How Does Facebook Help the Blockchain Technology to Grow?
By Space Coast Daily // January 17, 2022
Contributing to industries such as health, finance, etc, blockchain technology has the power to transform the nature of the global market with the help of potential social media platforms. One of them is Facebook, now changed to META. We all are aware of the recent news about blockchain and Facebook.
Likewise, blockchain technology offers a higher level of data security and safety which interests Facebook CEO, Mark Zuckerberg the most. Now rebranded to Meta, Facebook in the field of blockchain has created a buzz in the global market. However, it is extremely fruitful for blockchain and crypto-based industries. Amid this, how social media affects bitcoins value, let us understand how Facebook is helping the blockchain to grow.
Facebook now has a devoted team of blockchain, headed by the former president of PayPal, David Marcus. Also, former in charge of the Facebook messenger, the prioritised objectives of this team include utilising and finding out how Facebook and blockchain can be beneficial to each other. Marcus was also a part of the Bitcoin startup, Coinbase and thus knows the financial system and crypto sector.
WHY IS FACEBOOK USEFUL IN THE FIELD OF BLOCKCHAIN? – RECENT SPECULATIONS
1. Based on the major sources, Facebook is aiming to formulate its decentralised cryptocurrency, much similar to Bitcoin. With a motive to empower facebook payment procedures, the launch will ultimately enable a pre-defined Facebook audience to adopt the new procedures, thus widening the spread and leading to the growth of blockchain technology.
2. Another major reason is the increase in the payment efficiency of Facebook. Blockchain technology offers transparent, quick, and easy payment techniques, which when adopted, allows people to interact with traders and second parties directly. Facebook peers can thus connect much rapidly, forming safer parties.
3. Facebook is planning to develop its app building platform that will also integrate smart-contract related services, and can be used by Facebook users for building their applications. The app will consist of preset conditioned smart contracts, executed with digital currencies and tokens to make the process hassle-free for its customers.
4. Currently, Facebook ads are bought through conventional payment methods, however, with the contribution of blockchain technology, users will be able to buy Facebook ads through tokens, and might also deal with other cryptocurrencies such as Ethereum.
5. Last but not least, blockchain technology offers a high level of data security, which can deal with the problem of Facebook privacy issues. Although relevant steps are being planned to resolve the issue and give users the power back, major firms like Steem and Indorse are creating blockchain-based social networking apps. These apps are built to give their customers complete control over their data as well as their monetization. Making the market competition tougher, blockchain technology here can allow the users to have complete monetization over their data, benefitting both Facebook and crypto, blockchain-based firms.
As more and more people will access these newly defined facebook features, the onset of the bitcoin era will continue to grow more, widening its reach and leading to the development of decentralised blockchain technology.
FACEBOOK’S PRIVACY CONCERNS
The major area of concern for Mark Zuckerberg is the data protection of its users. Mark highlighted in one of his letters the need to build the privacy and safety of the application into the metaverse, along with interoperability. Blockchain technology can allow the application to protect the customer’s transaction data through an increase in user privacy, data ownership, data protection and storing digital assets and identities.
Digital assets require a set of public and private keys to access them and make transactions digitally, also used in the gaming industry of metaverse, private keys are confidential and yield through complex mathematical equations, making them difficult to access. Through this, data security is increased and protected from scammers and cyber attacks.
As Warren said in one of his reports that blockchain has proved to create 100% user’s trust and formulate permissions in a manner that is self-executed automatically. Just like that, Facebook can also utilise blockchain technology for creating keys and authenticating the private data of its users.
Hence, both the blockchain sector and Facebook can benefit from each other when utilised through smart applications. Facebook networking features such as group formulation, higher audience reach through lives and communities enable blockchain to access more of the good, and leads to the development of the Bitcoin era.