How Can Blockchain Technology Transform Social Media?

In 2019, 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.

As per a report published by Statista, a staggering 81% of the US population were active users of social media, and the numbers were only going to grow from there, with the same report estimating that the global monthly users of social media platforms were expected to reach up to 3.09 billion by 2021.

Despite the many advantages social media platforms have to offer, there’s also a high chance of cybercrimes being targeted towards these platforms. When it comes to social media, users are more than willing to share sensitive information online, which many malicious third-parties are eager to exploit, as seen in the notorious Cambridge Analytica scandal.

Taking the dire threats faced by social media users, new technologies that can secure the digital world are always welcome with open hands. Next-generation social media platforms have already started to incorporate blockchain technology for the amount of control it offers to users over the data they generate.

Before we dive into the advantages offered by the blockchain technology, let’s talk about some of the prevalent challenges the modern technology seeks to eradicate.

What Are Some Challenges Facing Social Media Platforms?

Despite the fact that the multiple efforts made by popular social media platforms such as WhatsApp and Facebook to secure the transmission of data, along with putting an end to fake news stories’ and people posing under fake guises to spread misinformation, a severe lack of privacy haunts social media.

As the fundamental principle behind the establishment of social media suggests, anyone with internet access is free to create an account and post whatever they may please. Usually, a minority of these accounts will post a picture or a caption that might not be suitable for a majority of people. In the worst-case scenario, fake accounts may run pages that promote propaganda to vulnerable users.

When it comes to the hurdles of privacy, data protection, and the ownership of information, blockchain technology can do a lot to help since it employs a stringent verification process, which automatically checks the legitimacy of the information being shared.

What is Blockchain?

The fundamental principle behind the blockchain technology is that it relies on a much larger group of people for the authentication of its information, rather than the usual middle authority.

Instead of placing the tedious responsibility of verification on a single entity, Blockchain employs a group of entities that oversee and maintain the collection of records and databases.

Usually, the Blockchain technology is used in the exchange of cryptocurrency, where its mechanism is used as a means to track digital currencies, such as bitcoin. Other typical applications of the Blockchain technology are seen in banking and governmental record-keeping, where Blockchain’s ability to allow digital information to be propagated without being copied comes in handy.

As we mentioned above, Blockchain is slowly, but surely, being integrated into modern social media platforms- the most recent one of these inclusions being seen in the launch of Steemit– a platform that makes use of a rewarding system to please curators and publishers.

How Can Blockchain Technology Benefit Social Media Platforms?

From a security standpoint, several advantages follow the incorporation of blockchain in social media platforms. Some momentous benefits social media platforms can reap from the inclusion of Blockchain technology include the following:

User and information authentication

In the Age of Information, nothing is as harmful as the propagation of ill-informed ideas via fake news and articles. Usually, fake news is being circulated through specific vectors, which consist of social networks made up of hundreds of fake accounts, or through bots.

The blockchain technology can effectively be used to prevent the transmission of propaganda by making use of a blockchain distributed ledger system. One such aspect of the blockchain ledger system is the use of the oxcert protocol, which provides guidelines for app developers to create decentralized applications. Moreover, the distributed ledger system verifies all identities and information, which renders the creation of fake accounts to become impossible.

Forms a reliable defence system

Several aspects of the blockchain technology, such as decentralized platforms and the Digital Ledger Technology (abbreviated as DLT) allow for social media platforms to count on Blockchain as a robust defence system.

Simply put, for every decentralized social media platform, that is a platform in which everyone owns’ the information, features such as crowdfunding, native currency, combined with immutability and transparency make for an effective diagnostics tool to prevent breaches and hacks.

Allows users to exercise more control

The concept of decentralized platforms, which is at the core of Blockchain, allows for the straightforward distribution of information since everybody has a certain level over their data.

Through the integration of Blockchain application development services, social media platforms can provide a solution to the long- asked dilemma of who controls data online. Users can exercise more control over the data they share online and would require their prior consent before sharing their sensitive information. Moreover, social media users could charge a fee for their data when it is being shared with advertisers, usually for targeted marketing.

Calls for content supervision

In June 2014, Facebook, in collaboration with academics from Cornell and the University of California, conducted an emotional experiment’ which enabled them to manipulate the emotional responses of 1.5 million users and elicit a negative or positive response.

At the time, the experiment caused an uproar of criticism targeted towards Facebook since the experiment was not conducted with the consent of its participants. In retrospect, however, the experiment highlights the consequences of a single entity having complete control over the content on a social media platform. With Blockchain, this concern becomes redundant since the data belongs to everyone.

Promotes freedom of speech

The integration of Blockchain will also support the ideals of free speech and the right to privacy since a user will have control over the entities that can gain access to their information.

The freedom of expression promoted by Blockchain stands in stark contrast to the centralized social media platforms of today. The extent to which propaganda is being circulated on social platforms can also be taken as a direct threat against one of the fundamental human rights.

Fundraising

A vital feature of the Blockchain technology is that it allows for small businesses and startups to raise funds through crowdfunding.

Unlike centralized social media platforms, businesses or individuals can kick start their dream project by directly asking the community to help. Furthermore, they can formulate their own cryptocurrency tokens, which also ensures safety in online transactions.

Parting Words

As social media continues to wrap itself around the core of our online existence, the threats facing the platforms continue to increase in sophistication and complexity. The integration of the Blockchain technology allows for a straightforward solution to these persistent problems, by decentralizing social media, along with providing greater control to users.