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Facebook blockchain includes new products

Maya Mandz | Mar. 21, 2019
Facebook blockchain includes new products

March 21, 2019, | AtoZ Markets - Facebook continues to replenish the team of its blockchain division. The social media giant has announced that it plans to hire a leading commercial consultant for its initiatives with this technology.

Facebook’s blockchain division new vacancy

The company's career page states that the new position will be responsible for “drafting and negotiating a wide range of contracts related to our blockchain initiatives, including the partnerships needed to launch new products and expand such products internationally.”

The work will also involve advising clients on legal risks, business strategies and other business issues. The commercial consultant will also structure Facebook's relationship with key partners and the commercial aspects of the products and programs.

The new candidate is required to have multiple qualifications

A candidate will be required to "manage multiple transactions" and have a confirmed qualification of a lawyer: a Ph.D. degree and membership in at least one bar of the USA is required.

Also, a vacancy requires serious technical expertise: “5+ years of legal experience, including 4+ years of experience in technological transactions,” especially with the blockchain or payment technology and related legal issues. "Strong interest in mobile and alternative payments" is preferred.

Facebook and blockchain relation in a brief

Last year December, on their career page, Facebook listed five blockchain-related vacancies, two of which were first listed Dec. 5 and 6. Earlier in May 2018, the head of Facebook’s Messenger David Marcus announced that the company had set up a group “to explore how to best leverage blockchain across Facebook, starting from scratch.” In July, Facebook’s Director of Engineering Evan Cheng joined the blockchain team to explore the technology’s applications. This year the company has published more than 20 vacancies associated with the blockchain. Later in February 2019 the social media giant’s cryptographic division, made their first acquisition, connecting most of the research team to a blockchain startup that specializes in developing smart contracts. The Facebook officials noted then that, like many other companies, Facebook is exploring "ways to use the power of the blockchain technology."

Facebook blockchain drive continues

Facebook ambitions associated with the use of the blockchain have been known for several months. A few months ago it became known that the social networking giant is working on a token for payments through the company's media platforms, including WhatsApp and Instagram. Cryptocurrency, which is expected to be released in the first half of 2019, will be a stable coin pegged to a group of several fiat currencies. Another possible use of the blockchain technology that Facebook may consider is an integrated identification solution, which CEO Mark Zuckerberg mentioned in a recent video interview with Harvard law professor Jonathan Zittrain.

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