Facebook Planning to Release Cryptocurrency, Comcast Looks to Launch Blockgraph

Facebook Developing a Cryptocurrency for WhatsApp, Comcast Plans to Launch Blockchain Powered Blockgraph

“Facebook continues to explore entering the cryptocurrency field and implementing blockchain technology.”

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Facebook Developing Its Own Cryptocurrency

Facebook is reportedly developing a cryptocurrency that will allow users to transfer money on WhatsApp. Tentatively, Facebook plans to create a stable coin pegged to USD to limit potential market volatility.[1]

The company is first focusing primarily on the remittance market in India before expanding its target market. Remittance is when immigrants send money to their native country, which is a growing market as international migrant populations continue to grow.[2] Remittance payments commonly incur excessive and costly transfer fees.

WhatsApp’s largest user base (200 million) resides in India, which also leads the world in remittance payments ($69 billion in 2017).[3]

Although Facebook is only in the strategy phases of creating a cryptocurrency and not close to releasing a coin, the company is discussing using a custody asset to back its coin.[4] The company began expanding its blockchain group, which now features 40 employees, since hiring former PayPal President David Marcus in 2014.[5] Facebook has continued to research and develop ways to implement blockchain technology and expand in to the digital currency and financial sectors.

“Tentatively, Facebook plans to create a stable coin pegged to USD to limit potential market volatility”

                           Comcast Plans to Release Blockgraph in 2019

Comcast has moved to the next phase of Blockgraph, a blockchain application that allows television and media companies to share marketing data without revealing the personal information of consumers to third parties, and is working with other television and media industry leaders such as Charter Spectrum and Viacom on the initiative.[6]

“Blockgraph is designed to become the “identity layer” for the TV industry, providing a platform on which media companies and publishers can offer marketers best-in-class data capabilities without disclosing identifiable user data to third parties – adding additional protections to user privacy.”[7]

The goal of Blockgraph is to allow companies to offer advertisers audience targeting without revealing the personal or protected information of consumers. The technology 

will also combat data leaks and better protect consumer information from breaches and hacks.

Currently, companies hire third parties to perform a blind match in order to compile data for ad targeting. Blockgraph, in contrast, is a peer-to-peer platform that allows users and participants to directly perform blind matches using encryption that creates non-identifiable data via blockchain protocols.

Blockgraph not only helps protect consumer information but allows companies to perform advertising targeting in a quicker, more efficient, and less costly manner.[8] Comcast plans to release Blockgraph in 2019.

Sources:

[1] Frier, Sarah and Julie Verhage. 2018. Facebook is Developing a Cryptocurrency for WhatsApp Transfers, Sources Say. https://www.bloomberg.com/news/articles/2018-12-21/facebook-is-said-to-develop-stablecoin-for-whatsapp-transfers.

[2] Comtex. 2018. Remittance Market 2018 Global Analysis, Opportunities and Forecast to 2023. https://www.marketwatch.com/press-release/remittance-market-2018-global-analysis-opportunities-and-forecast-to-2023-2018-09-07

[3] Frier, Sarah and Julie Verhage.

[4] Ibid.

[5] Ibid.

[6] Business Wire. 2018. Comcast Collaborates With Industry Partners on Blockgraph Software to Jumpstart the Use of Secure Data Sharing for Advanced TV Advertising. https://www.businesswire.com/news/home/20181221005530/en/Comcast-Collaborates-Industry-Partners-Blockgraph-Software-Jumpstart

[7] Ibid.

[8] Shields, Ronan. 2018. Comcast is Working with Spectrum and Viacom on a Blockchain-Based Identity Solution. https://www.adweek.com/programmatic/comcast-is-working-with-spectrum-and-viacom-on-a-blockchain-based-identity-solution/

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