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Two predictions for what Facebook is working on, with their blockchain team:
1) Considering new end to end encryption announcements, they may use something like Shamir shared secrets to allow privileged access to encrypted data you submit. Every one of your friends gets a key to decrypt.
FB becomes world's largest key and privacy management company. TBH, the database probably won't be a blockchain but the security methods applied are from the blockchain world.
2) FB will launch a private payments POA chain to pass savings from avoided merchant fees to consumers. They'll run servers bc of the economic incentive, but may open chain to allow others to run nodes – accelerating and entrenching adoption.
Consumers don't care if a payment ends up using VISA or a merchant account on the back end. They just want cheaper goods and services. Public blockchains need cryptoeconomics to incentivize security and planned maintenance.
But public chain upgrades aren't dependable enough. Forking is clumsy and governance layers are only moreso (bc eventual forking). You need version authority. A Facebook chain would undergo smooth upgrades motivated by real world economics. (new features saving customers money)
Overall: Everything public blockchains can do, private blockchains with strict key management (lending POA) can do faster. Facebook can leverage these to have the world's most robust authorization for viewing data and cheapest payment network.
Additional opinion: 1) may plausibly make it harder for them to F up society in the future, but it doesn't mean they didn't already.
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