Meta, Facebook’s mother company, is now looking to explore the Blockchain technology that the crypto industry affords users globally.
The revelation came in a report published in the New York Times earlier this week. The company’s chief technological officer has laid out his vision to see Facebook start adopting various Blockchain technologies.
Blockchain Tech’s Decentralization
In its inception, the idea of decentralization that crypto fosters aimed to truncate the power and authority that centralized corporate giants like Facebook, Google, and Amazon and decentralized the control to every member of the global community.
The various Blockchain networks currently in use have successfully mirrored the creator’s intention. They have brought decentralization to the world, increasing its relevance and fame in the global web society.
However, the advantages that these new technology advocates are detrimental to the centralized corporate organizations that it seeks to counter, and these organizations are reluctant to adopt the innovation.
In silicon valley, the home of some of the world’s largest technology corporations, thousands of technology-related startup companies, and a global center of technological innovation, varying attitudes radiated to the invention. Various arguments for and against the nascent technology have circulated in Silicon Valley since the widespread adoption of the technology.
However, corporate tech giants like Google are reluctant to adopt Blockchain technology, which will see their centralized power weaken dramatically. Others, however, are keen to explore the advancements the technology affords, like the new web3 network protocol.
Meta Jumps In On The Trend
Meta, social media Facebook’s mother company, is one corporate company that seeks to explore the tech’s new advancements. Its chief technological officer Andrew Bosworth that will assume office in early 2022, reportedly has big and overreaching plans for the social media platform.
News outlet based in New York City, New York Times has published a report where it claimed that it obtained an internal memo from Meta. The note reportedly shows soon-to-be CTO Bosworth’s address to the company’s employees. It detailed Bosworth’s vision for Facebook to see it begin adopting various Blockchain leveraged technologies in 2022. However, adopting decentralization will not be radical, but a careful step-by-step process and will make the company a pioneer amongst corporate web giants.
Facebook will actively seek to utilize DeFi services and provide features that will enable its over 3 billion users to access the services via the social media platform.
Bosworth strongly believes that regardless of corporate organizations’ attitudes towards the new tech, it will soldier on and seriously influence the world’s tech industry in the coming decade.
In his memorandum, he admonishes fellow employees and chief officers to work together to create mechanisms that will enable Meta to develop in the NFT DeFi space. He added that they should adequately consider investments in other crypto sectors such as Blockchain network smart contracts and Decentralized Autonomous Organizations (DAO).
Meta has since clarified its position as a centralized service provider, stating that its available breadth of mind regarding NFTs and other features of crypto tech like web 3.0 doesn’t equate to aiming for decentralization. Bosworth concluded that Meta will always be a centralized service provider and will not compete with available decentralized technologies.