What is Blockchain?
Blockchain, which began to emerge as a real-world tech option in 2016 and 2017, is poised to change IT in much the same way open-source software did a quarter-century ago. Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. Each block in the chain contains several transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The recent hype around this relatively new technology is real because DLT, represents a new paradigm for how information is shared; tech vendors and enterprises, not surprisingly have rushed to learn how they can use the distributed ledger technology (DLT) to save time and admin costs.
How Blockchain is going to Revolutionise Social Media and CIS?
While using our social media account we knowingly or unknowingly diverged information about ourself, say our location, hobbies, likes, and dislikes etc. By a process called ‘Digital Profiling,’ information about individuals is gathered and analysed from their interaction with a digital data network. Our social media accounts are an example of such a network.
Blockchain social media gives prime importance to security and privacy of information (a feature that was lacking in traditional social media). This is probably one of the main reasons why several social media applications are already leveraging it.
The biggest blockchain social media influencer is Joshuwa Roomsburg. Joshuwa is a blockchain and digital marketing expert. He is the founder and CEO of ChainLeak.com.
(a) Blockchain Social Media Revolution:
Blockchain is capable of transforming social media in such a way that applications can be created to support anonymous messaging for people.
2.Decentralised Social Network:
Since blockchain decentralizes the entire system, it becomes extremely difficult for a hacker to hack into the social media networks and then into somebody’s account. As a result, there is no single point of attack.
3.Secure Currencies within a Platform:
Using blockchain, social media can also be converted into an online market portal where people can buy or sell via secured transactions using cryptocurrency or cryptocurrency wallets.
4. Control Over Self-Created Content:
In traditional social media, the content we post does not usually stay under our patent. Anybody from any part of the world has access to the content that we post on our social media profile. They can further copy our content and take credit for our creation. This has resulted in people losing out on credits that they deserved. Using blockchain-enabled social media platform, people have total control over the content that they have created and earn credits for what they have generated.
5. Verified News Feed:
A lot of times, social media has been reported to post misleading news posts. These posts often lead people into believing something that never happened. With people accepting blockchain-powered social media, the news feed that is shown is checked for its authenticity and can therefore never be misleading.
6. Inaccessible for Google Indexing:
As of now, all our details can be found using the indexing feature of Google. By using this technique, many companies gain access to people’s information that may breach an individual’s privacy. By accepting blockchain in a social media platform, indexing won’t be a possibility.
(b) The six best Blockchain stocks are:
· Square (SQ)
· Visa (V)
· Canaan (CAN)
· IBM (IBM)
· Siren Nasdaq NexGen Economy ETF (BLCN)
· Amplify Transformational Data Sharing ETF (BLOK)
(c) CISAPP (Blockchain Social Media 2020): In the history of organizations, starting and operating a small business has always been fraught with some challenges and difficulty. Two of the common and widespread challenges are to source capital and find the competent staff on a tight budget. A major headache for small business owners has often been visibility; being able to bring products and services to the notice of potential customers.
Blockchain Technology to the Rescue of the Start-Ups like CISAPP:
(1) Cuts out Monopoly: Start-Ups can have direct access to the data made available to their potential customers. This increases the efficiency of advertising. New initiatives are emerging that will give more power to the users of social media channels. As the social media space gets decentralized, the power of monopolies will be broken.
(2) Assured Data Accuracy: With the application of blockchain to social media, Start-Ups can be sure that they’re interacting with real users and getting accurate data. They can, therefore, have the maximum coverage and get practical results in advertising campaigns.
(3) Prevent the Loss of Audience and Potential Customers: With Blockchain-based social media, there will be no fear of privacy invasion, and so the Start-Ups are less likely to lose potential customers.
What Can Be Concluded?
On one hand, traditional social media’s popularity is increasing exponentially due to the heightened marketing and entertainment experience it offers to its users. However, on the other side, there are rising concerns over the data and privacy breaches to which these platforms are often associated.
Blockchain technology in social media, with its decentralized and distributed networks, offers a plausible solution to such issues. Among other things, they enable users to assert greater control over their data.
Most decentralized social media platforms also enable their users to earn cryptocurrencies upon posting and interacting.
Thus, it can be positively concluded that Blockchain Technology is the future of Social Media Platforms, Start-Ups and Small Businesses.