Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.
Mark Zuckerberg is interested in putting the Facebook login on the blockchain technology which can be used to enable users to control their data and attract software developers who don’t want to rely on corporations that can cut off users’ access.
Facebook CEO Mark Zuckerberg is seriously considering integrating blockchain into his social network. Such an announcement has been made during his interview with Harvard Law professor Jonathan Zittrain. As Zuckerberg said, he is ‘potentially interested’ in putting the Facebook login on the blockchain.
According to Zuckerberg, blockchain could replace Facebook Connect with ‘something that’s fully distributed’. It can be used to enable users to control their data, that’s why he is interested in putting the Facebook login on the technology.
“A use of blockchain that I’ve been thinking about … though I haven’t figured out a way to make this work out, is around authentication and… granting access to your information to different services. So, replacing the notion of what we have with Facebook Connect with something that is truly distributed. Basically, you take your information, you store it on some decentralized system and you have the choice to log into places without going through an intermediary.”
“There’s a lot of things that I think would be quite attractive about that. For developers, one of the things that is really troubling about working with our system, or Google’s system for that matter, or having to deliver services through Apple’s App Store is that you don’t want to have an intermediary between serving the people who are using your service and you.
Where someone can just say hey, we as a developer have to follow your policy and if we don’t, then you can cut off access to the people we are serving. That’s kind of a difficult and troubling position to be in.”
Such a system would be attractive for software developers who don’t want to rely on corporations that can cut off users’ access.
Further, Facebook CEO spoke about how his company is moving toward a more decentralized structure. He provided an example of offering encryption in its messaging services, which ensures privacy and security.
At the same time, he stressed the importance of safety given that ‘people rightfully have an expectation of us [Facebook], that we are going to do everything we can to stop terrorists from recruiting people or people from exploiting children’.
How Facebook Embraces Blockchain?
After having not the best relationships with blockchain at the beginning of last year (you may still remember that the giant banned all advertisements relating to crypto, blockchain and initial coin offerings (ICOs), Facebook’s team finally decided to build rapport with this technology and integrate it into its services.
In December 2018, it was revealed that Facebook had formed a blockchain technology research group which was considering the idea of developing a decentralized cryptocurrency for the social media platform. The company was looking for talented people to join its growing blockchain team, the work of which was kept in secret.
Several days later, we reported that Facebook was working on developing its own stablecoin, digital currency pegged to the US dollar, that would allow users of the messaging app WhatsApp to transfer money on the platform. Initially, the focus would be on the remittances market in India, where a policy of demonetization and adoption of the blockchain technology is taking place and where WhatsApp is extremely popular.
The next Facebook’s step towards blockchain adoption was the acquisition of Chainspace, blockchain startup focused on smart contract protocol development and research. Acquiring its first company in the industry, the social media giant hired employees from Chainspace but reportedly ‘wasn’t acquiring any of Chainspace’s technology.”