Curious to know the role of blockchain in social networking? You have landed on the right page. This article explains how blockchain solutions can solve social networking problems.
Learning of the Blog
- Blockchain and Social Networking
- Flaws with Existing Social Networking
- Why Blockchain is the Solution?
- On-demand Blockchain Social Networking Platforms
- The Verdict
Blockchain and Social Networking
You must have heard a lot about blockchain technology and its use cases. So before focusing on how technology can solve social networking problems, let’s quickly revise what exactly this technology is?
Blockchain is defined as a peer-to-peer(P2P), decentralized, distributed ledger technology that works without involving any third party/middlemen. It offers a universal state layer, where two parties can trust each other without knowing each other. It is considered to be a new form of distributed data storage and management that avoids the double-spending problem over the Internet. Unlike traditional databases, where data is managed and controlled by one single entity, blockchain allows for distributed control.
Now, talking about social networking such as Facebook, Twitter, etc., as these platforms are skyrocketing, so did the possibilities of data breaching, but blockchain technology enables users to experience enhanced privacy when using social media.
Blockchain has the potential to revolutionize social networking in various ways that we will be discussing later.
For in-depth knowledge of blockchain technology, you can get enrolled to Blockchain Council and become a Certified Blockchain Professional.
Flaws with Existing Social Networking
In Social networking, users have no control over their content (data such as audio, video, pictures, etc.) as their data is managed and controlled by a central authority(network owners).
Undoubtedly they connect the entire globe, but at the same time, social media platforms are vulnerable to attacks due to its centralized nature. Moreover, such networking also suffers from a bottleneck problem.
Most importantly, privacy is one of the prime concerns associated with social networking. Be it your conversation on WhatsApp or the images that you shared with your friends; nothing is private and confidential.
Why Blockchain is the Solution?
Interlinking blockchain with social media platforms can do wonders in terms of privacy, security, data control and management, and much more. Now, as we have a quick idea of blockchain and issues with social media platforms, let’s see why social networking problems need blockchain solutions.
Privacy of Information
As we already discussed, social networking platforms are managed and controlled by its owner and not by the users. Blockchain distributed nature eliminates control by a single entity or third party and offers complete control of their content in the hands of social media users. With its decentralized consensus mechanisms such as PoW, PoS, etc., which are privacy protocols, it offers a higher level of users’ privacy.
Opportunities for Content Producers
Presently, social media content producers are facing a lot of challenges due to centralized social networking. Content distribution helps producers to boost their brand, get loyal followers, and encourage readers to click, act, and become their customers. But various online platforms share pirated copies of media contents by which artists and other copyright holders are affected by the lack of sales transparency.
Blockchain can help artists to sell their unique content directly to their followers without involving any third-party. As blockchain enables fast and effective tracking of usage, thus it enables content developers to market their content independently of any social media platform providers.
Apart from monetary benefits, blockchain-based decentralized social networks reward users for posting on their network, that comes in the form of network’s native cryptocurrency. Moreover, they also enable social media users to conduct crowdfunding campaigns and facilitate financial transactions using native cryptocurrency from user to user.
Note that- crowdfunding can be defined as the method of funding a project by raising small amounts of money from a large number of people through the Internet.
Gives Control Over Your Data
As blockchain technology eliminates the need for intermediaries, it gives complete control to users on decentralized networks. It ensures users that whatever they post(image, video, etc.) can be tracked, and there is no tempering or duplicacy in any way. Moreover, if an individual decides to delete a particular content, he or she confidently can, and the data will be removed from the whole system, ensuring that no one can take advantage of it.
On-demand Blockchain Social Networking Platforms
Let’s have a look at few blockchain-based social networking platforms.
An alternative to social media platforms such as Facebook, Twitter, and others is a blockchain-based social networking platform that ensures that their data isn’t packaged up and sold. It empowers users to decide what they want to see, and they can even edit the misleading content. Moreover, it is an ad-free platform.
A blockchain-based social platform, Empow is an ultra-fast, efficient, decentralized network for content creators that allows them to create their own page, post anything they want (images, videos, or GIFs) in their style, and react to others’ content. The decentralized platform offers complete ownership of its database and grants rewards to creators when contributing to the platform.
It is an alternative to LinkedIn is a mobile-first social network for professionals that seeks to build a professional network around giving and getting help. It is one of the best blockchain-based social platforms that is considered to be a great platform for building a professional community.
Undoubtedly, the traditional social media platform’s popularity is increasing due to its entertainment and ease of use, but the limitations it holds, such as privacy and security, cannot be overlooked. Blockchain has the potential to solve such issues by revamping it to the next level. But still, limitations linked with blockchain need to be considered as well. Many blockchain-based social platforms claim to be decentralized, but they are not up to the mark. Also, the mass adoption of blockchain is still a major concern.