Blockchain Opportunities: Facebook starts exploring. What’s next?

Blockchain has been creating a lot of buzz for years, and now even social media giants started to pay attention to it.

As media reported last week, Facebook is forming a new team lead by former CEO of PayPal to explore the potential use of the blockchain technology.

According to Cheddar, the social media giant is allegedly considering its own cryptocurrency which is likely to be used for payments on the social network.

An article on The Motley Fool on May 14 pointed out that the platform may also consider to use blockchain technology to store data. It may because blockchain technology allow their users data storage secure.

Huge new Facebook data leak exposed intimate details of 3 million users, according to New Scientist reported on May 14. Considered recent scandals of Facebook, this intention should be important.

What’s blockchain?

For those of you unfamiliar with blockchain, it is a cutting edge way to transfer money without having to use a middleman and to store data in a transparent, unchanging manner.

As William Mougayar, the author of The Business Blockchain said, blockchain is like Google Docs where multiple people can view and edit at same time while instantly updating any changes for everyone to see.

This decentralized model also plays a key role in the content and revenue distribution. Currently, traffic and profit of content are heavily controlled and in the hands of giant content platforms or companies. Blockchain will help give the power back to those who create, and / or consume content.

Content and social media ecology with blockchain technology

Contento is a decentralized content protocol based on blockchain technology. Contento’s vision is to build a decentralized global digital content ecosystem that allows digital content to be freely produced, distributed, rewarded, and traded, all while protecting your rights.

It maximizes the value of content creators and system participants and allows all participants to benefit from the prosperity and growth of the ecosystem itself.

Contento has great potential to have content creators and users to make a difference of their lives.

The short-video app, Cheez, has been integrated in the blockchain. In the app, users can start making Contento’s digital tokens (COC) and also be able to purchase upgraded features within the app.

This is just the beginning.