Facebook gets a Blockchain team

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After a prolonged period, Facebook underwent one of the biggest executive reshuffles in its history.

Facebook is exploring the possibility of leveraging blockchain technology for its platform.

Back in January, Facebook CEO Mark Zuckerberg said that decentralized systems - like cryptocurrency - could take power away from the centralized system and place it back in the hands of users.

In a bid to increase user engagement, popular instant messaging platform, WhatsApp, has rolled out an update by which users can view content from Facebook and Instagram within its app itself. It will be led by the former head of Messenger, David Marcus.

Marcus sits on the top managerial staff of Coinbase, a trade for digital currency (which utilizes the blockchain as its hidden innovation), and joined Facebook from PayPal in 2014.

On Tuesday, Facebook announced a major overhaul of its executive leadership structure. Despite shady links to cybercrime, blockchain technology does not let its users stay fully anonymous, merely pseudonymous. David Marcus, the company's previous lead for Messenger, will be leading the new blockchain team.

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The social network also said it was appointing Jeffrey Zients, a former director of the National Economic Council under former USA president Barack Obama, as a new board member.

"Time for a new challenge!"

Facebook has not released any detailed plans to use a Facebook cryptocurrency and is keeping the new team's launch small at first - transferring Instagram's VP of Engineering, James Everingham and Instagram's VP of Product, Kevin Weil from their original posts to the exploratory blockchain team.

"After almost four unbelievably rewarding years leading Messenger, I have decided it was time for me to take on a new challenge", said Marcus. It is also possible that this could be due to the perceived notion that Arora is close to Koum, who left Facebook allegedly because of disagreement over the company's privacy policies for WhatsApp.

At the start of this year, Facebook announced a ban on initial coin offerings (ICOs) and cryptocurrencies. This is likely just an exploratory mission that's created to figure out how blockchain could fit into the social network and to ensure that if the technology really is the future, Facebook doesn't get left behind.

"[Cryptocurrencies] come with the risk of being harder to control".