Business & Economy Startups 10 crazy blockchain ideas for Facebook

10 crazy blockchain ideas for Facebook

Author

Date

Category

- Advertisement -

Imagine using Facebook to check into an airline

The Wall Street Journal coined Facebook’s blockchain project as Project Libra, approaching allies such as Mastercard and Visa. MIT’s Christian Catalini is said to be working on Facebook’s cryptocurrency efforts.

We know that two of the top lieutenants of Mark Zuckerberg are indeed on the team — David Marcus and Kevin Weil. Facebook is hiring aggressively for blockchain roles.I’m excited about the long term cryptocurrency utility and adoption of blockchain technologies.

This is a speculation on the 10 on-chain possibilities that Facebook’s efforts could power for the global citizen. What’s your take?

1. Peer to peer payments

- Advertisement -

With a Facebook USD-backed cryptocurrency, users can pay each other for meals, rent and anything that’s needed. Venmo might get jealous.

2. Peer to peer verification of identity

It’s a global and connected world, communities and persons can mutually verify identities to ensure that bad players are weeded out. A verified identity will have a check mark across their name with the no. of verifications. Peers are incentivized to deal only with other peers with strong verified identities.

3. Voting and delegation

To keep communities moving forward, it will be nuts for us to make every single decision and vote on what’s possible in our communities, meetup groups, social clubs and organizations. Everyone in the communities should be able to delegate or vote directly for decisions to be made on proposals and drafts to their benefit.

4. Invoiced and pay for goods and services

Businesses can invoice and charge users for their products and services. They should also be able to pay their employees, file taxes and do all kinds of financial functions seamlessly.

5. Lending and working with credit

Businesses should be able to automatically extend lines of credit and have payment periods in working with other businesses. This will enable more efficient business operations.

6. Invest in securities

Regular citizens and accredited investors should be able to invest through smart contracts and be issued securities for the businesses they’ve invested in.

7. Access any e-service, game, app

</b?

Using their identity, citizens can authenticate and login for e-services, games and applications. They can opt to have personalized experiences only upon authentication of their verified identity.

8. Sharing and retrieving data with 3rd party e-service, game, app

Should a game require photos of the user from another service, the user should be able to authenticate and grant permissions for one-time sharing or retrieval. Without authentication of verified identity, services will not be able to perform such actions.

9. Travel and immigration using their global identity

With their identity, they could use their mobile device and private keys to authenticate themselves at immigration or when they check in for their flights. Doing so enables them to pass through seamlessly through the expedited immigration counters. Public travel records are available for countries to access.

10. Assets and information inheritance

Everything accessible by the verified identity of the citizen would be up for inheritance programmed to the citizen’s preference. Assets, information, services, securities owned can be passed on easily.

There’re many possibilities for Facebook to experiment. There will be barriers to adoption. We’re definitely excited about how mass adoption of cryptocurrencies and blockchain technologies will happen in the next few years.


Hashtag Capital is a multi-strategy electronic trading fund for crypto assets. We capture alpha from quantitative cryptocurrency asset trading and strategic investment. We contribute back to the cryptocurrency and blockchain community by running a non-profit accelerator program and community events. Website: hashtagchain.com

The post 10 crazy blockchain ideas for Facebook appeared first on e27.

Source: E27

Send in your scoop to news@theindependent.sg 

- Advertisement -

Journalist claims Karen Mok is the only woman Stephen Chow has ever thought of marrying

Hong Kong -- Last year, comedian Stephen Chow's public and ugly legal battle with his former girlfriend over their finances gave a rare peek into the personal life of the fiercely private 58-year-old. It was reported that out of all the women...

Goh Chok Tong says that as true friends with Tan Cheng Bock, “we will always have each other’s best interest at heart”

Despite a relationship that seemed to be fraught with political tension from the past year, Goh Chok Tong and Tan Cheng Bock met for dinner over the weekend. On Friday (Feb 19), former Emeritus Senior Minister (ESM) Goh posted on social media...

Prank orders in Joo Seng affects at least 12 delivery riders, police investigating incident

Singapore – The police are investigating a case of "intentional harassment" involving Foodpanda delivery orders sent to a Housing and Development Board (HDB) flat in Joo Seng after a resident highlighted a case of "prank orders" in social media. On Friday (Feb...

Send in your scoop to news@theindependent.sg 

Theindependent