Developers are introducing blockchain technology into almost every sector of the global economy. One of the sectors that are the new frontier for blockchain-powered revolution is the social media space. blockchain-enabled social media platforms are presently tackling some of the flaws of existing social media platforms. Here are some of the present trends blockchain in traditional social media platforms blockchain is changing.
Present Trends In The Social Media Space
1. Traditional Social Media Platforms and Fake News/Accounts
One of the major drawbacks of traditional social media platforms is the unavailability of mechanisms that verify the news. Therefore, it is common to see fake and fraudulent news and adverts propagated on major social media platforms. In particular, Twitter is currently plagued by fake accounts or bots which post fraudulent news and adverts. Also, Facebook is committing a lot of resources to identify and delete false accounts posting fake news.
2. It Has Autonomous Control Over Users’ Details
Social media platforms are cash cows as users spend more time navigating these platforms than on other media platforms. Facebook and other social media platforms collate users’ data like the ad the user responds to, the user’s identity and user’s activity on the platform. The platforms use this data to personalize ads. However, we have witnessed the drawbacks of this autonomous system with recent users’ data scandal involving Facebook. Now, we know that social media platforms can manipulate and even sell or distribute our information to third parties.
3. Traditional Social Media Platforms Do Not Have Fair Rewarding Systems
Social media platforms thrive on the availability of quality contents. Therefore, the most popular social media platforms like Instagram basically depend on the input of content providers. The moment a platform is unable to attract quality contents, it loses its appeal to users. In light of this, we can conclude that content providers are one of the stakeholders a social media platform.
However, traditional social media platforms have been unable to fairly compensate content providers for their various inputs. At the moment, the majority of reward structures in traditional social media platforms favor popular content creators. For example, lesser-known content creators were skeptical about YouTube’s restructured reward plans released in January.
Ways Blockchain Can Affect Social Media
1. It Can Improve The Way Social Media Platforms Verify News And Information
However, blockchain-powered social media platforms are capable of identifying fake accounts as well as verifying all the information each content provider contributes. Developers are introducing blockchain-based protocols that can authenticate and manage news and information content providers distribute on social media platforms. If social media platforms are to incorporate blockchain into their platforms, then issues relating to fraudulent or non-factual contents will be a thing of the past.
2. Blockchain Can Protect the Information Of Users
Incorporating the blockchain technology into social media platforms will automatically grant users absolute control over their information. And platforms will need to seek permission before accessing users’ details and information. As such, users can choose the ad agency or third parties they wish to sell their information to for a fee.
3. Blockchain Can Create A Reward Structure That Is Fair
The decentralized nature of blockchain-based social media platforms means that content providers are in charge of their content. Also, there is a degree of transparency in the reward structure of blockchain-based social media platforms. Therefore, social media platforms reward content creators according to the quality of the content.
Blockchain Social Media Platforms
Blockchain platforms like SocialX, Steemit, and APPICS are platforms that are disrupting the social media space. These platforms use cryptocurrency to reward content creators and they create systems which reward content providers and users fairly.
The emergence of the social media era was indeed a turning point in the way we communicate and access information. Social media platforms are not mere messaging tools, they are becoming the major access point to the global community. However, recent events show that social media networks need a complete restructuring in order to eliminate their flaws. Clearly, blockchain is the right tool that can help traditional social media perform better.