The adoption of blockchain technology in recent time has seen considerable acceptance globally. However, the race for more research on the application of technology into many facets of life has not ceased. Giant information technology company and social media firm, Google and Facebook, are both making efforts to see more effective use of the technology even in their various square of influence.
Facebook, the famous social media giant company, recently acquired a blockchain firm and its team as it seeks to explore the technology for the efficiency of its platform. According to a Facebook spokesman, he stated that just like any other company, Facebook is also exploring ways to leverage the power of blockchain technology and the new small team Facebook just acquired is noted to be exploring many different applications presently.
Chainspace, the blockchain team acquired by Facebook is a firm that aims at building a new sharded smart contract blockchain that is similar to Ethereum. The white paper noted that Chainspace is a distributed ledger platform for high integrity and transparent processing of transactions within a decentralized system. Also, it is noted that the smart contract differs from a specifically distributed ledger as seen in Bitcoin for currency or certificate transparency for certificate verification, but offers extensibility.
Further, the platform is noted to provide higher scalability through sharding across infrastructure nodes proven with 350 transactions per second in comparison with a peak rate of fewer than seven transactions per second for Bitcoin.
The acquisition suggests Facebook is on a path of building its blockchain to achieve control in a decentralized system and achieve high scalability on its platform for its population of users.
Google is also seeking a new foray into blockchain technology. It plans to introduce Blockchain ETL that will enable users to make a more generalized search on the ecosystem. This is in contrast to the status quo of searching a blockchain that requires specialized software known as the ‘block explorer,’ this enables users to only hunt for a specific transaction.
According to Forbes in a recent article, blockchain technology is being sought by Google to make their cloud services more appealing and interesting by providing blockchain services.
Though the technology is still nascent, the exploration by various firms is taking new forms. Every firm wants to harness the benefits of technology far beyond the financial use of technology. This makes blockchain as the future of technology.