How Blockchain Is Changing Social Media Networks?
Although it was started as an exchange of cryptocurrency, blockchain has demonstrated its positive impact on other industries too. The online world is going to turn into a reliable economy with secure exchanges and information. But how???
Are there any benefits of utilizing blockchain technology in social media?
1. Blockchain to check news & verifying information
Recently, Facebook removed around 583 million fake accounts. These accounts used to post fake news. Bogus data is the most concerning issue of social media nowadays. Everything can get viral and become a truth within hours. In this situation, if counterfeit news got viral, bad circumstances can occur.
Luckily, blockchain can settle this with its features such as immutability, decentralization, high security & many more. If you check out the framework given by experts, it shows how developers can verify all the data with decentralized applications.
Famous as DAPPS, decentralized applications can enable everybody to deal with their digital data. This framework use authentication to check ID, content, and messages. Likewise, blockchain can collect data from social media platforms easily.
2. Letting users who can see their information and how
From a market point of view, social media is nothing but a collection of data. If a user gets no control over what data should reach others. Each post, share, or like make a behavioral profile of the user. This profile is the reason you get news and advertisements based on your liking.
In any case, this data can enable others to manipulate a user. Hacking personal information and selling it to different parts are the issues that the social media industry is facing today.
Blockchain can stop this action. There is a blockchain application that enables users to control their information. They can choose who sees their data and how. Skycoin is a perfect example to enable users to deal with their data. Every stage needs permission to access data, which keeps data secure users.
3. Upgraded crowdfunding on social media
Crowdfunding assists new companies to grow faster. Cash is additionally raised for charities. These activities occur via social media platforms. And, blockchain is the correct direction to crowdfunding as it is secure, transparent and faster. Blockchain makes the investor feel secure.
Social networks that are initiated by blockchain make crowdfunding simpler for investors. Peers can pursue contracts, acknowledge payments and verify clients without taking extreme measures.
To finish up
The blockchain technology is to disrupt different industries and give significant advantages. If incorporated successfully, these advantages can improve the way in which people look at social media. A decentralized approach to social media can ensure better privacy as well as secure crowdfunding transactions. Time will decide how everything will progress!!