Facebook buys a Company Dedicated to Blockchain

The Blockchain technology is what has allowed, among other things, the birth of cryptocurrencies such as Bitcoin. It is the principle behind a decentralized Internet, and its applications are very numerous. Therefore, it is not surprising that companies like Facebook are interested in the potential behind this technology.

“Facebook is determined to explore the paths that the Blockchain opens, as demonstrated by the recent acquisition of Chainspace, but its long-term plans are a mystery.”

An example of this is that Facebook’s Blockchain division has just acquired its first company dedicated to this sector. The company’s staff, called Chainspace, has joined the 40 Facebook workers that made up its Blockchain division before this acquisition.

What does Facebook want from Blockchain?

The idea that the social network is looking to launch a product based on this technology is not new, but in addition to the fact of the investments made in the sector, nothing concrete is known. Chainspace was dedicated to creating smart contracts to accelerate Bitcoin transactions, which could be a clue to what Facebook is preparing.

Even so, the acquisition of Chainspace has focused only on incorporating its staff, since apparently the technology developed by the startup (which got 4 million dollars in its initial funding) has not been incorporated by Facebook. The amount by which Facebook has purchased Chainspace is unknown.

The social network has not been very explanatory, and a spokesperson has limited to communicate that, like many other companies, Facebook is exploring the potential of Blockchain, and that the new team is exploring various applications of this technology. We will have to wait to know in detail the plans of Facebook in this sector.