Blockchain Technology in Social Media
Though it started as cryptocurrency exchanges, Blockchain has shown promising features in other operations as well. The online world is on the verge of becoming a reliable economy with secure transactions and data.
So, are there any benefits one can derive from using blockchain technology in social media
1. Using Blockchain for news and information verification
At the beginning of this year, Facebook deleted about 583 million fake accounts. These accounts were posting fake news.
Fake information is the biggest problem of social media these days. Anything can get viral and become a truth within hours. In that scenario, if a fake news gets viral, bad situations can occur.
Thankfully, blockchain is capable of resolving this with ledger system. The functions such as personal verification, information verification, and data verification are all possible with blockchain. If you look at the framework offered by oxcert, it showcases how developers can authenticate every information with decentralized applications.
Famous as Dapps, decentralized applications can allow everyone to manage their digital information. This framework leverages authentication to verify IDs, content, and posts. Similarly, blockchain also makes data collection on social media platforms easier.
Social media platforms are heading towards blockchain at a fast pace. Third-party providers are helping platforms to incorporate this technology for verification.
2. Letting users control who sees their data and how much
From the market perspective, social media is a collection of data. If a user doesn’t get control over this, data can reach third parties. Every post, like, or share creates a behavioral profile of the user. This profile is the reason you receive news and ads according to your preference.
However, these informational pieces can also allow third parties to manipulate a user. Hacking personal information and selling it to other parties are the issues that social media sector is facing nowadays.
Blockchain has the capacity to put an end to this activity. There are blockchain applications that allow users to control their data. They can decide who sees their information and how much. Skycoin is a great example of allowing users to manage their information. Every platform requires permissions to access the data, which keeps users’ information secure.
The technology can help users to charge a fee for their information when sharing with advertisers. Hence, one can select the right people to get access to the correct data.
3. Improving crowdfunding on social media
Crowdfunding is helping startups to grow faster. The money is also raised for charities. These activities are taking place on social media platforms as well. And Blockchain is the right direction to make crowdfunding as private, transparent, and faster. Blockchain technology makes investors feel secure and works against money laundering too.
Social networks that are enabled by blockchain make crowdfunding easier for investors. Peers can track contracts, accept payments and verify users without taking any extreme measures.
The blockchain is in the middle of disrupting different industries and providing substantial benefits. If incorporated effectively, these benefits can improve the way users look at social media platforms. Data can become secure and users can rely on third-parties. Only time will tell how it all pans out.