In contrast to traditional banks’ centralized bookkeeping method, blockchain technology refers to the decentralized ledger of bitcoin transactions. Each new transaction is saved in a node or in blocks since Bitcoin, and other cryptocurrencies employ blockchain technology. The entire cryptocurrency chain must approve the block, even though it is separate. The use of cryptocurrency is safe and transparent thanks to this method.
It may not seem like there would be much of a connection between social media and blockchain technology at first, but there is. People might enjoy more privacy thanks to blockchain technology when adopting Internet-based technologies. Additionally, when social media users produce content that goes viral, they could get paid.
Due to social media’s current function as a middleman, content creators for social media are losing a lot of money. By eliminating the intermediary and allowing content creators to be paid for generating and distributing their work, blockchain technology, however, has the potential to upend this process.
In fact, this might even spark the development of a new economy. Users have complete control over the distribution of their material. They have a better chance of making money from the creation of passive income thanks to their distribution efforts. In essence, the creator of the content receives payment rather than the social networking site.
Some people might not be creating content right now since they aren’t getting paid enough for it. It makes sense that content creators want to be compensated for their work. Social media networks currently receive payment for the material you create, and they also sell ad space to generate additional revenue from users of these platforms. This perspective makes it obvious that a considerable disruption of the current practice is required.
More transparency
Digital marketing has become more complicated. Social media marketers have been discussing the best methods for data validation. The increased intricacy of social media marketing is largely to blame for this. Social media marketers have long relied on third-party tools to verify data. One effect of blockchain on social networking is the capability of self-verification. This is what social media marketers mean when discussing first-party verification. If you need a custom social app, you can take help from blockchain developers at custom mobile app development company.
Check on the use Social-Relation
Data is one of the most profitable assets right now. Data controllers have the power to influence a data producer’s thoughts, actions, and other characteristics. Furthermore, centralized social media platforms are treasure troves for user information. Companies like Facebook and Instagram, among others, exploit user data to enable tailored marketing for their customers is an open secret. For instance, when you research a product on Amazon, an advertisement for it appears on Facebook or Instagram. Though the method is commendable from a marketing standpoint, the user on the receiving end faces serious consequences.
These risks of user commodification are eliminated by distributed social media platform’s peer-to-peer network, end-to-end encryption, and lack of “third parties.” Additionally, by extension, it gives users more control over their data. The usage of Private and Public keys is the primary method for ensuring this. The user can start a transaction using the private key, and the specifics of that transaction will be recorded in a data block on the blockchain. Only when the majority has approved this block of the other network members is it added to the chain. The intended recipient is the only one who can access the data as a result.
Confidentiality
The individuals in charge of moderating these platforms have access to all interactions on centralized social media, including private messages. This seriously threatens the users’ privacy, among other things. Additionally, social media posts are increasingly being utilized for political purposes and to quell opposition. Understandably, this poses a serious obstacle to the democratic ideals of expression and free speech. Blockchain social media platforms guarantee better anonymity and support users’ freedom of expression thanks to their decentralized consensus methods.
Enhanced Security
Thanks to blockchain technology and open source social networks, users have access to and influence over the algorithms underlying features and functionality. The algorithm can be changed, or specific material can be self-hosted on any platform. Users can connect with a specific audience using the same techniques.
Users may control feeds without having a third party make decisions for them. Additionally, a decentralized network of servers is used to store all of their data. Without authentication, no one may access such information. This guarantees the highest levels of security for each user’s private information.
Enables Crowdfunding
Users can launch crowdfunding projects utilizing tokens with better and more focused controls. Blockchain social networks also support peer-to-peer financial transactions. The high level of security afforded by these platforms will give users the confidence to use them for payments and transfers.
Numerous ICOs, STOs, and token distribution through liquidity mining have proven that blockchain-powered crowdfunding is a huge success, earning millions of dollars. Investors frequently obtain particular benefits in exchange for financial support, such as the opportunity to participate in governance or profit from every user transaction. Many enterprise mobile application development companies are using blockchain technology for crowdfunding projects.
Conclusion
On the one hand, traditional social media is becoming exponentially more popular as a result of the enhanced marketing and entertainment opportunities it provides to its users. On the other hand, there are growing worries about the data and privacy breaches these platforms frequently link to. Blockchain social media presents a feasible answer to these problems with decentralized and distributed networks. They allow users to exercise more control over their data, among other things.
Furthermore, users on these networks have greater privacy because there is no centralized authority. As a result, people are spared the suffering of facing legal consequences for their opinions posted on social media, upholding the freedom of speech and expression.
