Wondering how blockchain solutions development can affect social media platform operations? This article will clarify what is social media based on blockchain, the problems relevant to conventional social media networks, and what happens when the technology gets integrated into those platforms.
Social Network Based on Blockchain
Blockchain has emerged as a potential option for addressing many problems, including social media, as technocrats and Blockchain experts continue to think about technological growth, economic models, and freedom of speech.
Social networking networks have long been an entrance point for billions of people to build social messages, and platforms built on Blockchain technologies are now gaining a lot of worldwide public interest.
Blockchain Social Media are nothing more than decentralized networks that allow apps and smart contracts to be built. The key advantage of such platforms is that they have end-to-end protection for each contact, allowing users to have more privacy and control over their data.
Traditional Social Media Networks Challenges
You would have read a lot about social media privacy attacks if you have been paying attention to the news. Because of their privacy and security issues, conventional social media sites have long come under the spotlight.
Social media have undeniably modified the whole way of communicating, but they have full power over the data of people and are therefore able to control the mind, actions, and other facets of the data generated.
Nearly all current common social media sites track user behavior. Not just that, these sites offer aggregated data to provide more helpful targeting for their ads and marketing purposes to the highest bidder. Since all sites such as Facebook, Whatsapp, Twitter, among others are centralized, the user’s information is quite well manipulated.
The fundamental theory behind blockchain technology is that, instead of the traditional middle authority, it depends on a much wider community of people for the security of its knowledge. Blockchain hires a community of individuals who manage and preserve the collection of documents and files, instead of putting the cumbersome burden of authentication on a single individual.
In cryptocurrency trading, the blockchain platform serves as a way of storing, monitoring, and exchanging digital coins, like ETH and XLM. In banking and government record-keeping, other traditional implementations of the Blockchain system are used, where the potential of Blockchain to enable the propagation of digital knowledge without duplication comes in handy.
Blockchain, as we described above, is slowly but steadily being incorporated into mainstream social media networks, the latest of which is seen at the launch of Steemit, a site that uses a rewarding mechanism to appease curators and publishers.