The blockchain technology is no more new to the mass. With time, its applicability has increased to a wide range exploring different possibilities. Today Blockchain technology provides a way to transact in an immutable, secure, transparent, and auditable format. However, the understanding of blockchain technology varies widely in terms of its potentiality and application. This technological breakthrough is definitely into bringing a new revolution on the internet.
Main Utilization area of Blockchain:
Its application mainly covers three areas:
Using Smart Contract Record and Execute Transactions:
Smart contracts are digital codes that are built for special purposes. The action built is based upon certain contractual agreements which are validated by all parties. Smart contract saves transactions in an immutable way, which needs a quality contract to avoid errors and fraud.
Consider a land transaction which requires a high-quality smart contract which can create
secure, transparent and immutable transaction details.
Storage of Digital Record:
Store all digital record details of individuals, organization, their digital assets, above all anything that is digitally represented is assigned into blockchain.
Digital Asset Exchange:
A peer to peer transaction is happening without any third party intermediaries. With this transaction time, related cost, settlement time etc get reduced to negligible.
How Blockchain benefits Social media?
Blockchain has created massive technological change in many major business areas and one such area is the social media platform, which is likely to feel the unwelcoming consequence of this action.
A lot of tampering with user details are now happening in major social networks. Security of personal data is now under a great threat. With the implementation of blockchain technology in the social media sector, the verification of content, identities or data posted online turns out to be secure and safe. Blockchain also makes the platform easy to manage without any immutability or tampering. The change is slowly happening and there is a great pressure on current social media to accept the change and move to blockchain based technology, either through third-party providers or by developing their own blockchain environment for security and verification.
Social media platform gather a lot of information. When we either post something or we Like or Share some content, or otherwise when we open some content, a huge data is transformed and thereby collected to a centralized server. That is why so many interrelated ads are displayed on social media platforms as newsfeed in Facebook, Youtube ads, and so many other social networking sites.
The decentralized fashion of blockchain can, therefore, provide a noncentralized figure or organization. Every action in blockchain monitored by multiple servers or developers, making it impossible to conduct an activity that is against the common guidelines. Even if something unlawful is done, it is very easy to find the instigator from the root. This ensures with high transparency in every conduct performed within the community.
In addition, a transparent blockchain enables social networking platform with greater control of user data. The user has more control over their data with blockchain technology establishing greater security comparing to the older centralized platform. Blockchain uses the bitcoin technology and thereby eliminate the problem of double spending. By using the hash function it enables with a unique id in each transaction, making it impossible to duplicate. The same principle is applied in blockchain which will create an authorization of social network data and remove duplication. One major thing about this is that if an authorized user removes his/her data then it won’t create any trace of data in anywhere on the blockchain enabled network. Such that unauthorized third party - such as advertiser won’t get into your privacy.
Turn your social media activity into earnings: The new blockchain social network comes with a reward based system for the valuable content that you have created. With any data you created are read, shared and liked by you and your viewers, the contents get rewarded in the form cryptocurrency without any bank transaction fee or delay. Just imagine: when you share some content “upvote” or “Liked”, you are been a reward for your activity with cryptocurrency. Already running platform in blockchain “Steemit” follow this model.
How companies benefited from Blockchain enabled Social Network?
Like the users, the companies also get huge benefits from changing its platform into blockchain. Actually, the company also want to reach out to its target audience than spamming. By using the blockchain enabled network, the companies can reach out to an audience who are actually interested in their products and services. Not only this a correct geographical oriented marketing can be easily identified with the real people.
Another benefit is that the company can assure to have good and precise Return On Investment(ROI) since they target their right audiences pertaining to the interest. Blockchain Technology verifies and eliminates every fraudulent content and multiple copies of data. A blockchain used social network can help users to raise fund through their decentralized crowdfunding mechanism. Examples can be derived from startups who uses ICOs for raising their fund/money. By providing a distributed way of ledger system the companies ensure with great transparency in their operation. This allows a single entity to participate in their network and can purchase their own token.
Some famous Blockchain Enabled Social Media Platform
Steemit is one of the most popular blockchains enabled social network platform which runs on the top of the Steam blockchain. Steam was founded and later developed by, Dan Larimer Ned Scott creator of EOS and it shares. Steemit can do more transactions than its predecessor platform like that of Ethereum and Bitcoin. Steemit is building with the power of blockchain which combines features available in Facebook and Reddit. But keep a uniqueness by building a reward based system for the relevant data that the user provides. Like Reddit, Steemit has ‘upvote’ and ‘downvote’ functionality and make payment in cryptocurrency to the users for work that they have done on the platform.
Sola is another social app that uses blockchain with Artificial Intelligence. Sola was introduced with a concept of information that to be spread like the viral disease among curious users. It uses AI algorithm with the reaction of users. Sola network works on financial incentive schemes for all users who follow certain norms that the network follows and helps to develop it together. Its data is produced in such way that users around the globe can see means of quality oriented approach.
Sapien is another social news platform which also works on reward-based among all digital content creators without any centralized intermediaries. It is also a democratized, tokenized, reputation-based platform. It provides full control over data to the users. Creator of content receives SPN token as a reward for further improving the quality of content. Sapien is built on the Ethereum blockchain network and works on a reputation that is built on the community that their contribution is evaluated by other members by using the smart contract that is built on blockchain via proof of value protocol.
Another decentralized and free platform which focuses on the value of attention. It is built on the certain human value that social activities within a social media ecosystem and it understand both the demand-side and supply side of human subjective and social strength. ONO uses EOS platform to build a social network. This network values social engagement and for this reason, the reward system is based on a social engagement that the user brings to the ONO network platform.
There are many more platforms that are yet to come on the blockchain. Some are already started its way towards a decentralized world. Both the user and the companies are benefited by the use of blockchain technology in social media platform. Due to high transparency and control data, it helps to move forward both users and advertisers without any fraud content or fake news. With a targeted objective, both parties get rewarded for their content in the network.