Facebook Creates Blockchain Team in Major Company Shakeup
Facebook just announced it’s creating a new team dedicated to exploring how the social media giant can use blockchain technology.
The company will appoint David Marcus to head the new blockchain team. Marcus was previously the head of Facebook’s messaging app Messenger. Kevin Weil, who was Instagram’s VP of product, will also join the blockchain crew.
The new hierarchy at Facebook is split up into three overarching groups: the app family, new platforms and infrastructure, and central product services.
According to Recode, these latest changes at Facebook represent the “biggest executive shakeup in its 15-year history.”
The new focus on blockchain comes at a time when Facebook has been highly criticized for its handling of the Cambridge Analytica data scandal. It also coincides with recent blockchain developments from tech giants Microsoft and Amazon.
It remains to be seen if and how Facebook will utilize blockchain technology to give its 5 billion+ users more protection and ownership of their personal data.
Related: Why Facebook Fears Cryptocurrencies