After Microsoft and Amazon, the newest addition to the ever-growing list of sectors and companies investing in blockchain technology is Facebook which has appointed a team dedicated to exploring the blockchain technology. At first, the team will have fewer than a dozen people, but it'll include key Instagram executives, Instagram's VP of Engineering, James Everingham, and Instagram's VP of Product, Kevin Weil.
Facebook has announced internally a management overhaul, Recode reports, calling it the biggest shake-up in the company's 15-year history. So now Stan Chudnovsky, the product chief of Messenger, will take David Marcus' place.
Facebook confirmed the answer to Week Facts yet did not share any remarks to Recode's report.
Meanhwhile, Facebook has attempted to keep its promotion income becoming through more up to date, more youthful stages like WhatsApp and Instagram.More news: Katy Perry, Taylor Swift end feud
That's tremendous growth for WhatsApp, and it makes Facebook look very smart for having spent $19 billion on it in 2014. It includes a new "Family of apps" and an emerging technologies division, the latter will focus on Blockchain Technology.
Making way for Daniels, WhatsApp cofounder Jan Koum recently announced plans to leave Facebook.
In a jolt to Facebook, WhatsApp co-founder and CEO Jan Koum in April made a decision to move on amid reports that he had a difference of opinion with parent company Facebook over data privacy, encryption and other issues.
Blockchain technology creates a secure and permanent transaction record between two people or parties.
We've reached out to Facebook for comment.
Facebook Chief Technology Officer Mike Schroepfer will head New Platforms and Infrastructure. It is reorganising the whole reporting structure, and has integrated the units like WhatsApp, which were kind of autonomous earlier, into the main Facebook organisational structure.