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Everything You Need to Know About Blockchain in Social Media

14 Sep 2022 By : Sudeep Saxena
Southeast Asia’s Lar

Key takeaways:

  • Social media is another field that blockchains can do wonders for.

  • Web3 is about owning the data users create, and ERC 721 contracts can help the revolution. 

  • Metaverse is one space that is practically changing social media and we expect that it will further evolve into an all-accessible utopia. 

Blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. This technology has the potential to revolutionize social media by making it more secure and transparent. In this article, we’ll explore how blockchain works and its potential applications in social media. We’ll also discuss several challenges blockchain is facing to scale up in the field of social media.

What is Blockchain?

A blockchain is a decentralized and distributed digital ledger that records transactions between two parties. In the concept of social media context, this ledger would be used to store and share user data. Blockchain can be used to securely track data like identity likes and interests, social relationships, and financial transactions. 

The data on a blockchain is stored in “blocks” that are linked together chronologically. Each block contains data (for example, transaction information or social data) and one or more “hash” fingerprints of data from the previous block(s). These hash fingerprints are unique identifiers that are virtually impossible to forge or alter. This makes blockchain a secure way to store and share data, as the data in each block cannot be altered without affecting the hash identifiers of the blocks that follow.

How can blockchain impact social media?

Social media and blockchain are inherently transformative technologies that create new ways of communicating, sharing, and building communities. Blockchain could help social media overcome challenges related to data privacy and security. For example, it could help address issues like ad fraud, fake news, filter bubbles, and misinformation more effectively. This would encourage a more open and transparent social media ecosystem.

For blockchain to impact social media, social media companies must first implement blockchain. Metaverse is one blockchain application that is working to democratize social media, but more on that later. 

Web3, a movement inspired and powered by blockchain tech is encouraging ownership of data or users’ digital footprints which the centralized systems sell into different markets free of cost. Web3 will disrupt the data space by bringing control of their data to users.  Over the years, many analytic companies and social media websites have been exposed for wrongdoings and even user manipulation with the help of data they mine from their users illegally. 

Why is blockchain needed in social media?

A centralized database is used to power social media today. However, these databases are often managed by a single company or organization. This creates a scenario where one company holds all the data, including information about users, interactions, and content. This makes the data vulnerable to misuse or manipulation by the company itself. Social media is an important part of our everyday lives. This makes the security of social media data a pressing concern for many people. Blockchain could help address issues like ad fraud, fake news, filter bubbles, and misinformation. This could encourage a more open and transparent social media ecosystem.

Metaverse in social media

Metaverse is one of the blockchain applications working to democratize social media. It is an open-source social VR platform that allows people to create their avatars, socialize, and create engaging virtual reality experiences. Metaverse’s social VR platform is powered by blockchain technology. 

It gives users full control over their data and how they want to share it. This is made possible by blockchain’s decentralized and distributed ledger system. The ledger allows users to securely store their data on the blockchain and take it with them when they choose to leave a social media platform. 

Metaverse’s built-in cryptocurrency allows users to monetize their social data by participating in a peer-to-peer marketplace for goods and services. Users can also receive payment for content that they create and post on the social platform. However, the system uses a reputation-based rewards system to ensure that non-malicious users receive payment for their work.

What are the Challenges Facing Blockchain in Social Media?

Blockchain and social media are disruptive technologies that could transform the way we interact and share online. However, social media companies may worry about implementing blockchain for various reasons. For one, it would require a significant shift in how these companies operate. The advertising-based business model of social media companies relies on collecting and analyzing user data. Implementing blockchain would require companies to share and use this data in a decentralized and secure way. Social media companies will also have to convince users to trust blockchain technology.

Conclusion

Social media is essential to modern life, and blockchain will likely play a role in its future. However, social media companies will have to overcome challenges and make significant changes to incorporate blockchain. This technology could help social media overcome challenges related to data privacy and security. This would encourage a more open and transparent social media ecosystem.

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