We are living in a world surrounded by social media platforms. Indeed, they are advantageous, but there remain risks of cybercrimes on such sites. Users across the world share several sensitive information on such platforms, which third parties can exploit.
So, the incorporation of blockchain in the technology has already started for offering the users an amount of control over the data they generate.
What is meant by blockchain social media?
Instead of a general middle authority, blockchain relies on a large group of people to keep the authentication of its information intact. Blockchain undertakes a group of entities for maintaining and overseeing the collection of databases and records.
Generally, blockchain technology is utilized in exchange for cryptocurrency. Blockchain technology is also used in keeping government records and banking. Blockchain is also integrated into multiple social media platforms to transform social networking.
Blockchain media are decentralized platforms that are developed on the technology of blockchain. It allows smart contracts and application development.
All these decentralized-based social media sites permit top-notch encryptions for each interaction. Additionally, they offer features like native currency to serve within-platform transactions, rewarding of users, and crowdfunding.
How can blockchain transform social networking?
The inclusion of blockchain technology can benefit and ultimately transform social networking in the following ways:
Allows a user to exercise more control:
Decentralized platforms stay at the core of blockchain for social networks, which provides straightforward distribution of information. Integration of blockchain application development services allows users to exercise better control over the data that they share online. Additionally, the users can charge a fee when their data is shared with the advertisers.
Forms a reliable defense system:
The aspects of blockchain technology like DLT (Digital Ledger Technology) and decentralized platforms allow the social platforms to consider blockchain as a powerful defense system.
In a decentralized-based social media platform where everyone shares their information, features like native currency and crowdfunding are combined with transparency and immutability to make an efficacious diagnostics tool to avoid hacks and breaches.
User and information authentication:
Effectively, blockchain technology in social networking can be utilized to avoid propaganda transmission by using a blockchain distributed ledger system. Additionally, the distributed ledger system reviews and verifies all information and identities as well, which ultimately makes it impossible to create fake accounts.
Fundraising:
Monetary benefits are not the only thing; blockchain-based social media offers materialistic rewards to the business from social networks. For posting on their network, most decentralized-based social media networks prize the nodes (users). These platforms let users run efficient crowdfunding.
Crowdfunding, a feature of blockchain technology, allows startups and small businesses to raise funds. The individuals or businesses can directly ask the community for help and no sooner start their dream project. Additionally, they can formulate their cryptocurrency tokens that further ensure safety in online transactions.
Access to content:
Several countries block their citizens from accessing certain content and social media. Decentralized content provides an alternative way to encounter internet censorship. Thus, blockchain technology ensures that no entity can block access to content.
Content consumption:
Ethereum blockchain provides a private ledger. By utilizing it, the companies can track under interaction with content.
Blockchain supports in-app currencies that restructures how users consume content. There are several tools out there that offer incentives to network contributors and developers to bring applications, digital services, and other values to the network, eliminating any middlemen. The long-term vision is to provide a marketplace inside the app that can be used by brands to advertise to the users through chat and take payments directly.
Several incentive models of blockchain for business invite investors to buy tokens and bet on their underlying value’s volatility.
A check on user commodification:
Currently, data is considered to be the most profitable asset. For example, when you browse something on a shopping platform, you will see that particular product’s ad on Facebook or Instagram.
The P2P network, high-end encrypted mechanism, and the lack of ‘third parties’ remove such threats in the distributed social platforms. Also, it enables the user to have better control of their data.
This is primarily ensured by the public and private keys. By using the private key, the user can initiate a transaction, and its details are stored in the blockchain’s block data. The majority consensus verifies, and then only the block is added to the chain. And thus, the intended recipient can only access the data.
The content is stored in the form of a cryptographic ‘hash’ in these blocks. Each of the hash is unique, and every unique information creates a different hash. Therefore, the data accumulated in the blockchain cannot be changed.
Conclusion:
By integrating blockchain technology offers several straightforward solutions to persistent problems. The decentralized social media sites provide greater control to the users. Indeed, blockchain transforms social networking. With the rise of blockchain technology, blockchain technology will be integrated into the technological field in the future to eliminate complications.
