San Francisco: Facebook has promoted one of its senior engineers Evan Cheng as the Director of Engineering at its recently launched Blockchain division, signalling the importance of the project, the media reported.
Cheng is also listed as an advisor to blockchain startups and projects Zilliqa and ChainLink, the TechCrunch reported.
Earlier in May, Facebook had set up a group within the company to explore blockchain technology and its potential use for the platform, headed by long time Messenger chief David Marcus.
However, the latest executive reshuffle appears to point to the social networking giant getting more serious about developing on top of blockchain technology.
Besides Cheng, the tech giant has also promoted Kevin Weil, former vice president of product at Instagram, as the vice president of product at their Blockchain division, the report said.
"It means it's not just an exploratory project", is how one source who tracks the blockchain space speculatively, described Cheng's move to Facebook's blockchain team, the report said.
Recruiting Cheng to the blockchain group signals the importance of the project, the source said.
According to his LinkedIn page, Cheng has been employed at Facebook since November 2015 and has been working at their Programming Languages and Runtimes, a position he held for nearly three years.
He also worked at Apple for over 10 years and is credited as one of the inventors of LLVM -- a compiler that generates the low-level machine code for Apple devices.
Blockchain, a digital ledger in which transactions made in bitcoin or other cryptocurrencies are recorded, is the next big thing.
Although Facebook has not announced any plans about how they would use blockchain technology on their platform, it is clear they are pursuing this technology with interest. In the light of the data crises faced by Facebook, it is going to be interesting to see how they utilize this technology to improve their services, the CCN reported.