Facebook Inc is Seeking Ways to Leverage Blockchain Technology

Facebook Forming a New Blockchain Group, Headed by Coinbase Board Member

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  • Facebook head of Messenger is quitting his role to look into how Facebook Inc can leverage Blockchain tech.
  • The Facebook founder had earlier announced looking into how cryptocurrency can be used in its services.

Facebook Inc.: Yesterday 8th May, David Marcus, who is currently heading Facebook Messenger, stated yesterday in a post on Facebook that he is “…setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch.” David Marcus, who is also a board member of Coinbase crypto exchange, is dropping his role as head of Messenger and is becoming the head of a new group focused on the blockchain technology – the technology that backs bitcoin.

According to Recode on Tuesday, the news came as Facebook Inc carried out its biggest executive shakeup in 15 years. Marcus became a board member of Coinbase, the leading US cryptocurrency exchange in last December. Mark Zuckerberg, founder and CEO of Facebook Inc, announced in January that Facebook would begin to look into digital currencies and “how to best use them in our services.”

Blockchain technology quickly creates a permanent, secure record of transactions between two parties and eliminates the need for a third-party intermediary, and Bitcoin is the first application of the Blockchain technology.

Cryptona.co had earlier published a news on BMWs move to integrate Blockchain Technology for tracking car mileage. The hearing of the US House Subcommittees on how blockchain tech can be used in supply chain management concluded that Blockchain is useful for a wide variety of apps – US House Subcommittees.

What do you think about Facebook’s move to form a new blockchain group? Tell us in the comment box.

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