Why is Facebook Hiring More Blockchain Employees?
— December 13, 2018
There has been massive attention given to the five job ads that Facebook released in search of new blockchain employees. This has got both the blockchain community and everyday businesses alike wondering as to what exactly Facebook might be up to with this technology.
For now, here are a few speculative possibilities on Facebook’s foray into blockchain:
Security – The obvious possibility would be to use blockchain technology to manage the security of its users’ information. Blockchain would be able to detect any breaches of changes in information that may look suspicious. It’s quite a costly and large task, but something it may be investing in.
Private Blockchain – Facebook could be using a Hyperledger fabric private blockchain for internal data, client data or to streamline processes such as its internal recruitment – the possibilities here are simply endless.
E-commerce – Facebook has one of the largest libraries of companies profiles in the world. The social media giant has a great opportunity to help small business by creating an e-commerce section for company pages, akin to Shopify, but also including actual merchants as well. Recording all transactions on the blockchain will add security.
Money Transfer – Facebook already offers contact payments through its Messenger app, but programming blockchain into the platform would bring a new level of security to these transactions. A blockchain trust ledger is a perfect addition to this platform.
These are just a few ideas and they all seem plausible, especially when you consider that Facebook user traction is now slowing. How do you sweat the asset further to run greater revenue and profit out of the same users? With all the traffic that Facebook gets, e-commerce is clearly the next obvious move. Company profiles and the ability to bring products to users, based on their status updates, likes and sentiment analysis, it makes sense to use blockchain technology at the foundation of this as future proofing the security of the site when moving into this space.
Don’t forget, Facebook runs a lot more traffic than sites like Amazon and have a lot of data about you. If I’m Facebook I’m thinking – why just advertise products, when we can sell them too?