Is Blockchain a Solution for Social Networking Problem?

Blockchain technology can prove immensely beneficial in allaying concerns of social media users who often complain of poor safety and data privacy offers by these platforms.

Rise of Social Networking Platforms

The evolution of social networking platforms has taken a strange turn in modern times. On the one hand, these are extremely useful for connecting, communicating, and collaborating, but on the other hand, challenges related to privacy and data security of users have also come to the fore. Amidst all these concerns, blockchain is touted to be a one-stop solution, and here’s how the open ledger technology can prove extremely helpful in keeping the users’ data safe while maintaining their privacy on social networking platforms.

What is Blockchain?

Blockchain is an open ledger technology that works on peer-to-peer application architecture. There is no intermediary in terms of any third party which is one of the primary benefits associated with blockchain technology. Further, the open ledger is immutable in its characteristics which means nothing can be altered or modified once it gets registered on the distributed ledger. These high safety and security aspects indicate that blockchain technology can prove immensely beneficial in the preserving identity of users on social networking sites while offering a high degree of data security to them. Following are details of some of the challenges related to social networking sites that can be addressed with the help of blockchain technology.

· Information privacy: As social networking websites are controlled by big corporate houses; it is very much apparent that users have concerns related to their sensitive information. By using the blockchain architecture, the centralized control of the social media companies on the users’ data can be eliminated. In other words, users will get complete control over their data that will allay their concerns about misuse of their sensitive information. Blockchain technology works on the principle of consensus mechanisms such as PoW, PoS, etc., which enhances the overall security and safety of the data.

· Content Creation: The application of blockchain is specifically beneficial for the content creators as the issue of piracy can be weeded out with the help of an open ledger. Blockchain allows the selling of the content to users without any intermediary or social networking site which means more economic gain for creators. Further, one can very easily track the sales on the open ledger to know the target market and identify the prospective users in the particular field.

· Crowdfunding: The feature of crowdfunding for raising money is increasingly gaining acceptance among entrepreneurs and investors. Blockchain-based platforms can be used effectively for crowdfunding as these give complete control to the host and also reward participants for their active participation. There are many blockchain platforms that incentivize the process of crowdfunding by rewarding the participating stakeholders with the native cryptocurrency of the platform.

· Complete Control: As blockchain technology works without any intermediary, it provides users complete control over their data. Their posts can be easily tracked on the blockchain which also takes away the concern of tampering associated with them. More importantly, if users decide to delete some content on the social networking website, he/she can confidently do that and once the post is deleted, it will be taken off from the entire system. This, in turn, will make sure that no one can take undue advantage of the deleted content.

Safle Labs: Platform to empower Ideas

Safle Labs is one of the holistic platforms that help users effectively use blockchain technology to safeguard their data and privacy on social networking websites. By offering collaborating opportunities with leading technologists, opinion-makers, and the brightest minds in the crypto domain, one can develop real-world solutions that offer better users’ privacy and enhanced data security. In fact. Safle Labs is an ideal platform to experience the future scope of blockchain technology and it offers a wide range of blockchain books and blockchain courses in India. So, what you’re waiting for, use the platform of Safle Labs to come up with your groundbreaking innovation that will help users to experience new levels of safety and security while using social networking sites.