CEO and Founder of Facebook, Mark Zuckerberg expressed interest in utilizing blockchain technology for data authorization (logins and account validation).
Speaking in an interview with Harvard Law professor Jonathan Zittrain, Mark reiterated his initial comments earlier this year, where he promised to look into blockchain and cryptocurrencies for its power to decentralize the internet. He states; “We (Facebook) are a decentralizing force in the world” while also adding that people of his generation got into technology because “it gives individuals power, and is not massively centralizing.”
The Facebook CEO went on to detail potential use-cases of blockchain technology within Facebook’s framework with a focus on decentralizing the control of data. He explained:
Basically, you take your information, you store it on some decentralized system, and you have the choice to log into places without going through an intermediary.
As he admitted to the convenience of decentralized systems to give users more control over their data.
However, in a balance fit, the CEO analysed likely cons of decentralized systems; he said:
In a fully distributed system, there’d be nobody who could cut off their access. A fully distributed system empowers individuals on the one hand but it really raises the stakes. It is a lot easier to hold accountable large companies like Facebook or Google than a series of third-party apps. You’d also have more cases of abuse, and the recourse would be much harder.
While the session lasted, Zuckerberg rationally analysed both sides of the subject and hinted at a confirmation of his interest.
Responding to a question on the implementation of the technology on the social media platform, he remarked “I haven’t found a way for this to work” as he highlighted he is still mulling over how to potentially use blockchain technology for login authentication.
Big Institutional Activity
Facebook has taken further steps towards experimenting with blockchain and cryptocurrency technology on its platform. From launching a Facebook Blockchain Team in May 2018, to its recent acqui-hire of blockchain start-up Chainspace, the social media giant has also as of today published vacancies for more blockchain staff amidst other additional evidence of interests.
This recent move has given more credibility to the involvement of large companies and corporations in leveraging and investing in the emerging technology and cryptocurrency space. Notably, others like U.S. banking giant JP Morgan which recently introduced its (JPM Coin), are all vying for the prized online payments (cryptocurrency) market. Just as rumours of a Whatsapp (Facebook’s subsidiary company) stablecoin still hover the air.