Stellar Lumens (XLM) Forum with for newcomers and contributor's rewarded Check here

What is Facebook’s Vision for Blockchain Technology?
  • 3 Vote(s) - 3 Average
  • 1
  • 2
  • 3
  • 4
  • 5

[Image: d8175c75b23ae98907513f402100beeb.png]
In May 2018, Facebook created a special brand-new research team to develop possibilities of blockchain technology. If the fintech is to be taken seriously, the tech giant will be able to solve issues with data breaches and enhance transparency and user’s privacy.

What Can We Anticipate?   

"Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology," Facebook’s spokesman said in a statement. "This new small team is exploring many different applications. We don’t have anything further to share."   

Even though Facebook didn’t reveal any detailed information on the blockchain project, there were some theories evolved by Internet users. First of all, the company is said to master its own virtual currency, as a way to stimulate e-commerce and reward content creators. Moreover, it has already released a cryptocoin called Facebook Stars, which is designed to pay writers and other bloggers for content. Apart from a digital currency, Facebook may also make use of blockchain applying it in banking apps, exchanges, or a data management system.   

It may come as no surprise that the process of blockchain adoption will take a great amount of time. Facebook will need to make sure that the users will like and embrace the change. In addition, the rapid shift to blockchain will leave the company without its most lucrative platform, target advertising based on user data collection.   

Facebook’s New Achievements   

According to Bloomberg, Facebook is working on a cryptocurrency application which will be built into WhatsApp messenger and enable people to transfer money. The company will use a stablecoin, a digital currency pegged to the dollar, in order to reduce price volatility.   

The project is planned to be launched in India, for starters, because there is observed the highest volume of cash remittances from abroad. Supporting 200 million WhatsApp users, India accepted cash remittances worth nearly $69 million in 2017. As soon as the incentive is active, WhatsApp will become the largest platform for money transfers in India.   

Facebook has already started to make steps towards meeting the requirements of the Reserve Bank of India, as sources familiar with the matter report. One of these requirements asks to give the banking institution access to payments information.

To be very fair, we MUST use social sites like Facebook wisely, as it is something that can be so highly beneficial in every way. So we need to get engage into BEST Facebook Groups for Cryptocurrency, as it’s something that could be absolutely brilliant help for beginners. 

But of course, we shouldn’t just limit ourself there. I feel that one should NEVER stop the learning thing, as it needs to go on and on to help us reach greater levels.

Possibly Related Threads...
Thread Author Replies Views Last Post
  HTC Aiming to Release a Blockchain Phone With Binance DEX Support crytocure 0 35 12-11-2019, 12:07 PM
Last Post: crytocure
  Conceal and Reveal: The Evolution of Privacy Coin Technology crytocure 0 35 08-11-2019, 02:49 PM
Last Post: crytocure
  Blockchain Must Solve These 3 Issues to Avoid Quantum Threat: Expert crytocure 0 48 07-11-2019, 02:19 PM
Last Post: crytocure
  What is a blockchain phone? A look at 7 current and upcoming crypto handsets crytocure 0 52 27-10-2019, 01:24 PM
Last Post: crytocure
  Vertical and Horizontal Blockchain Scaling, Explained crytocure 0 86 21-10-2019, 03:39 PM
Last Post: crytocure
  Why Visa, Mastercard and Paypal won't work with Facebook Libra? crytocure 0 61 17-10-2019, 01:03 PM
Last Post: crytocure
  Programming Languages Used in Blockchain, Explained crytocure 0 63 12-10-2019, 03:38 PM
Last Post: crytocure
  A quick introduction to blockchain scalability crytocure 0 64 11-10-2019, 02:39 AM
Last Post: crytocure
  Why Bitcoin? Part 6: Characteristics Of Distributed Ledger Technology crytocure 0 72 09-10-2019, 02:03 AM
Last Post: crytocure
  Cryptocurrency In The UK. Blockchain Regulation | Crypto-Geography crytocure 0 138 27-09-2019, 03:41 PM
Last Post: crytocure

Users browsing this thread: 2 Guest(s)