Social media in all its forms has become an integral part of life in the 21st century, with Facebook, Snapchat and other social media platforms having a major role in how we consume content online. However, with the growing interest in cryptocurrencies, with the Bitcoin boom, in particular, we are beginning to see growth in blockchain social networking platforms. This interest has arisen mainly as a result of the niche social media networks’ cryptocurrency reward systems, which allows content creators to earn cryptocurrency if their posts are deemed to be helpful to other users, and as CEO of Absolute Digital Media, I have a strong belief that this will have a significant impact in the future. Here, we are going to look at how blockchain can add value to your social media networking and what impact this technology is likely to have in the future.
It is well known that social media sites gather information about each of their users, however, the user has no control over this information or the way that it is used and sold, once they agree to the terms and conditions. This has been particularly apparent as a result of the Cambridge Analytica and Facebook scandal which led to the social network changing their third-party data advertising policy.
A social media site that is powered by blockchain technology, however, allows each user to enjoy complete control over the data that is sent out as well as what people can and cannot see. Typically, social networks have a central point, which is normally the owner of the website, and this central point makes its money from using the data of each of their users to benefit themselves as a business and make a profit. Blockchain technology, however, is transparent and has very minimal censorship due to its decentralised nature. This, therefore, means there is no central point within the network. This benefits all involved as they all make money equally through posting and engaging with the blockchain social media network as it grows and develops.
Although pre-existing social media sites have security policies, users are not always satisfied with how and where their data is being collected and processed. Due to the ever-changing state of these security policies, it can become confusing and tiresome for users who want to ensure their data is entirely protected at all times. In addition to this, some social media channels such as Instagram are beginning to integrate native payments which is somewhat worrisome for users who fear that their details will become available if their account was to be hacked.
However, with a blockchain social network, the entire concept is that every post will be rewarded with an amount of cryptocurrency, and due to the blockchain technology behind cryptocurrencies, each transaction is encrypted to ensure the maximum level of security.
Another pressing problem within pre-existing social media sites is identity theft, which is currently being tackled by using a reporting and blocking system to the main headquarters, although it is a problem that is still yet to find a definitive solution. In comparison, a blockchain social media network requires a pin to access logins, ensuring that your cryptocurrency wallet and username cannot be duplicated as every piece of information is encrypted.
In December of 2017, the American government voted on the topic of net neutrality. This was a set of rules put in place just two years prior by President Barack Obama that meant that all internet service providers provide the same services at the same speed for a fixed price. This being said, the rule of net neutrality now allows internet service providers to have complete control over the internet speeds of their customers as well as the content that can be seen.
Additionally, internet service providers can force customers to pay a higher rate for faster internet speeds for selected websites such as Facebook and YouTube, which therefore causes issues as it can stunt the growth of smaller websites and the outreach that they have. The rising of prices to the consumer come as a consequence of larger companies being forced to pay more to the internet service providers in order to allow their websites to be seen in the fast speeds ahead of all other competitors. As a result of this, some websites may eventually become inaccessible to those who are less well-off than others, further segregating this demographic from society.
A blockchain social network, however, could resolve this issue, due to a wide level of accessibility and the rewards system. As long as a person has an internet connection, they should be able to access one of these sites, and also be rewarded for the information that they have put in place. Due to a blockchain social media network being comprised of so many different websites and elements, internet service providers will have increased difficulty in slowing down the speeds. This, therefore, makes it more beneficial than Facebook and Twitter because consumers will not be forced to pay extra in order to access the platform.
As well as this, because of the decentralized nature of the cryptocurrency websites they bypass the growing issue of limited growth due to the changes to net neutrality and therefore can compete with the larger companies to be boosted up the rankings with the internet service providers.
With increased interest in cryptocurrency and how it works, the possibility of full integration into the world of social media is endless. With rapid expansion within this sector, we will have to see what the future holds for blockchain social networks and their effect on our everyday lives!