Facebook considers putting user logins on the block
Mark Zuckerberg has shown interest in placing Facebook login details on blockchain technology, which could be used to enable users to control their data.
The announcement was made during his interview with Harvard Law professor Jonathan Zittrain, where Zuckerberg said he is ‘potentially interested’ in putting the Facebook login on the blockchain.
As per Zuckerberg’s comments, blockchain could replace Facebook Connect with ‘something that’s fully distributed’. It can be used to give users control over their own data, which is the reason for his interest.
He said: “A use of blockchain that I’ve been thinking about … though I haven’t figured out a way to make this work out, is around authentication and… granting access to your information to different services. So, replacing the notion of what we have with Facebook Connect with something that is truly distributed. 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 continued: “There’s a lot of things that I think would be quite attractive about that. For developers, one of the things that is really troubling about working with our system, or Google’s system for that matter, or having to deliver services through Apple’s App Store is that you don’t want to have an intermediary between serving the people who are using your service and you.
Where someone can just say hey, we as a developer have to follow your policy and if we don’t, then you can cut off access to the people we are serving. That’s kind of a difficult and troubling position to be in.”
This system would be attractive for software developers who want to circumvent the possibility of corporations cutting off users’ access. The CEO also spoke about how his company is shifting to a decentralised structure.
Facebook’s history with blockchain
After not having the best start with blockchain early last year with its blanket ban on all advertisements relating to crypto, blockchain and initial coin offerings (ICOs), Facebook’s team finally decided to venture into the space and seek ways to integrate it into its services.
In December 2018, it was revealed that Facebook had formed a blockchain technology research group looking into developing a decentralised cryptocurrency for the social media platform. Several days later, Facebook hinted its entry into the crypto market through its development of a prospective USD-pegged stablecoin that would let users send money via WhatsApp.
Malta AIBC reached out prominent influencers in the field to get insight into what the experts thought of this development.
Initially, Facebook’s focus would be on the remittances market in India, where a policy of demonetisation and blockchain adoption is underway and where WhatsApp is very popular.
Adding fuel to the rumour-ridden fire, Facebook acquired blockchain startup Chainspace, which focused on smart contract protocol development and research. Acquiring its first company in the industry, the social media giant hired employees from Chainspace but reportedly ‘wasn’t acquiring any of Chainspace’s technology.”