Facebook Creates Blockchain Team in Major Company Shakeup
- Author: Arturo Norris May 09, 2018,
May 09, 2018, 20:39
Less than four months after Facebook banned ads that promote cryptocurrencies, the social media giant is suddenly interested in blockchain, the underlying technology of all cryptocurrencies. For those who aren't familiar with the name, he has been running Messenger, overseeing the service's growth into a standalone app.
Javier Olivan, Facebook's VP of growth, will be in charge of the company's new central product services division, which will include advertising, analytics, integrity, growth, and product management. Incorporating blockchain into Facebook and other services will pose some unique challenges along the way. The second will concentrate on emerging technologies such as virtual reality and artificial intelligence.
Facebook is also working to link WhatsApp and Instagram in a similar way which lets users share their Instagram stories on WhatsApp as well. Some internal changes will be forthcoming and a blockchain division will be added to the overall company structure.
Zuckerberg also announced a huge shakeups in the history of Facebook. Sandberg's business teams are unaffected by the restructuring. A former President of PayPal, he has served as the VP of Facebook Messenger app.
"End-to-end encryption is a powerful tool for security and safety and by end-to-end encrypting sensitive information, a cyber attack aimed at revealing private conversations would be far less likely to succeed", Gail Kent, Global Public Policy Lead on Security at Facebook wrote in a blog post on Monday.
Koum's departure and Tuesday's shuffle come as Facebook is reeling from a data scandal that affected tens of millions of Facebook users when the political firm Cambridge Analytica exploited a loophole on the social media platform. However, nothing is clear for now what Facebook intends to do with the cryptocurrency. That follows the news last week that cofounder Jan Koum is leaving the company.
The internal dissent hastened Zuckerberg's changes, said one of the people with knowledge of the decisions. As such, there are many different options for Facebook to explore, both for the social network as well as its other ventures.
This "will have minimal impact on the issues themselves", Ratner said. I think you're going to love it!
"Facebook is also building a new team dedicated to blockchain technology".
Facebook is apparently one of those companies looking to integrate blockchain technology into its products.
Facebook is dedicating the head of its Messenger app to launch a Blockchain research push as part of a senior staff reshuffle.