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Blockchain in Social Media

The blockchain sector is brimming with unrivaled creativity, however, these improvements are mostly focused on short-term gains and do not give a compelling rationale for individuals to switch from centralized to decentralized systems.

By 2025, around 4.41 billion people will be using social media networks. The powerhouse of social networks is users or user-generated content. It fuels the lucrative social media advertising and marketing business, generating substantial profits for social network owners. However, social media networks have one fundamental flaw: they are centralized, which implies that all information given by users is stored on centralized servers.

The Bad There Is

Privacy And Security of Personal Data

Because of privacy and security issues, traditional social media platforms have always been in the spotlight. Without a doubt, social media has revolutionized the way people communicate. Nonetheless, they have total access to users' data and may therefore govern the Servers owned by any firm that runs centralized social networking prominent social media sites track user behavior. Not only that, but such platforms sell the aggregated data to the highest bidder in order to provide more useful targeting for advertising and marketing purposes. Since Facebook, Whatsapp, Twitter, and other social media sites

Lack of Moderation

Trolling and cyberbullying are two key issues with centralized social networks. People frequently insult each other because there are no severe disincentive rules in place. Furthermore, centralized platforms are unable to police material in a timely and equitable manner. To be honest, expecting a single organization to govern worldwide material is unrealistic, especially in a global user base with diverse cultures, contexts, and generations.

Easy to Hack

When a corporation stores user data in a single location, any breach of that system exposes massive amounts of data in one fell swoop. We've seen it with Facebook, Google+, and LinkedIn, as well as the Securities and Exchange Commission, Equifax, Deloitte, and plenty of other firms who keep user information in this capacity. The question now appears to be when rather than whether a database will be hacked. Every corporation, every organization, and every individual is susceptible.

The Good It Can Be

Freedom of Expression And Privacy

The usage of blockchain-based social media platforms offers more anonymity while still allowing users to freely express themselves. Users can conduct transactions secretly using distributed ledger technology since only the sender and receiver are aware of the transaction's contents. People may express themselves freely on the blockchain without fear of being punished.

User privacy on social media sites such as Twitter, Whatsapp, Facebook, and others is becoming increasingly problematic. Because they are managed and monitored by centralized businesses. By creating an account on these sites, you are handing up your privacy rights to them. Furthermore, material shared on such sites is routinely utilized for political benefit and to quell opposition.

In July 2020, it was revealed that the Twitter accounts of the world's most powerful individuals had been hacked as part of a crypto-related scam. Bill Gates, Elon Musk, Joe Biden, George Wallace, Kanye West, Kim Kardashian, Wiz Khalifa, Warren Buffett, Mike Bloomberg, and Jeff Bezos were among the prominent and high-profile accounts targeted in the Twitter attack.

Censorship Resistance

The purpose of social media platforms is to allow individuals to express themselves and broadcast material that traditional media frequently fails to uncover. Due to the existing structure, most devices have resulted in several tech businesses managing social media data flow. If social media sites adopt blockchain technology, they will be immune to censorship. People, on the other hand, may connect with the rest of the world without worrying about their profile being banned or, worse, being jailed.

Because there is no copyright registry reference in blockchain-based social media networks, copyrights remain an issue. Nonetheless, this is used across all platforms. This problem might be solved with a blockchain that acts as a worldwide register based on time stamps. The use of such methods will provide a high degree of copyright protection. It's a concept that's already being discussed.

Economic Impartiality

For many users who use decentralized social networks to avoid invasive advertising, economic neutrality is essential.

To stay afloat, decentralized networks are seeking new ways to make money. Paying their users with bitcoins to generate or curate content, for example. This incentivizes content developers to focus on quality.

The Need for it

Individuals may reclaim much of the authority they lost when utilizing centralized social media platforms by switching to decentralized, open-source alternatives. We don't have to accept the existing norm of sacrificing our privacy in order to communicate with friends, family, coworkers, groups, organizations, and enterprises online. Despite the fact that many decentralized social media systems are still in their early stages and are not yet fit for non-technical users, they have a lot of promise and visionary developers working on a web 3.0 answer to our web 2.0 challenges.

Content moderation is a flaw in today's popular social media platforms, however, Decentralized social networks solve this problem. As a result, the primary benefit of employing a blockchain-based social networking platform is this. Furthermore, the open-source nature is the motivation for the establishment of private servers that allow for more effective content moderation and content sharing.

It's not always simple to predict success, especially in the age of technology and social media. User adoption rate, ownership-accountability model, and rivalry with existing huge social media platforms are all potential issues. Decentralized applications, on the other hand, can help to eliminate some uncertainty.


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