In May 2018, Facebook created a special brand new research team to develop the possibilities of blockchain technology. If the fintech needs to be taken seriously, the technology giant will be able to solve problems with data breaches and improve the transparency and privacy of the user.
What can we anticipate?
"Like many other companies, Facebook is exploring ways to harness the power of blockchain technology," the Facebook spokesman said in a statement. "This new small team is exploring many different applications and we have nothing else to share".
Although Facebook has not revealed any detailed information on the blockchain project, there have been some theories evolved by Internet users. First of all, the company is said to have mastered its virtual currency, as a way to stimulate e-commerce and reward content creators. In addition, it has already released a cryptography called Facebook Stars, designed to pay writers and other content bloggers. In addition to digital currency, Facebook can also use blockchain by applying it in apps, exchanges or banking data management systems.
Not surprisingly, the process of adopting the blockchain takes a long time. Facebook will have to make sure that users will appreciate and accept change. Furthermore, the rapid transition to the blockchain will leave the company without its most profitable platform, allocating advertisements to the collection of user data.
New achievements of Facebook
Bloomberg, Facebook is working on a cryptocurrency application that will be integrated into the WhatsApp messenger and will allow people to transfer money. The company will use a stablecoin, a digital currency anchored to the dollar, in order to reduce price volatility.
The project is planned for launching in India, for beginners, because the highest volume of money remittances is observed from abroad. Supporting 200 million users of WhatsApp, India has accepted cash remittances worth almost $ 69 million in 2017. As soon as the incentive is active, WhatsApp will become the largest platform for transfer payments. money in India.
Facebook has already begun to take steps towards meeting the requirements of the Reserve Bank of India, as sources familiar to the report on the issue. One of these requirements requires you to provide the banking institution with access to payment information.