Facebook is launching its own blockchain division as part of a broader reorganization of its executive line-up. The move comes four months after CEO Mark Zuckerberg said in a Facebook post that he wanted the company to study the effects of cryptocurrencies. The company is saying little about its blockchain division for now. But we do know that David Marcus, who was serving as the vice president of messaging products and overseeing Facebook Messenger, will be running the blockchain group. The former CEO of PayPal, Marcus has long been interested in alternate payments, and is currently board member of the crypto-exchange Coinbase. This is the first of a greater number of changes in the employee staff of Facebook regarding the blockchain project. It’s likely that Facebook is going to use the technology to grant a much more secure handling of user data – we will keep an eye on further developments.
The announcement takes place a short time after severe problems Facebook had to face after the data breach caused by the selling of millions of data to “Cambridge Analytica”. This and other issues regarding data protection that happened in the recent years lead the European Union to introduce the General Data Protection Regulation.
(CF red. / blogs)