Is Blockchain Actually the Answer For Facebook?

Blockchain is set to be the thing that can transform the world, however, there’s still a long way to go before this transformation actually hits the world. You’ll probably get told that blockchain is the next big thing and whereas this very well may be true, however, there are others that will say blockchain is technically advanced and could, in theory, be interesting but will be impractical for people’s day to day lives.

As reported by CoinTelegraph:

“Many proposed uses for blockchain will remain forever implausible: Blockchain will not bring peace to the Middle East, and today’s blockchain solutions are inefficient. But the technology is improving and the ecosystem is maturing; tomorrow’s blockchain may have a profound effect on the ways we lead our lives and conduct our businesses.”

Even though it will probably take a while, Facebook has announced its own stablecoin, Libra. In its white paper, the social network acknowledges that issues are still occurring on the network though:

“As of today we do not believe that there is a proven solution that can deliver the scale, stability, and security needed to support billions of people and transactions across the globe through a permissionless network.”

Blockchain is often called “distributed ledger technology,” despite not being quite as catchy but the general idea is that it will allow companies to create ledgers that are immutable and secure. 

“Blockchain possesses capabilities even the most sophisticated traditional ledgers (paper or digital) do not.”

Facebook has got some huge plans coming our way with its upcoming Libra cryptocurrency and despute the backlash, it’s highly anticipated. However, it’s blockchain is not central to the social network’s value proposition and the launching itself might be delayed.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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