Facebook’s blockchain team members recently have been having some meetings with the leaders of Stellar exploring possible cooperation opportunities. The information was passed by Business Insider, which suggests that Facebook could possibly use blockchain technology in order to compete in the field of payment networks.
As reported, the talks between the two companies are for now general with no specific agreements, while the directions of possible cooperation are still being suggested by the field experts. One of the most probable options here is the possible operation in worldwide payments networks where Facebook will be facing major banks. Meanwhile wide opportunities for the company are predicted in here, as advantages and benefits of certain blockchains over traditional payment systems have already been measurably highlighted by major corporations. Recently for example JPMorgan research note spoke about the great advantages of Ripple‘s network in terms of transactions speed and efficiency over traditional banking systems.
As per recent information shared with the source, Facebook would measurably benefit from recording payment transactions on a distributed ledger such as Stellar to which further on other merchants can connect too.
The conversations between the companies reportedly concerned potential option of actually forking the main Stellar network as part of Facebook’s blockchain efforts. This practice will meanwhile be not the first one for the company which is known for implementing such interaction with React, an open-source technology language in the past as well.
Meanwhile any official announcements or confirmations have not yet been issued so far from the sides, and the sources only express personal opinions regarding the matter.
Facebook however reportedly measurably invests in the team of the new technology which is as quoted “a startup within Facebook, with a vision to make blockchain technology work at Facebook scale and improve the lives of billions of people around the world”. In addition new job opportunities are becoming available on the web which are all invited to join the team concentrated on the new technology.