There seems to be more support for blockchain and cryptocurrency in the tech world these days, as high-profile CEOs seem to be talking about the space more than ever. Jack Dorsey, the CEO of Twitter and Square – where users can purchase Bitcoin (BTC) – spoke recently about how he believes Bitcoin will be the “Internet’s native currency” on one of the most popular podcasts in the world, The Joe Rogan Experience.
Facebook is one of the most important social media networks in the world, and Mark Zuckerberg, the founder and CEO of Facebook, has been quietly hiring blockchain engineers for some time now. There are also rumors that the company is developing a stablecoin for Whatsapp in an attempt to gain market share in the global remittance market, as well. Either way, it appears as though Zuckerberg is interested in how blockchain can play a role in identity verification.
About The Potential
In a recent video interview with Jonathan Zittrain, a Harvard law professor, Zuckerberg is vocal about how convenient it would be for internet users to utilize various services with only one set of login credentials. He acknowledges that there is no service out there currently, but that he has been “thinking about” it.
Facebook does have Facebook Connect, which is a single sign-on application, but blockchain would allow for the information to be stored on a decentralized system.
Is It Worth It?
Facebook hasn’t had the greatest year in 2018, when it was revealed that political consulting firm Cambridge Analytica had harvested the data of millions of users in an effort to influence the U.S. presidential election of 2016. Zuckerberg points out that while blockchain could “empower users”, the “question of consent” would still be an important consideration.
He appeared ambivalent about the idea – although one thing is for sure: Zuckerberg is certainly thinking about blockchain more than ever. When one considers that Facebook has a market capitalization of billions of dollars and boasts over 2 billion monthly active users – the company utilizing blockchain for log-ins would certainly send a message to the tech world.