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Facebook Steps into Blockchain Technology Space with smart contract startup –ChainSpace-acquisition

February 7, 2019

In an event that was just waiting-in-the-wings to happen, Facebook has finally thrown its much-fancied hat into a networking technology platform that is far removed from its own social-sharing network. Distributed Ledger Technology platform, is where its future is headed if the latest announcement of an acquisition of a smart contracts development blockchain startup is any indication. The start-up has prestigious credentials marking a research-based development portfolio.

Reminiscent of technology acquisition spree of a decade ago, Facebook’s first ever blockchain startup has all the signs of a long haul presence of the social network giant to enter the smart contracting space via the latest technology which has come to dominate the scene in technology vistas – Blockchain.

When Facebook and Google Inc trampled out to acquire the best technologies out there in 2008-9 gobbling up path-breaking technology startups, established companies for their talent in Virtual Reality, Messaging Apps, Face Recognition Technology and IoT Labs, it was evident that war-path was to build their dominance in Artificial Intelligence.

Something similar has just begun, but in 2019 it is the blockchain technology domain which Facebook hopes to make its presence.

Nine months of exploration for Acquisition

But the acquisition comes after nearly a year of engaging in this technology offerings and exploring the best-play-scenario for the social networking site. They even appointed a Head for the Blockchain services department, moving David Marcus from his top position of head of Messenger App.

FB was not proactive about the blockchain reach in the initial years and even banned ads by leading exchanges, traders and others on its platform. However, there was a rapid change of heart, before The Social Network announced that it would have approved-advertisers displaying their crypto wares for the nearly two billion users on its platform.

But FB has made history now with the acquisition of its first-ever blockchain startup called ChainSpace

ChainSpace is a researcher group

The strategic acquisition of research-based acquisition is a clear indication that FB wishes to eventually dominate this technology space, just as it did in the social networking eras. The team behind ChainSpace is highly diverse, multi-talented and hold immense potential in the field of smart contracts.  According to a spokesperson,

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology. This new small team is exploring many different applications. We don’t have anything further to share.

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