blockchain technology

Is Facebook about to change forever? Enter Blockchain technology.

Recently, former President of PayPal and current Head of Facebook Messenger, David Marcus, announced that he’s leading a small group of people at Facebook HQ. This ‘small’ group (reportedly 1,000 people) will be looking at how Facebook could become involved in Blockchain technology.

 

What is Blockchain?

Blockchain is the technology behind Bitcoin, the international and arguably most popular crypto-currency.

Blockchain allows users in a network to share information without it first passing through or being copied on a server. Making it “owned” by no one, less prone to hackers and very different from the internet we know. A beginners guide to understanding Blockchain can be found here.

This investment in Blockchain is an interesting move from Facebook, given that one of it’s largest assets is controlled, centralised data. Blockchain, is designed to decentralise data. So what how can these two work together, given they’re so inherently opposite?

 

What’s going to change?

There have been many theories about what changes we can expect to see to Facebook if Blockchain technology is embraced.

A new Bitcoin-like system for payments, perhaps? Chief among the possibilities may be about creating a high-quality ID verification system for users. Facebook has remained tight-lipped over what specific functionalities they’re looking into, only to say they are not looking at one single use for the technology.

Facebook may just be making sure they are adaptable to this technology and how the rest of the internet will move with it. By ensuring they’re not left behind, they’ll be ready for whatever eventuates.

 

How does this impact Marketers?

For Marketers, now would be the time to start thinking about what a Facebook campaign without access to Facebook’s centralized data might look like. Whilst there is no confirmation as to the exact implications, now is the time to make sure that your objectives are agile.

One way to achieve agility is through measurements outside of standard metrics. Setting KPIs around sentiment, rather than numbers

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