If you have been paying attention to the news recently, you may have heard about blockchain technology. However, you may not be familiar with what this term actually means or how it may affect you.
Blockchain technology refers to the decentralized ledger of cryptocurrency transactions, and it is opposed to the centralized bookkeeping strategy that traditional banks use. Because Bitcoin and other types of cryptocurrencies use blockchain technology, each new transaction is stored in a node or in blocks. While the block is separate, the entire cryptocurrency chain needs to approve it. This process makes the use of cryptocurrencies secure and transparent.
At first glance, you may not think that there would be a significant link between blockchain technology and social media, but this is not the case. Blockchain technology enables individuals to have more privacy when using Internet-based technology. In addition to this, when social media enthusiasts create viral content, they could potentially receive compensation.
Here’s a closer look that will reveal specifically how blockchain technology may impact social media.
Privacy of Information
Social media privacy is a growing concern, and rightfully so. For example, Facebook now has access to your conversations and other data through the Whatsapp app. Snapchat, which used to pride itself on anonymity, now keeps track of all user data and images that have been exchanged between users. These are only a few of the many examples of your privacy being affected, and there are others that you may not even be aware of.
Blockchain technology enables users to make transactions in a private way. Only the sender and recipient are aware of the contents of the transaction. This is the ultimate level of privacy online.
However, social media networks operate in the opposite fashion. They are usually controlled and monitored by major corporations, and by simply opening an account, you may be giving away your privacy rights. Each action that you make on social media may be recorded and even used in different ways. More than that, your account could potentially be deleted or censored without your consent. Blockchain technology in the social media realm could eliminate these privacy issues.
A New Avenue of Payment
Many social media platforms are exploring their own payment platforms. For example, Facebook is unveiling a payment feature through its Messenger platform. As you might imagine, Facebook then records all transactions that are made. This is a major invasion of privacy that may make some users shy away from using the technology.
Blockchain technology could be used to protect user privacy in these types of financial exchanges. It could even be used to protect privacy for private messaging and more. This could make users feel more comfortable using some social media platforms.
When businesses use safe exchanging transactions rather than their current format, they may be able to automate many processes through the use of smart contracts. They could also monitor and analyze data in a more secure manner. As a result, this could save them a lot of time and energy while also generating better overall results. The good news is that this type of technology has the potential to be used in a wide range of industries and in various beneficial ways.
Earning Your Share
Nowadays, social media content producers are losing a significant amount of money because of social media’s role as a middleman. However, the use of blockchain technology could disrupt this process by taking the middleman out of the equation and enabling content producers to get paid for creating and sharing their content.
In fact, this could potentially create a new economy. Users have full control over how and where their content is distributed. Their distribution efforts give them the improved ability to profit from the production of passive income. Essentially, the producer of content, rather than the social media platform, gets compensation for the content.
Some people may not currently be producing content because they are not properly compensated for it. Content creators understandably want to get paid for their creations. In the current scenario, social media platforms get paid for the content that you produce, and they also sell ad space so that they make an additional profit off of those who use social media platforms. When you look at it this way, it is clear that the current practice needs to be disrupted significantly.
Many social media users are not aware of how their privacy and even their income potential may be jeopardized by current practices. However, this entire system could be dramatically improved for the users’ experience when blockchain technology is incorporated into social media platforms.