start soon on a blockchain project.
Blockchain would be a turning point in the way this giant company operates. Knowing the history of events, from the Cambridge Scandal to the principle of collecting user data, on which the current Facebook platform is based, the question arises of how this service would fit into blockchain frames.
Blockchain technology is distinguished by its decentralization and the impossibility of compromising information. On the other hand, the primary tool of this social network and business model is precisely the opposite: collecting a considerable number of user data and tagging groups for placing Facebook ads, based on the information gathered about their affinities, searches, likes, friends …
Is the Blockchain technology a real solution?
Another important fact is the apparent tendency of Facebook to develop applications on its platform to join the increasingly popular crypto world. A winning combination for the company would undoubtedly be the development of an application through which developers will be able to earn rewards from their own applications. With the help of tokens on the blockchain, developers will, instead of waiting for an extended period for their use to “mature,” the value of their prizes will be immediate.
The last important fact is the notion of social networking that uses blockchain platforms. However, Facebook is not a part of technology news – Facebook wants to create a new generation of social networks that will be based on new technologies and allow users to control data and at the same time have a reward for their sharing.
How Facebook would regain the shaky confidence of its users
By using blockchain, the user will be able to see who has access to his data, as well as what information is publicly available and even usable for further commercial purposes. In his hands, he will be given the power to decide the level of availability of his information, or he can create his privacy on the network by himself.
A network that has over two billion users would undoubtedly have an interest in creating its own tokens. Tokens could be exchanged through existing Facebook apps or an innovative Facebook Marketplace project. Increasing confidence and evaluating applications would attract considerable attention from both users and developers and creators of blockchain ecosystems.
It would indeed not be a small undertaking. The company should give up its business model and let its users control the sharing of data via a blockchain. However, the idea is not insurmountable. Many experts believe that technology is just as implemented on social networks. What the process of the complete makeover is not what is expected. Such a large company, regardless of the massive number of users, does not have too much benefit from leaving the banks on the side. Many modifications have to be made on the blockchain system and customized applications. Through the following years, social networks could become completely decentralized systems.
Zuckerberg could start a revolution again. By accepting existing ones or by creating their own cryptocurrency, it would undoubtedly have triggered a large number of companions, similar platforms, which would have flashed in the same direction. Nevertheless, the issue of putting new technology into legal frameworks, especially when it comes to US legislation, puts all this under a big question sign. However, signals like this, are sufficient indicators that the company does not want to clap to the same stone as in the previous period, but has a desire to create its leadership way.