How Social Media Can Benefit from Blockchain Technology

 Chris Cote
  Sep 06, 2018

Social media platforms have grown tremendously. In 2018, social media is not just for sharing personal items with friends, instead, it is a powerful tool that has become essential for business among other things. Despite its popularity, social media is yet to reach its full potential. Security concerns and controversies have also vastly affected the effectiveness of social media. Blockchain technology has, on the other hand, gained immense popularity and accelerated use over the past few years. This technology has been proven to solve many digital challenges. The potential applications of blockchain are also immense and the technology can be used in virtually any industry. The question thus is, how can social media benefit from blockchain technology?

Content Authentication
One of the biggest issues that have affected social media in the recent past is the controversies revolving around the spread of fake news. The proliferation of media outlets and channels particularly focused on spreading false and misleading information has negatively affected social media. The situation has become so bad in recent years that there is an active quest for solutions. Blockchain has been proposed as a possible solution.

Most companies which are familiar with the effectiveness of blockchain have already started developing solutions for social media to specifically tackle the issue of fake news. Blockchain indeed can eliminate fake news as the system is built on the basis of consensus. As opposed to other solutions, blockchain does not need third parties as the system is built on the premise of decentralization.

Data security

A lot of social media users do not have full control of their information. Because of the complex nature of social media platforms, it is not easy to monitor exactly how much personal information companies harvest from users. What is clear is that big companies are actively using user data often without the consent of the users themselves. Blockchain can help with data security by giving users bigger control over their data.

Increased functionality of social platforms

Social media platforms are still very basic. Users can only do simple things like sharing content. With blockchain though, social media platforms can also be used for other areas like business. Blockchain has enough capacity to allow users to buy, sell and transact. It would also be possible to invest in cryptocurrencies in the future simply through social media sites. Blockchain also has the capability of easing crowdfunding efforts. In recent years, crowdfunding has provided a fast and secure alternative of raising money for business and other uses. Blockchain has been at the core of many successful ICOs and the future can only be great. The power of blockchain combined with social media would not only be great for crowdfunding but it would also make social platforms more functional.

Independence of the content industry

There are quite a number of countries and territories that still block content. While there are ways of bypassing content restriction, no other solution has potential like blockchain. BThe blockchainis much farther ahead than solutions like VPN when it comes to the total liberation of content. Social media sites using blockchain technology will be immune to control since information will be decentralized.

Fair remuneration for content

Finally, the potential of social media as avenues for making money will be raised. Talented creatives who have large audiences will be better off through fair compensation that will come as a result of the blockchain technology. Not only will blockchain allow for a direct rewarding system for artists, but it will also allow for more efficient advertisement revenue streams. Large platforms like YouTube already have a functioning reward system that has allowed content creators to make enough money for their work. This potential will be transferred to other sites like Facebook and Twitter as well with blockchain. Efficient tracking of user interaction with posts will allow for mechanisms of gauging how much somebody should be for viral posts.

In summary
The possibilities of blockchain in the social media realm are countless. Social media is already very powerful in itself. The combination of blockchain and social media will thus result in many benefits. Some of the immediate ways that social media will benefit from blockchain are listed above. There are however a plethora of other benefits that will come as the possibilities are explored farther.

How Social Media Can Benefit from Blockchain Technology

Chris Cote

Chris Cote is a marketing specialist and a writer. He lives with his wife and two children on the sunny shores of Australia, but dearly misses his home in the cold German north.

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