How Blockchain Technology Could Drive a New Wave of Social Media

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Global adoption is a long overdue goal for the blockchain industry. As blockchain makes its mark in different industries, social media networks are also expected to see blockchain-based developments. According to the Nasdaq, an American exchange, along with protection against data scams, uninformed algorithm changes and unrequired content censorship, blockchain can provide opportunities for social finance (SocialFi), which refers to the combination between social networks and finance to create decentralized social applications. “Blockchain aims to transform the way businesses use social media to impact their audience. Web3.0 percepts can reward content creators and provide transparency for social media platforms. Thanks to blockchain, companies can use social media to take advantage of build-operate-transfer (BOT) functionality, an autonomous program on the Internet,” said Sakina Arsiwala, co-founder of Taki, a Web3-oriented platform. 0, at FE Digital Currency.

According to industry experts, using blockchain, social media can provide protection against fake news. A blockchain-based approach to social media addresses has the potential to provide control over user-generated content, without the interference of a centralized server. Data from techjury, a technology-focused knowledge platform, said the global costs of blockchain solutions 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, changing information becomes impossible. Blockchain can enable data security and user accountability,” said Abhay Aggarwal, Founder and CEO of Colexion, a non-fungible token (NFT) marketplace.

Additionally, it is expected that blockchain-enabled social media can benefit areas such as business networking, commerce, news propagation, among others. According to Vikram R Singh, Founder and CEO of Antier, a blockchain development and consulting firm, through placing social networks on the blockchain, peer-to-peer data and value exchange can be made possible. “In addition to protecting user privacy, blockchain-oriented social networks can leverage NFTs to elevate social commerce, mount and authenticate content providers, reduce ad fraud, and help metaverse platforms,” a- he added.

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