Social Networks

Blockchain Social Networks: The Here and Now and the Future

Blockchain Social Networks, Several sectors have been transformed by blockchain technology. Over the last several decades, this technology has grown tremendously and continues to revolutionise many aspects of modern human existence.

With more than 3 billion users, social media has become an essential part of our daily lives. However, as concerns rise about the present social media platforms’ flaws, such as privacy issues and commercial fraud, people are becoming increasingly sceptical.

Some of the regular worries about prominent social networking sites may be alleviated by the use of blockchain technology. Do you think this will affect the way digital networks operate and usher in a new social media era as well?

Here, we’ll take a look at how blockchain may be utilised to solve some of the most common problems with conventional social media and cast a light on its shortcomings. As a result, keep an eye out for the conclusion to see whether blockchain-based social networks are the future of social media.

Introducing Blockchain Technology in a Sniffer

Whether you are a computer-knowledgeable person who is acquainted with blockchain technology and is just here to decide if you would use a blockchain-based social network in ten years, feel free to proceed forward. However, for the uninitiated, we will begin by describing blockchain technology, as our research reveals that few people genuinely comprehend what it is.

In the simplest sense, a blockchain is a sequence of data blocks. Blockchain technology facilitates the secure exchange of digital assets over a peer-to-peer network, where data are held on the network’s nodes.

The fact that data is disseminated among numerous nodes identifies blockchain as a distributed or decentralised ledger system. As a peer-to-peer technology, it is free of third-party involvement. The data is encrypted, dispersed across numerous nodes, and immutable.

These properties make blockchain an appealing alternative for a range of areas that have an influence on human lives, most notably social media, as we will demonstrate.

Blockchain is clearly a technology worth following. It is a force to be reckoned with owing to the speed with which it is developing and the magnitude with which it is disrupting old practises.

Let’s take a look at how blockchain technology can revolutionise the way we think about social media in the present day.

Blockchain and social media: The birth of decentralised social networks.

Social media has swiftly gone from being a collection of innocent platforms helping people connect with their loved ones to monster overlords selling user data and influencing how we think. This personality shift has led to a reduction in usage of the primary social media sites, Facebook, which is notably involved in questionable data harvesting and commodifying its users.

Blockchain has the possibility of addressing the following four key issues in social media and therefore creating a new age of social interaction:

Data security and privacy are important considerations.

When Congress met with Facebook CEO Mark Zuckerberg for a ten-hour “chit-chat” on user data security and usage, no one could forget it.

Facebook, the world’s most popular social network, has never stopped accessing its users’ personal information. Since they have been accused of collecting phone and text messages for years, their data-gathering practises are very questionable. And it’s not just Facebook that has this problem. Instagram and TikTok are two of the most notorious social media platforms for their data harvesting practises.

Data security and privacy are two of the most pressing concerns in the world of social media. After signing up for a social media account, we have no idea how far our data will be shared.

Blockchain technology solves this problem by decentralising social networks. Blockchain-based social networks are therefore devoid of a central institution or CEO with access to all of their members’ information.

The peer-to-peer network of a blockchain ensures the privacy and security of digital assets and personal information by encrypting each transaction and making it inaccessible to anyone but those on the network.

It is also possible to create a blockchain social network account anonymously, which reduces the risk of data being misused for good or ill.

Blockchain technology also addresses the problem of data integrity. On a blockchain, data is immutable and tampering is extremely difficult to achieve.

This action will change the block’s identification, or “hash,” thereby compromising the integrity of all future blocks, even if a hacker compromises one of the blocks and modifies the data.

As a result, blockchain may be able to address this issue, but not without unintended consequences.

Unbiased content must be moderated.

Facebook, Twitter, and Instagram’s biassed content filtering is the second most common criticism users have about these social networking networks.

As you can see, decision-making authority is concentrated in the hands of a small number of people on centralised social media sites like those described above. Because of a code of ethics or political commitments, these people are required to censor certain types of content.

For some time now, social media corporations have been the target of criticism over worries about biassed censorship. On the guise of “bugs” and “technical concerns,” they are held responsible for removing volatile material or anything that doesn’t “sit well” with their decision-makers.

On Canada’s Red Dress Day, a similar problem came to light when Instagram erased photographs raising awareness about Missing and Murdered Indigenous Women and Girls, claiming that technical issues existed.

Block-chain technology eliminates censoring bias from social networks and encourages the freedom of speech and expression. Blockchain-based social media gives users more control over content creation, consumption, and moderation by reducing the need for third-party, influential moderators and their preferred algorithms.

Activists, radical voices, and even political forerunners flock to these platforms because of their unrestricted freedom of expression.

Minds is a blockchain-based, decentralised social network that encourages free speech and prevents censorship. More than 100,000 Vietnamese activists fled the country in fear of retaliation from the government’s ongoing assault on cybercrime.

Incentives for End-Users

Because of the advertising money they generate in exchange for user data, social media sites have gotten rich. Between 2020 and 2021, for example, Facebook saw a huge growth in revenue.

There are rising numbers of people who are demanding that social media firms give back part of the money they make in exchange for user information to the people who have given it to them.

As an alternative, blockchain-based social networks might provide users with rewards while still protecting their personal data. Tokens or platform-native money are common ways for them to reward their users for creating high-quality content.

Token-based sites like Minds allow users to earn tokens, which they can then use to promote their content and attract a bigger audience.

Users may even run more successful crowdfunding campaigns by collecting tokens or cryptocurrencies directly from other platform users on these decentralised platforms.

For a new take on advertising

Advertising fraud costs advertisers billions of dollars. What about the scammers, then? As far as I know, they’re making up to $5 million a day through faking video reviews.

Are you thinking about changing jobs? Reconsider.

These three issues are the most common in digital advertising: fraud, lack of transparency, and lack of user trust. Ad fraud is becoming less likely as blockchain technology advances and spreads into social media advertising, so you should stick with your current strategy for now.

Ad impressions and key performance indicators (KPIs) may be measured more accurately using blockchain-based social networks, ensuring advertisers are only paying for human-generated results rather than bot-generated results.

The data security and privacy benefits of blockchain technology have already been mentioned. Consequently, blockchain advertising dispels customer fears that advertising organisations are acquiring their data to target them with relevant commercials.

Additionally, these networks provide marketers new and more secure methods to collect user data thanks to platform-native currencies. For example, a marketing firm may pay customers for voluntarily disclosing their personal information. Users get something in return for their efforts, while advertisers and marketers benefit from the easy availability of personal data.

The use of blockchain technology to decentralise social networks also reduces the amount of friction in the ad sales process. It is no longer necessary for companies to register separate ad accounts and wait for their advertising to be certified by a central authority (such as Google), making it easier for businesses to connect with their audience and enrich their posts with the tokens they earn just by delivering fantastic content.

Based on the above arguments, we may conclude that decentralised, blockchain-based social networks have a bright future in the social media sector. Clearly, the answer is no. Unless you’ve read the opposite side of the storey, no one can make an informed decision. Definitely not us, of course!

Social Media on Blockchain: The Other Side of the Coin

In every coin, there is a “positive” and “negative” side. And there are a lot of drawbacks to decentralised social media, including the following:

Bullying and Anti-Semitism

Centralized content control is needed to guarantee that no racist, sexist, or religiously hurtful posts are made on blockchain-based social networks.

On the blockchain, once data is created, it is there to stay. It can not be deleted or altered. To avoid offending people of colour on his social media network, a racist should avoid posting anything culturally offensive. Despite this, the data created is still there for all time.

On top of that, the EU’s GDPR mandates data deletion on demand, and the inability of users or platform owners to do so breaches this mandate.

Furthermore, it would be very impossible to track down and penalise offenders on blockchain social networks since the original user is not always linked back.

Scalability and accessibility

There are fewer users on blockchain social networks like Minds than there are on Facebook.

Blockchain nodes may not be able to handle the data deluge that would arise from widespread usage of these platforms if they are merged into the mainstream digital network from peer-to-peer social networks.

The Advancement of Technology

Decentralised social networks will likely not be widely adopted for at least a decade or two due to the lack of technology maturity required to migrate whole systems.

For example, centralised social networks provide marketers and advertisers access to a user database. Blockchain-based social networking may make this more difficult.

Conclude

What, therefore, is the takeaway? In what ways is this a prelude to the next phase of social media?

Blockchain technology is poised to usher in a new era of social media. There must be additional technological discoveries and breakthroughs before social media decentralisation can occur on a wide scale, eroding social giants with love-hate relationships and become the next big thing.

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