For more than a decade now, the social media platform has given us the opportunity and access for establishing global connections, social interactions, and content sharing for several users. Currently, the exploitation of customer’s information is so common by viewing a user’s preferences, behaviors, contents, habits, connections, and location. For instance, logging into a social media website automatically targets marketing campaigns for advertising.
Blockchain-based social media offers more benefits than privacy and security.
What is Blockchain Social Media?
Blockchain social media are known as decentralized platforms developed on Blockchain technology, enabling application development and smart contracts.
The function of these decentralized social media platforms is to allow end-to-end encryptions for all interactions. Also, standard to the Blockchain ecosystems, they have features like native currency, which are used for: crowdfunding, rewarding users, in-platform transactions.
How can Blockchain solve social media problems?
Opportunities for Content Producers
Social media producers are currently experiencing several difficulties because of centralized social networking. Content distribution assists producers in improving their brands, obtain committed followers, and motivate readers to click, take action and become their customers. But different online platforms share plagiarized and pirated copies of media content which has made some artists and copyright holders be greatly affected by the absence of sales transparency.
Blockchain will assist artists in selling their unique content directly to their followers without the interference of any third party. Blockchain allows efficient and speedy usage; hence, it allows content developers to sell their content to any social media platform providers independently.
Privacy of Information
Social networking platforms are managed, handled, and controlled by the owners and not by the users. The distributed nature of Blockchain abolishes any control made by the third party or a single entity and gives total control of the contents to the social media users. The decentralized consensus mechanisms like PoS, PoW, etc., which are privacy protocols, provide a top-notch user’s privacy.
Crowdfunding can be defined as a medium through which projects can be funded by raising small amounts of money from a large number of people through the Internet.
Asides from monetary benefits, blockchain-based decentralized social networks reward users for posting content on their network, and the reward is obtained in the form of the network’s native cryptocurrency. Also, they allow social media users to manage crowdfunding campaigns and direct financial transactions using native cryptocurrency from user to user.
A New Avenue of Payment
Several social media platforms are examining their payment platforms. For instance, Facebook is launching a payment function through the Messenger platform. Then, Facebook keeps a record of every transaction that is made. This is a severe intrusion of privacy that may prevent some users from using the technology.
Blockchain technology can be used in protecting users’ privacy in any financial exchange like this one. Besides, it can be used to protect privacy, not only for private messaging but also in another aspect. This will make users feel at peace and more comfortable when using social media platforms.
If businesses can use secure exchanging transactions instead of using their current method, they might automate several processes by using smart contracts. Also, they will be able to track and analyze data in a more secure way. Therefore, this can save them lots of time and energy whenever they’d want to generate improved overall results. Fortunately, this type of technology has the potential of being used in different industries and in different beneficial ways.
Offers Control Over Your Data
Even as blockchain technology abolished the need for intermediaries, it enabled users to have total control over decentralized networks. It guarantees users that anything they post on social media can be tracked, and there won’t be any form of duplicating or tempering. Also, it will give users the confidence to delete any content that has been posted. When deleted, the data will automatically be eliminated from the system, making sure no one can have access to it.
Several social media users don’t know how these current practices can threaten their privacy and income potential. Although, this whole system can be powerfully enhanced for users’ experience when blockchain technology is included in social media platforms.