The Benefits of Using Blockchain on Social Media

While its first use case outside of crypto was on decentralized exchanges, the blockchain has shown it is capable of a lot more. With the technology, the online economy could become safe, secure, and faster. Some great benefits would be gleaned from adding the blockchain onto current or future social media platforms. Here are some of them:

Useful for News Verification

At the start of 2020, Facebook revealed that it had deleted over 583 million fake accounts. These accounts were being used to generate fake news stories. One of the biggest problems faced by social media platforms is the prevalence of fake news. When fake news goes viral, it can lead to major ramifications in the real world.

However, the blockchain could help to change that. Verification of the sources of information with the use of blockchain technology is easy. Developers can use the technology to authenticate every piece of data using decentralized apps.

With a DApp, anyone can reliably manage his or her data anonymously. For instance, users of social media can verify they are not a bot using the blockchain while at the same time keeping their details secure using the blockchain. There are already platforms that rely on the technology while others are researching the issue.

Allows Users to Control Who Can Access their Data

Social media is built around a business model of data collection. However, users do not have control over who can use their data. Even large corporations sometimes fail when it comes to controlling who accesses their data since bad actors can simply use spoofing technology. When third parties access the data, they can use various techniques to manipulate the users.

The blockchain could help to end this issue. With a blockchain-powered platform, users would have more control over their data. When a third party accesses their data, the owner can see who it is and how they used it. Besides that, they can control how much of their data is taken.

They can then pick who they want to access their data. Additionally, they can charge a fee to anyone that wants to access their private data.

Making Crowdfunding Better

Crowdfunding via social media has become quite popular. Most of the crowdfunding campaigns are for charitable initiatives. With the blockchain, these campaigns could become faster, transparent, and they offer better privacy.

With the blockchain, it will help to protect investors from being duped as well as preventing money-laundering scheme. Those participating in the crowdfunding can audit the smart contracts. Those raising funds can verify that users are money launderers with very little effort.

Summary

The blockchain could potentially disrupt many industries globally. It could also help to offer major benefits to many people in the world. If used in the right manner, the potential benefits of the technology could be accessible to everyone. It would eliminate the need for third parties during transactions, which will help to cut costs. Only time will technology gains widespread adoption.