Facebook sets up dedicated team for studying blockchain technology

Blockchain technology which is at the center of crypto currency or virtual currency is a field of hot interest. Despite lack of clarity on the legality of crypto currency, tech companies are keen on exploring blockchain for its other potential applications.

The latest to dip its toes in the technology is Facebook which is creating a dedicated group to explore blockchain technology. The group will be headed by David Marcus who will step down from his role as the head of the Messenger team, Engadget reports. 

It is not clear as to what possible use cases Facebook is looking into with Blockchain technology. One possible application could be for payments as Facebook CEO Mark Zuckerberg had expressed his interest in cryptocurrencies in the past.