Why is Facebook entering the world of blockchain? It's reported that Facebook will dedicate a new internal team to blockchain tech—but specific details remain under wraps. David Marcus, who most recently led the Facebook Messenger app group will run the team. Before coming to Facebook, Marcus was the president of PayPal and has a lot of knowledge in the world of payments—where blockchain-run cryptocurrency may come into play.
Blockchain is the foundation for all cyptocurrencies— it's a distributed ledger or list of records that keeps track of assets and every transaction touching those assets. These transactions come with a timestamp and cannot be altered after the data is recorded. The peer-to-peer aspect of Blockchain can create encrypted data storage that will keep users' data and privacy secure.
Facebook's huge marketplace network is one place ripe with opportunity for payment needs, and cryptocurrency technology could streamline that business for Facebook. Whether Facebook will create its own type of cryptocurrency remains unknown.
Cisco and blockchain
Cisco's work in blockchain technology shows the company's investment to radically transform different industries, like supply chain. Cisco's Head of the Blockchain Initiative Anoop Nannra says, "It's an interesting space where there's significant value that can be extracted." Nannra tells Tech Republic the supply chain can become quicker and more authentic in moving around goods and data.
"We are seeing more transparency, the ability to drive more transparency within our ecosystem, the ability to drive out risk, to drive out some additional cost, and so we're intrinsically an ideal proving ground for the technology," says Nannra.
Visibility and trust are two areas crucial for anyone thinking of implementing blockchain. Cisco has lots of exciting blockchain news coming out of this year's Cisco Live U.S. in June! Sessions include Enterprise Blockchain 101, Blockchain @ Cisco, DevNet Blockchain workshops, and more. Be sure to tune in to stay ahead of the blockchain innovation.
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