Find out what is social media based on blockchain, problems relevant to conventional social media networks, and what can change with blockchain platforms.
Wondering how blockchain solutions development can affect social media platform operations? This article will clarify what is social media based on blockchain, the problems relevant to conventional social media networks, and what happens when the technology gets integrated into those platforms.
Blockchain has emerged as a potential option for addressing many problems, including social media, as technocrats and Blockchain experts continue to think about technological growth, economic models, and freedom of speech.
Social networking networks have long been an entrance point for billions of people to build social messages, and platforms built on Blockchain technologies are now gaining a lot of worldwide public interest.
Blockchain Social Media are nothing more than decentralized networks that allow apps and smart contracts to be built. The key advantage of such platforms is that they have end-to-end protection for each contact, allowing users to have more privacy and control over their data.
Also, Read | Blockchain-Powered Social Media Marketing- Rise of a New Marketplace
You would have read a lot about social media privacy attacks if you have been paying attention to the news. Because of their privacy and security issues, conventional social media sites have long come under the spotlight.
Social media have undeniably modified the whole way of communicating, but they have full power over the data of people and are therefore able to control the mind, actions, and other facets of the data generated.
Nearly all current common social media sites track user behavior. Not just that, these sites offer aggregated data to provide more helpful targeting for their ads and marketing purposes to the highest bidder. Since all sites such as Facebook, Whatsapp, Twitter, among others are centralized, the user's information is quite well manipulated.
Also, Read | Assessing Blockchain's Impact in the Media and Entertainment Industry
The fundamental theory behind blockchain technology is that, instead of the traditional middle authority, it depends on a much wider community of people for the security of its knowledge. Blockchain hires a community of individuals who manage and preserve the collection of documents and files, instead of putting the cumbersome burden of authentication on a single individual.
In cryptocurrency trading, the blockchain platform serves as a way of storing, monitoring, and exchanging digital coins, like ETH and XLM. In banking and government record-keeping, other traditional implementations of the Blockchain system are used, where the potential of Blockchain to enable the propagation of digital knowledge without duplication comes in handy.
Blockchain, as we described above, is slowly but steadily being incorporated into mainstream social media networks, the latest of which is seen at the launch of Steemit, a site that uses a rewarding mechanism to appease curators and publishers.
Also, Read | Maximizing the Efficiency of Loyalty Rewards Program Management with Blockchain
Several gains accompany the integration of blockchain into social media networks from a security point of view. Some important advantages that social media networks would benefit from the inclusion of Blockchain technologies include the following:
Nothing is as dangerous in the Age of Information as of the dissemination of ill-informed ideas by false news and papers. Fake news usually spreads via specific vectors, comprising of social networks consisting of hundreds of fake accounts or bots.
Blockchain technologies like smart contracts and cryptocurrencies can effectively prevent the dissemination of misinformation. The usage of the Oxcert framework, which offers instructions for software developers to build decentralized apps, is one such feature of the blockchain ledger method. Also, the distributed ledger system verifies both identities and records, making it difficult to build false accounts.
Several facets of blockchain technologies allow social media networks to count on Blockchain as a robust protection mechanism, such as decentralized platforms and Distributed Ledger Technology (abbreviated as DLT).
Simply put, features such as crowdfunding, native currencies, together with immutability and openness make for an efficient diagnostic tool. They can deter breaches and hacks with a decentralized social media network. It can be a platform through which everybody 'owns' the data.
The idea of shared networks, which is at the heart of blockchain technology, makes it possible to share knowledge freely. It is because everybody has a certain amount of data. Social media platform development with blockchain offers a solution to the long-wanted problem of who manages data online.
Before sharing their personal information, consumers can control the details they post online and provision prior permission to access. Also, users can charge for their data, typically for targeted marketing, while exchanging it with advertisers.
Also, Read | Strengthening Privacy of Blockchain Transactions with Zero-Knowledge Proof
In June 2014, Facebook conducted an 'emotional experiment' in partnership with academics from Cornell and the University of California. It enabled them to control 1.5 million users' emotional responses and evoke a negative or positive response.
At the moment, they did not carry out the experiment with the consent of its subjects. It created an outcry of outrage aimed towards Facebook. In retrospect, though, the experiment highlights the drawbacks. It highlights the importance of having total influence over the content on a social media site by a single individual. With Blockchain, because the data belongs to everybody, this issue becomes redundant.
The incorporation of blockchain and smart contracts would also promote the principles of freedom of expression and the right to privacy since a user would have the power of the organizations that will access their data.
The freedom of speech that Blockchain encourages stands in sharp contrast to today's controlled social media sites. It is, therefore, possible to see which misinformation is spreading on social media as a threat to human rights.
In addition to protection and privacy, content creators on social media sites are losing a large amount of revenue. It is because of the presence of third-party intermediaries. Social networking platforms built on blockchain allow users complete control over their content usage consent.
The capacity to distribute allows them the increased ability to benefit from passive income generation. Not just this, users earn rewards from decentralized social media platforms for posting to their network. As incentives come from the native cryptocurrency of the network, this phenomenon is similar to most blockchain ecosystems.
Talk to our blockchain experts if you are looking to implement the technology into your business ecosystem.
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