Social media platforms have simplified ways to interact beyond geographical boundaries and created new modes of communication and business. There are a lot of privileges we are enjoying with the advent of social media. But along with the amazing convenience offered by social media, there is also an associated risk to the privacy of the users.
Look no further than Facebook's data breach in 2019, when the data of more than 540 million users was publicly exposed on Amazon’s cloud computing service. The social media giant is still dealing with multiple federal investigations over the Cambridge Analytica scandal, so this latest issue over user privacy is just another blow to the public's trust.
Security is not the only challenge with modern social media — issues like censorship, fake news and manipulative algorithms are climbing the concern ladder pretty quickly. So what should our plan of action be? Is it even possible for social media to fix these issues? It's not practical to believe we can just do away with social media entirely, as it's become more than a medium of engagement and is now a tool used to generate economic value and create jobs.
According to research done by StartupStudio online, “73% of online marketers agree that their efforts in implementing a social media marketing strategy for their business have been effective.” Using social media platforms for the growth of businesses has been proven to be a great enhancer. But stories like the one involving Facebook are likely to shake the trust of many businesses and users.
Well, the solution may lie within the problem. Since technology has given us the wonder of social media, we just have to look at technology to protect us from the threat of privacy exposure. In the domain of social media, blockchain technology may be best suited to solve this issue. Due to the decentralized nature of blockchain platforms, control and the security of the entire social media ecosystem becomes impenetrable.
There are benefits available exclusively through blockchain technology that might prove to be a game-changer in social media platforming.
Facebook, Twitter and Instagram have gone to great lengths to weed out fake accounts that spread fake news and misleading information. Decentralized blockchain technology enables users to update, authenticate and manage their real-world assets (IDs, original content, documents) online without the threat of ever being stolen. This reduces the burden on platforms and other users to verify identities and information shared.
Users right now hand over the control of their information as soon as it is uploaded online. This information is used to display ads and content targeted at the users. A blockchain-based platform will give liberty and control to the user for deciding which entities can access personal information and when.
Right now, social media platforms have the power to block, suppress and demonetize content from content creators at any time despite the fact that content creators might have invested a lot of time and effort to develop content and base of followers. Due to the fact that the blockchain platform is decentralized, there is no central authority that can enjoy control of the content flow.
There are already some projects that deserve a mention, as they could very well be the next major social media platform. GLBrain is basically a next-generation social network and online marketing platform that provides its users a unique range of content-sharing, communication and communication management functions, as well as at the same time offering them absolute ownership over the data. GLBrain has integrated blockchain technology to create independent and secured records of every form of agreement, certification or transactions made on the platform.
Currently, more than 3.5 billion people are on social media platforms across the world. Blockchain technology is still in its nascent stage; hence, the mass adoption of projects built on blockchain will take some time. The good thing, however, is that advancements are being introduced quickly.
Recently, the fifth generation of blockchain technology was released by Relictum Pro with its Relict Coin. This Blockchain 5.0 version is faster, more secure and more economical, so it provides the developers and entrepreneurs a perfect tool to build the next-generation applications of social media through distributed ledger technology.
So keep an eye out for the latest developments in blockchain technology on the social media front — we might see some of the biggest organizations of the future emerging from the horizon of blockchain.
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