Social media has become a fundamental staple in the daily lives of millions of individuals all around the globe. At this point in time, it’s hard to imagine a world where the concept of ‘liking’ a picture on a screen is foreign to us. The word social media only infers to a few names like Facebook, Instagram, Twitter, Snapchat etc. Social media has changed the way of communication since its arrival. However, some of the changes aren’t beneficial. There are many drawbacks to the widespread use of these typical social media platforms. For instance, spreading misinformation on social media because the platform lacks to moderate the content effectively. Social media has been dealing with issues related to privacy, user control, censorship, political neutrality, and other miscellaneous activity resulting in riots.
As technocrats and Blockchain experts continue to think about technology development, economic models, and freedom of speech, Blockchain has emerged as a viable solution for solving many issues, including social media. Social media platforms have always been an entry point for establishing social
communications for billions of people, and at present, platforms based on Blockchain technology are attracting a lot of public attention worldwide. Blockchain social media are nothing but decentralized platforms that allow the development of applications and smart contracts. The significant benefit of such platforms is that they offer end-to-end encryptions for every interaction enabling individuals to have more privacy and control over their information. Blockchain Social media platforms provide some major benefits like In-platform transactions, Crowdfunding, and Rewarding their users with
exclusive offers.
Blockchain’s contribution to social media:
1. Open-source code: With blockchain technology, it is possible to keep an open-source code. This will have the advantage of inspecting the data algorithms.
2. Decentralized control: With blockchain technology, decentralization can be implemented. This will allow removing the centralization through the network, and no company or government will be liable to act.
3. Democratic decision: It is the optimum choice of everyone to have a democratic system. So why not social media also adapt to the network structure will allow everyone to make decisions democratically. If this is not achieved, then social media networks can be split into multiple ones just like bitcoin, Linux, and Ethereum. They all have Y-shaped multiple versions.
4. Explainable AI: Including blockchain networks into social networks resulting in implementing explainable Artificial intelligence (AI) could be a considerable step towards digital transformation. This system can explain the reasons behind every judgment.
To understand blockchain social media in a better way, let’s know the meaning of decentralized social networks. All the blockchain social media networks come under decentralized social networks. Here, the data is not controlled by any central authority or government organization. Data will only be served as per the wish of the user on the user’s request. This storing of data into different servers independently with high security. Servers owned by any business operate a centralized social network. Now with decentralization, data can be stored in any part of the world. It will not be stored in a centralized network. It provides transparency and high security with more control to users. With decentralizing techniques, a user can determine how it operates and what users can say. A set of terms
can be established by the federal social network, which is acceptable by the users. So, in short, no company or organization must handle the monitoring of the site behaviour. Users can do that in a decentralized social network.
Benefits:
With Decentralized networks, unethical usage of users’ data can be prevented.
Blockchain technology uses cryptography to protect the interactions between users, which results in data security and privacy.
As there is no central authority, the usage of data is controlled by the users themselves, resulting in freedom of expression. So, users can control what they can publish and what not to.
Blockchain’s top application, Cryptocurrency, helps in crowdfunding, and it has a lot of scope in the future.
Content moderation is the drawback in the present trending social media platforms, which is overcome by the Decentralized social networks. So, this is the main advantage of using a blockchain-based social media application. Also, the open-source nature is the reason behind achieving this creation of private servers that allows content moderation and content sharing to be more efficient.
Future of blockchain applications:
Predicting success is not always easy, especially the ricks surrounding technology and social media. The challenges that it could face include user adoption rate, ownership-accountability model, and competition with existing big social media platforms. However, some uncertainties can be overcome using decentralized applications. The following things can be accomplished and required in digital technology, which can only be possible using blockchain-based applications.
The blockchain-based application serves the purpose of users’ interest before the business. So, soon, these applications will be controlled by the users.
Also, the significant change which can be included in the decentralized applications is the increasing adoption of financial services. It could be a game-changer for making transactions globally.
More security will be provided using the blockchain consensus algorithm, which will be used in every decentralized application.
Also, blockchain technology is booming in every sector, and it can be possible that it takes over the social media platform too.
When it comes to traditional social media platforms such as Facebook, Twitter, and YouTube, the fundamental problems include fake news, excessive trolling, censorship, and demonetization, respectively. No matter which way we look, the decentralized nature of Blockchain technology is the future of several fields, especially in social media, because of the fact there is no central organization or supervisor controlling value. To conclude, we can say that these Blockchain-based social media platforms may transform the way we interact on the internet.
Stay Tuned for updates and learn how to get involved by following Thoughtz
