Blockchain

Blockchain is expected to transform Social Networking

Preliminary to entering the framework, let’s initiate with the basics and exert ourselves to understand the meaning of the title in fragments and get our concepts clear.

First of all, if you’re a beginner you might think what a blockchain is? Let’s find it out!!

What is Blockchain?

The blockchain is a technology which enables transacting in cryptocurrencies like Bitcoin and altcoins. It’s a sort of public ledger that keeps a record of all the transactions and each block of transaction connects to another block to form a chain ( hence, block*chain*). This technology preserves transparency by making the recorded transactions available publicly for verification. The hype about this technology began in 2016.

Now we know about blockchain, thus it’s time to progress and move towards another essential term of the title, which is social media.

So, what do we understand with this phrase?

Well, we’re very much aware of this term so we don’t need to put much efforts now, just jump into a mini explanation of the same.

There are efficacious websites and applications that enable users to create and share content or to participate in social networking i.e., a form of media to connect people socially. It encompasses social networking sites, social review sites, Image sharing sites, video hosting, community blogs, discussion sites and sharing economy network. It is expansive in nature and has become an inextricable part of our daily life. Approximately 24% of the inhabitants of India are on social media. It is anticipated that the ratio might increase in the ensuing days. As a result, it provides broad space for advertisement, customer service and information. It’s the easiest way to reach the masses. Indeed you will find the advantages of social media in abundance; everything has a price tag, here it opens a platform for cybercrimes which leads exploitation of sensitive information of the users. Cambridge Analytica scandal is one of the examples.

With rising rates of malevolent threats, new technologies are being frequently considered to figure out which one works the finest to provide security!!

After cracking the meaning of the title, won’t you love to discover how blockchain technology and social media work together? We know it’s intriguing,  you surely want to know more!!

Hence, we’re going further with the detailed explanation in the proceeding lines……

How are Blockchain and Social Media connected?

The private ledger provided by the blockchain authorize the companies to track the user interaction efficiently. The blockchain technology supports in-app currencies which can radically restructure the way of content consumption by the users. An innate advantage of blockchain technology is that it is a distributed system and it eliminates the presence of meta-data on centralised service which can be embezzled by third parties for personal data gathering, tracking or spying.

Hmmmm, you encountered a new word. Yeah! We caught you, it’s “meta-data”.

Now, what’s meta-data? To understand this, let’s construct an exemplary situation 

ABC and XYZ are friends and they’re chatting in a conventional messaging app, for instance; Facebook messenger in which the installation of blockchain technology hasn’t been processed; the messages themselves are encrypted from end to end which clearly means no one can read the messages except ABC and XYZ, however OOO (their enemy) will get to know that the messages have been sent. This is meta-data, which enables OOO to keep a track of the no. of messages sent and received. This might isn’t a matter of huge threat to ABC and XYZ like people, but it could be a matter of threat in cases which is meant to be kept confidential.

From here, it opens the vault of opportunities for technologies like Blockchain.

One can harvest significant benefits from the inclusion of blockchain technology in social media platforms, those benefits are as follows:- 

  • Establishment of an ethical and reliable security system

Characteristics like decentralized platforms, crowdfunding, native currency, immutability, transparency and DLT that is, the Digital Ledger Technology, establishes blockchain a vigorous defence system for social media platforms. 

  • Authentication of users and information

 By using the blockchain distributed ledger system, prevention of transmission of fake news or malcontents through vectors consisting of hundreds of corrupt accounts is possible. Oxcart protocol, a part of blockchain ledger system issues a set of directions for app developers to create decentralized applications. It verifies all identities and information thereby hampering the creation of fake accounts.

  • Endowing the users with more control

The principle of decentralization offers the elementary distribution of data and the users get an authority to handle their stuff. The amount of data shared is the amount they want to share, it becomes a matter of their choice. 

  • Freedom of speech

As Blockchain technology is working deliberately on privacy, it indirectly preserves the right to speech and the right to privacy in the meantime. Freedom of expression becomes attainable in social media platforms. 

  • Crowdfunding

Although, blockchain technology is more dedicated towards security system but it also allows to set up small businesses, not only that; you can also raise funds by asking the community for help that’s called crowdfunding. In addition, the formulation of own cryptocurrency tokens to ensure safety in online transactions is practicable.

Voila!! You’re done with the voyage and we’re pretty sure we helped you.😊

Conclusion

After discovering the probable benefits of the blockchain ledger technology, I would like to conclude that its usage in social media platform is surely going to benefit the users and it is expected to transform our upcoming experience on social media. It would be an awesome beginning to a new chapter in the digital world that is going to help users to flourish and even the society will be impressed with this new turn. Indeed it’s a positive step towards the betterment of our digital life. It will make desirable changes in the security system by decentralization method and eliminate the risks of data hacking.

That’s all for this article, stay tuned for the upcoming ones.

About the author :-

Hey!! This is Priyanka, a member of Qualki team. A young tech-enthusiast writer currently pursuing a bachelors degree course in English from Calcutta University. Being a philomath I would love to share my apprehensions through this blog. Glad to team up with Qualki to produce quality content which is definitely going to help you.

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