Facebook has initiated a blockchain team to be headed by head of Facebook Messenger. The team also comprises of several Instagram executives.
Facebook is reportedly working on an internal blockchain team to be headed by the former head of the company’s popular Facebook Messenger app David Marcus. Onboard the team will also be several Instagram executives including Instagram’s VP of Engineering, James Everingham, and Instagram’s VP of Product, Kevin Weil.
Announced internally this week, the reorganization at Facebook is arguably the biggest restructuring in history of Facebook.
The reorganization follows January statement by Facebook CEO Mark Zuckerberg that he wants to study decentralizing technologies like encryption and cryptocurrency to determine how they would be used at Facebook.
With the platform running into problems of data and information theft recently, blockchain could help them secure user identities more. It could also improve person-to-person ecommerce, improve ad serving in the era of scams and bots or just decentralize Facebook.
It would also see users having more control on how to share their data to apps and third parties. That could come with additional benefits for users too. For instance, past reputation built on the platform could be ported across various platforms. However these “various platforms” can use the reputation to verify users when providing services.
The formation of blockchain team at Facebook could also catalyze formation of blockchain industry-spanning partnerships.