Facebook CEO Contemplates Another Step Towards Blockchain

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Fredrik Vold

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June 26, 2023

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The CEO and founder of social media giant Facebook, Mark Zuckerberg, says he is “potentially interested” in using Blockchain technology as an authentication tool on the social network he created.

Zuckerberg made the remarks during a public conversation with Harvard Law professor Jonathan Zittrain on Wednesday, where he also discussed how Blockchain could give power of data-sharing with third-party apps back to users.

Authentication of third-party apps is “a use of blockchain that I’m potentially interested in,” Zuckerberg said, adding that this could replace Facebook Connect with “something that’s fully distributed.” However, Zuckerberg also admitted that “I haven’t found a way for this to work [yet].”

Although Zuckerberg readily admitted that turning the entire Facebook into a decentralized social network would not be feasible, certain aspects of the personal data contained in the network could be put on a blockchain, he said.

“Basically, you take your information, you store it on some decentralized system and you have the choice to log into places without going through an intermediary,” Zuckerberg explained as one of the ideas he was exploring.

Early last year, Cryptonews.com reported that Facebook was getting more serious in its blockchain research efforts, setting up a new unit within the company dedicated to exploring how blockchain technology could be leveraged by the company.

In addition to that, it was reported back in December that Facebook may be working on its own stablecoin to be used to transfer money via the Facebook-owned messaging app WhatsApp.

Also, as reported, during an acquisition hunt for crypto and blockchain related startups, social media giant Facebook was reportedly contemplating deals worth tens of millions of dollars. Moreover, the company now has 14 job listings for its blockchain team.

In either case, while there seems to be little hope of escaping Facebook power and influence at this precise moment in history, a number of new social networks have been emerging recently that just might possibly begin the slow process of reducing it down to size.

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Watch the full conversation between Mark Zuckerberg and Harvard Law professor Jonathan Zittrain below (the blockchain part starts at around 17:30.)