By Natalie Stevens/ Blue Chip Vision
The blockchain technology has witnessed increasing popularity and fame for the past years. Having started as the back support behind cryptocurrency tradings, now it has displayed significant promise in every department of the economy as it is a tamper-proof, reliable, and secure way of recording exchanging and transactions data.
It has become the next substantial technological development after the Internet. For this reason, Blockchain Technology will have a significant impact on both digital and economic spheres.
And the first field that will feel the effects of the Blockchain Technology is the social media. The question is, how will this revolutionary technology impact social media? What kind of promises does it hold for social media?
It Can Aid In Verifying News and Information
In recent months, social media networks such as Facebook has been, for the most part, looking into and getting rid of false profiles that have published fake information or news for the past years. Surprisingly, the distributed ledger system of the Blockchain Technology can help in preventing the spread of false news in the first place.
Authenticating information, identities, and data that has been, for the most part, published, are what the Blockchain Technology holds to do. For example, the 0xcert code gives a structure for web developers to establish dapps (decentralized applications), allowing everyone to validate and deal with real-world or digital assets on the Blockchain.
Also, it can help with collecting and validating all sort of data, as information and news posted online. With all this in mind, for sure various social media platforms will consider integrating this technology for verification.
It Can Establish Better User Control System
Without a doubt, various social media channels gather a massive amount of data. Every time a social media account holder posts something, shares or likes another account holder's post opens an advertisement on the social media channel, and every time a social media account holder accesses other sites or merely browsing the web, the information or stats go through their homepage or profile.
It's the reason why see a lot of advertisements on the social media platform. However, how data is, for the most part, gathered and analyzed is still a mystery.
Recently, Facebook showed how user information could get exploited, shared with other people, and sold. If such a thing can lead to hacking of financial and personal information, there's hardly anything a user can do.
Fortunately, Blockchain Technology can impede this kind of activities. With the use of a pioneering Blockchain app such as Skycoin, consumers can have the control and access of their own data and know where precisely it would go.