Why hybrid blockchains will dominate ecommerce
When Facebook launches its cryptocurrency Libra in 2020, it will need a public-facing blockchain network for consumers who purchase items using digital wallets and a private blockchain network for the banks backing the new digital currency.
The concept of setting up "hybrid blockchains," where one is public or consumer-facing and the other is permissioned for corporate transcations behind the scenes, is expected to become a mainstay as the business of blockchain matures.
Calibra, Facebook's digital wallet, will store Libra, Facebook's digital currency. A Facebook user would download the Calibra digital wallet application, purchase the Libra digital currency through a private financial network, and then perform peer-to-peer digital money transfers through Calibra as a stand-alone app. A user could also do the same thing through Facebook's most popular, public communication platforms: WhatsApp and Messenger.