Facebook is showing an era wherever centralized Blockchain acceleration in adoption can considerably change the long term of crypto-economics that is beginning to meet with payments.
This happens to be the specialty of distributed ledger technology and blockchain’s unbelievable performance improvement merging public and private networks and making transactions more efficient.
Blockchain adoption has recently gotten a significant boost — not simply through traditional players within the banking world like Chase, but also through social media. Facebook has been rapidly assembling a blockchain team tasked to figure with the emerging technology. It also recently opened a spot for a blockchain attorney to assist potential business partners. The social media giant is also looking for venture capital firms to invest up to $1 billion in its blockchain project.
Payments giant PayPal has also begun investing in blockchain technology. It recently joined a Series A funding round for Cambridge Blockchain, a digital identity software provider that combines blockchain with an off-chain personal data service to validate the identity of parties, legal entities, and devices.
Facebook’s Project Libra:
Facebook’s potential growth into crypto has been widely mentioned within the past few months.
Although the social media giant has not confirmed something on the far side having a blockchain department, new details about its digital token project continue to surface. Facebook has been
The existence of Facebook’s blockchain research and analysis team remains to be the sole official confirmation that the social media corporation is involved with crypto. The arm is led by David Marcus, ex-PayPal president.
Facebook is exploring ways to leverage the facility of blockchain technology. This new team is exploring many alternative applications.
PayPal’s First Ever Blockchain Investment
The specific amounts invested by PayPal were not disclosed by any part, but SEC filings indicate that Cambridge Blockchain raised a total of $3.5 million from several investors over the course of nine months.
PayPal invested as part of an extension stage to a series A round, whereas the main series A round raises $7 million. The total then would be $10.5 million. This seems to be an excellent first investment in the blockchain sphere for PayPal. It can have a direct use for Cambridge Blockchain’s business efforts. They indeed hold sensitive user information and the more secure options they have for handling user data, the better.
Overall, they would improve the processes around user on-boarding of personal data which included KYC processes, vetting of financial bank accounts and other counterparties.
Blockchains, while holding interesting potential, particularly in the world of finance, are still in their early days. We have not nonetheless seen use cases within the financial area that are extremely differentiated and notably compelling, but we remain engaged with the broader ecosystem and are interested in how blockchain may result in demonstrable benefits for financial services and other industries.
It also holds the potential to be the next thing that would drive greater messaging adoption and make its tools the key facilitators of a wide range of daily functions. For digital marketing, this might be a significant shift. Even if it does play out as predicted, it’ll take some time to make its way to western markets. But it may change everything about how you connect with your audience.