The Reason Behind Facebook Stops Blocking Some Blockchain Ads
Facebook and Microsoft differ in their stand taken regarding blockchain technology. Know the reasons behind it. We know you are interested.
The Stand Taken By Facebook For Blockchain Ads
In the current scenario, Facebook is not letting you advertise for ICOs or binaries as well as ads for cryptocurrencies and exchanges needing prior approval whereas a year after banning those of the blockchain-related ads, and then reopening to those for blockchain technology, industry news, education or events related to cryptocurrency comes without the need for pre-approval. In the wake of the 2018 cryptocurrency price collapse souring much of the public on financial technology, this change comes as a boon to an industry struggling for mainstream attention. it is here that Facebook’s local and interest targeting capabilities made it ideal for selling tickets to potential attendees as blockchain events were especially hit hard.
With providers having little to no accountability, Facebook’s goal is to prevent users from getting scammed by ICOs as well as other cryptocurrency deals and at the height of the crypto craze, the blocking of all blockchain-related ads began to later allow some if they received pre-approval. The fact that as the users get scammed, they just don’t blame the scammer but the social network too as Facebook has initially cast a wide net in its ban to prevent this and users see ads for blockchain education. As Facebook bans ads additionally for promoting contracts for difference, complex financial products including those that are often associated with predatory behavior where due to their complexity they often mislead people.
As the Facebook’s blockchain group trickles out the news reported is that it now has more than 50 employees, where one-fifth is hailing from PayPal as Blockchain’s head David Marcus was the president formerly and working on a stable coin, that was potentially pegged to a bundle of currencies as Facebook trying to raise from outside investors to keep the cryptocurrency’s price stable.
As predicted, the Facebook Stablecoin allows zero-fee remittance to friends or family across borders or payment to merchants without the traditional credit card processing fees as hiring PayPal talent has made sense already building a nearly ubiquitous checkout option therefore for eCommerce. PayPal charges fees on insured payments to merchants because they act as a middleman for the money assuming some risk of fraud where Facebook could undercut the fees using blockchain technology instantly transferring value between accounts.
Microsoft Has Launched A Fully Managed Blockchain Service
In this case, it was viewed that Microsoft has not rushed to bring blockchain technology to the Azure cloud computing platform and over the year, it started picking up the pace with the launch of the blockchain development kit with the Azure Blockchain Workbench ahead of its build developer conference it took a step further by launching Azure Blockchain Services which is a fully managed service allowing for the formation, management and governance of consortium blockchain networks. Even though we are not talking about the cryptocurrencies’, it is the enterprise service that is meant to help businesses build applications on top of blockchain technology integrated with Azure Active Directory offering tools for adding new members setting permissions and monitoring network health and activity.
Hereby the fact is that J. P. Morgan’s Quorum was the first support ledger as it was built on the popular Ethereum protocol as the world’s largest blockchain developer community with Quorum being a natural choice according to Azure CTO Mark Russinovich and further he adds they integrate with a rich set of open-source tools supporting confidential transactions that is something their enterprise customers require and thereby to launch the integration, Microsoft partnered closely with J. P. Morgan. Even then the managed service comes to be only one part of this package where Microsoft launched an extension to the Visual Studio Code helping developers create smart contracts allowing Visual Studio Code users to create and compile Ethereum smart contracts deploying them on the public chain or on a consortium network in Azure Blockchain Service where the code is managed by Azure DevOps.
The Final Thoughts
These smart contracts for building applications are going to be a lot easier thanks to integrations with LogicApps and Flow the two of the workflow integrations services and also Azure Functions for the event-driven development. While it is of course not the first of the big companies to get into the game, Microsoft comes along with IBM especially making a big push for blockchain adoption and AWS also get into the games after mostly ignoring the technology before as indeed AWS opened up the managed blockchain service lately.