How blockchain technology could lead to a new wave of social networks
Global adoption has been a long-awaited goal for the blockchain industry. As blockchain makes its mark across various sectors, social media networks are also expected to see blockchain-based development. According to Nasdaq, an American stock exchange, blockchain, together with protection against data fraud, uninformed algorithm changes and unnecessary content censorship, can provide opportunities for social finance (SocialFi), which refers to the combination of social networks and finance to create decentralized social applications. “Blockchain aims to transform how businesses use social media to influence audiences. Web3.0 perceptions can reward content creators and ensure transparency in social media platforms. Through blockchain, businesses can use social media to utilize the build-operate-transfer function ( BOT), an autonomous program on the Internet, Sakina Arsiwala, co-founder, Taki, a Web3.0-oriented platform, tells FE Digital Currency.
According to industry experts, through blockchain, social media can ensure protection against false information. A blockchain-based approach to social media addresses has the potential to provide control over user-generated content, without interference from a centralized server. Data from techjury, a technology-oriented knowledge platform, stated that worldwide blockchain solutions costs will reach $11.7 billion in CY2022. “Blockchain provides a decentralized approach to data distribution and protects authenticity. As blockchain makes data immutable through cryptography, information alteration becomes impossible. Blockchain can enable data security and user accountability,” said Abhay Aggarwal, Founder and CEO, Colexion, a non-fungible token (NFT ) marketplace.
Moreover, it is expected that blockchain-enabled social media can benefit areas such as business networking, commerce, news delivery, among others. According to Vikram R Singh, founder and CEO, Antier, a blockchain development and consulting company, peer-to-peer data and value exchange can be made possible through the placement of social networks on the blockchain. “In addition to user privacy, blockchain-oriented social networks can leverage NFTs to elevate social commerce, monetize and authenticate content providers, reduce ad fraud, and help metaverse platforms,” he added.
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