Social media is such a large part of our modern society that you might start wondering what’s going to happen next for this billion-dollar industry. We are all familiar with social media giants like Facebook, WeChat, YouTube that manage to bind billions of people every day.
Over the past few years, however, more and more controversies have begun to outline various big issues with modern social media. Some of the biggest issues include data centralization, privacy limitations, copyright infringement, human rights violations, data mining, and all forms of “depravity” data sharing.
The mere idea that the information stays stored on the servers of various social media companies (regardless of the user deleting the entire account), is enough to make any privacy- and security-savvy user shiver down.
Can blockchain decentralize social media?
There are some out there who claim it is the technology that stands at the base of Bitcoin (and so many other cryptocurrencies), the blockchain, that will clean up most of its pressing problems in the social media world.
In general, if you know even a little about blockchains, then you probably know they are incredibly well-designed to decentralize data. The data is stored on the internet with the aid of blockchains, and permanent ledgers are commonly referred to as blockchains. Each user data is therefore authenticated and anonymized.
Blockchains have proven their worth and are beginning to disrupt many industries. But it’s this decentralization that brings a new approach to most of what needs reform in today’s social media, including data protection, ads, content management, and probably even foreign payments.
Below we’ll list the most obvious reasons why consumers of social media end up loving decentralization.
Blockchains allow users to fully control their data
Late controversies and data breaches such as Facebook-Cambridge Analytica just demonstrate that in today’s online world, privacy is becoming a little bit of a unicorn. The short version of the story is that Cambridge Analytica used data provided by Facebook (to be more specific, that of 87 million Facebook users). Eventually, the data collected was used as a tool to help Donald Trump’s then-presidential campaign.
Not only that, but the vast majority of Internet data is still centralized, meaning that most of us aren’t really in complete control of it. And make matters worse, most giants of social media have already shown on multiple occasions that they are not really able to keep this data safe from attackers. It is here that the blockchain comes into play.
Creating decentralized networks can offer many advantages for the social media industry and all its users, due to the unique nature of blockchains. Blockchains, for example, provide decentralization which means that no entity or agency can monitor data anymore. Since it is also encrypted, none other than you can read the data, and all the information on the blockchains are permanent, which means data cannot be altered or changed. On https://binancebot.io, our main goal is to inform people about cryptocurrency. You will find information about Exchanges, Coins and trading.