In what could be termed as Facebook’s keenness to adopt blockchain technology, Mark Zuckerberg said that he would like to have a Facebook login authenticated through the blockchain in the future. The chief executive officer of the company expressed these views in conversation with Jonathan Zittrain, professor of law at Harvard, on Wednesday. Zuckerberg reportedly told the Zittrain about his interest in putting the login authentication of the Facebook on blockchain technology. Elaborating further on the issue, the founder of Facebook said that he is yet to figure out the way to authenticate the login credentials through blockchain; however, the company is interested in taking the decentralized route for the login process.
According to the Zuckerberg, blockchain technology could prove very helpful in granting more power to its users even when they decide to share the data with third-party applications. This is the real benefit of blockchain technology which ensures that the safety and security of the data will remain in the hands of the users. So that you know, Facebook promoted Evan Cheng as the Director of Engineering to head its blockchain division last year. Cheng has been entrusted with the responsibility to oversee the company’s effort in the blockchain field with a special focus on data privacy and security.
In the related development in May last year, Facebook constituted a small team within the organization to research and explored the various ways through which blockchain can be used by the platform. The exploration team is working under David Marcus who used to be the head of the company’s messenger unit and later shifted to head company’s blockchain division. Some media reports also suggest that Facebook is working on to develop its own cryptocurrency; however, there is no official confirmation in this regard. That said, launching its cryptocurrency will help the 2.3-billion Facebook users to make digital payments and could emerge as a lucrative business opportunity for the company.
Facebook has given an official statement on the adoption of blockchain technology although the intent of the message is very generic in nature. The statement conveys that like other companies, Facebook is also exploring ways to leverage the blockchain’s prowess and utilize it in a productive manner. According to the technology news and media network, The Verge, Facebook’s gravitation towards the blockchain technology arises from its strong urge to avoid another data-sharing scandal. The company has already suffered a major blow to its reputation in the Cambridge Analytica case, and now it is very careful to avoid any further damage to its credentials.
“By storing the data into some decentralized system, Facebook users will have the freedom to log in from different places. The decentralized system also helps to do away with any kind of intermediary; thereby, making the data more secure and safe against any kind of undesirable leakage. All these things are quite attractive, and the company is looking to leverage these prospects of blockchain for our platform,” Zuckerberg concluded.