There is a growing trend of implementation of Blockchain in the social media industry. This development is changing how the public sees the ecosystem that has now been at the mercy of some people in terms of security, commerce, functionality and general control.
The importance of social networks for everyday life continues to grow with each passing day. In the areas of education, politics, e-commerce and even relationships, the social environment built on cyberspace is continuously demonstrating its relevance as a tool for effective communication between individuals and groups in different parts of the world.
#Blockchain can check social networks
The emergence of Blockchain technology brings a revolution to this industry that is already visible in the areas of greater reliability and profit opportunities. Derin Cag, founder of Richtopia says:
"With the increase in Blockchain technology, socio-economic transactions are improving and becoming more democratic as we move from the Internet of information to the Internet of value."
According to Cag, there are numerous benefits of having Blockchain technology frameworks within social media platforms.
- First, it could help address the false news by establishing a 'credit rating system' based on rewards for journalists and bloggers, which could then be integrated into all the websites.
- Second, it could improve the privacy of user data by offering people the option to participate voluntarily to share programs in which they are automatically paid in cryptocurrencies when their data is sold to third parties.
- Third, it could improve automation through the use of intelligent contracts where Blockchains could interact with multiple platforms simultaneously on behalf of the user. For example, Facebook could talk to Twitter, could talk to Instagram, could talk to Reddit, etc., at a level much deeper than the one available at the time of writing this article.
- Fourth, if the social media platform is based on distributed accounting books, this could help improve security because, for example, Bitcoin is one of the only valuable things online that has never been pirated.
An important problem that exists within the ecosystem of social media and cyberspace, in general, is the significant lack of privacy and the indiscriminate exchange of personal data in the main social networking platforms.
Be careful what you sign
It may not be particularly accurate to assume that these platforms make use of people's data without their permission, since almost every one of these platforms has a "Terms and Conditions" documents that most users accept without even reading a single line of the usually extremely long document.
Most of the time, the ambiguous statements within these documents allow the owners and managers of the platform to exercise the level of control we see today. However, this extensive control by the owners of the centralized platform not only allows the indiscriminate exposure of users, but also excludes them from the possible benefits they could obtain by using their personal data and their identity. These are some of the problems that are already being addressed by the implementation of Blockchain in social networks.
The five-year forecast
Abhishek Bhandari, co-founder and vice president of Bloomatch, tells Cointelegraph that Blockchain is revolutionizing each and every one of the industries at the moment. He points out that the main attraction of several sectors towards Blockchain are the basic concepts of Blockchain to keep the data in multiple and decentralized nodes.
"I guess in the next five years most of the platforms in the digital space would use Blockchain."
Bhandari says that Social Media has become a very important and indispensable part of human existence and Blockchain technology would give a sense of protection and satisfaction to all users. He explains that today's social media platforms have many drawbacks in terms of data security and cybercrime, problems that he is sure Blockchain technology will eventually address effectively.
All about attention
Dor Konforty, CEO of Synereo, explains that the main objective of the marketing, content and features of Facebook, YouTube and most other modern media platforms is to increase the number of hours each user engages with the platform, up to The point that can interrupt their lives, so they can capture and sell more of your attention, as well as information about their behavior.
However, Konforty explains that without a centralized entity taking advantage of this, and with a generated value that flows directly to users through interactions without intermediaries, the new platforms will adapt their business models to rely on additional services instead of practices that have already proven to be harmful to the health of its user bases. .
Konforty also notes the complexity of monetization in social networks:
"Monetization is another deep problem, creators of original content are in a position where the method they chose to publish their creations defines their method of monetization, if it exists, although YouTube shares part of its profits with creators, Facebook, Twitter and the like do not even do it. "
In short, without intermediaries who configure the discourse and have total control of the available content, all oriented towards their bottom lines, the space of possible social and economic interactions will be greatly expanded, benefiting all those involved. Similarly, without large data stores available immediately for centralized entities, dystopian scenarios can be avoided, such as assigning scores to citizens based on their online activity and adherence to the forced way of life. This is the promise of Blockchain.