Twitter is all set to adopt blockchain technology as a full-fledged solution in its ecosystem. The globally reputed social media giant has created an expert team of five persons that will put in their efforts to channelize an open, decentralized social media standard branded as Bluesky, announced Twitter and Square CEO Jack Dorsey.\r\n\r\nhttps:\/\/twitter.com\/jack\/status\/1204766078468911106\r\n\r\nAccording to the latest reports, Parag Agrawal, who serves as the CTO of Twitter, is currently looking for the perfect leader who could bring success to the initiative by managing operations in the best possible way. The Bluesky expert team is contemplating to either adopt and work on an existing decentralized social media standard solution like Steem or design one standard module for the platform on its own from scratch.\r\n\r\n\u201cFinally, new technologies have emerged to make a decentralized approach more viable. Blockchain points to a series of decentralized solutions for open and durable hosting, governance, and even monetization. Much work to be done, but the fundamentals are there,\u201d read Jack Dorsey\u2019s tweet.\r\n\r\nThe reports suggest that the newly-constituted team will infuse a blockchain component into the highly anticipated project, similar to the technology that supports reputed cryptocurrencies like Bitcoin and Ethereum.\r\n\r\nInterestingly, this revolutionary decision has raised a confusing situation as to whether the protocol will bring benefits for Twitter as a business entity still remains a doubtful scenario. The formulation of a new decentralized social media protocol is likely to take away the power from Twitter\u2019s platform along with its proficiency to monetize efficiently.\r\n\r\nIn response to such doubts, Dorsey stated that the new media standard would render the socializing platform with potential chances to lay emphasis on innovation and lead to better online disclosure.\r\n\r\n\u201cIt will allow us to access and contribute to a much larger corpus of public conversation, focus our efforts on building open recommendation algorithms which promote healthy conversation, and will force us to be far more innovative than in the past,\u201d said the spearhead.\r\n\r\nDorsey has always shown an interest in lending support to decentralization-pegged initiatives. In 2017, Square allowed trading in Bitcoin through a mobile app, Cash App. In the third quarter of 2018, Square witnessed the sale of nearly $50 million in Bitcoin per month.\r\n\r\nThis year in March, Dorsey launched Square Crypto, which works as a five-person group that focuses efforts to improve the Bitcoin ecosystem on Twitter.