If there is one emerging technology that is permeating different sectors, then it has to be the blockchain technology. Since inception, blockchain has continued to gain recognition, for several reasons, including the fact that it has the ability to decentralize systems, while also creating a system that facilitates the ease of doing business via cryptocurrency, as well as improved data security with blockchain’s immutability feature.
At first cryptocurrency was met with a lot of resistance when it was introduced to consumers, however, it is interesting to see that a lot of businesses and big companies are beginning to see how useful the technology is and thus have begun to make moves to adopt the technology for its different beneficial features.
In a recent development, there have been reports by the Financial Times about social media giant Facebook’s has been involved in series of talks with some US-based cryptocurrency exchanges, about its intentions to issue its own cryptocurrency. According to the report, the initiative has been discussed with one of United State’s biggest crypto exchange, Coinbase.
It has come as a surprise to many that Facebook has also been in contact with the Gemini crypto exchange owned by the Winklevoss twins, who have sued Facebook in times past, and that goes to show just how invested the social media company is at implementing the blockchain technology in its system.
Anonymous sources have revealed that Facebook has been busy trying to negotiate with top crypto-related companies, in its bid to ensure that the coin is liquid, and also that its value gets pegged to the U.S. dollar, thus making it both secure and tradeable. Some other firms in Chicago are also involved in Facebook’s plans to launch their own cryptocurrency.
With the social media giant’s move into the blockchain industry, some of the industry’s experts are of the opinion that regulation will pose a huge obstacle for Facebook, with regards to the blockchain project it is embarking on. The fact that there is no general regulation guiding the operations and functionalities of cryptocurrency, has made it difficult for it to attain the mainstream technology status, and that could come as a challenge to Facebook.
Facebook has made different moves in recent times, including the registration of a new Fintech firm called Libra Networks LLC, that will provide financial services with the aid of emerging technologies like big data, data analysis, blockchain, etc. The creation of its own cryptocurrency is an indication that blockchain and cryptocurrency is getting better, and may have what it takes to perform much better than the internet has performed since inception.
The possibilities are endless with these emerging technologies, however, concerning Facebook and its wanting to have its own cryptocurrency, we can only keep our fingers crossed, and hope that the venture is a successful one at the end of it all. Its success could encourage other big companies to start adopting the use of the blockchain technology and cryptocurrency.