Blockchain is the Future of Social Media. Why are we so bold to make this assertion? You will find out in few minutes if you read on.
Evolution in technology space is in a given. It will always happen. The problem is that most of us don’t expect it and respond too late. We get too comfortable. This is the case with some of the big social media platforms currently. With their big size is slow response to social media evolution.
In the social media space, there is a gradual shift from the old order. The new order is blockchain-based. And this is not just social media related. It cuts across every business.
With this stated, any social media platform that does not evolve will dissolve or become extinct like the dinosaurs.
A new generation of blockchain-based social media sites is growing. Ironically, it is as Facebook and Twitter are banning all crypto-related advertising on their platforms.
Note that crytpocurrencies are not blockchains. Instead, they are developed and powered using the blockchain techonology. So Bitcoin and ethereum are not blockchain.
What is interesting is that these platforms are gaining popularity at an alarming rate – some even raised hundreds of millions of dollars during their launching.
Telegram – a whatsapp lookalike and massive threat – is one of the social media platforms turning to blockchain technology. The platform has done well in the mainstream. It now seeks to innovatively improve user experience. Telegram is a cloud-based messaging app that has 200+ million active monthly users and about 700,000 users more signing up daily.
Bloomberg Technology said that the Russia-based social media company succeeded in raising more than $1.7 billion in token sales between February and March of 2018.
Telegram who has been clamped back in Iran, plans to use the funds to develop its “Telegram Open Network” (TON) powered by its cryptocurrency – the “GRAM” and will definitely use blockchain to restrict governmental power over it in future.
One other major social media platform rumored to be getting ready for its initial coin offering (ICO) is ask.fm .
Ask.fm is the world’s largest quality assurance platform, with over 215 million users. It is estimated to be worth over $270 million. It is said that the platform plans to introduce an incentive-based system where users will be rewarded for being active on the site.
Why Blockchain is the Future of Social Media Platforms
So why would some social media platforms turn to blockchain technology to power them?
A major reason why the future of social media platforms is blockchain is because of the increasing urgency for privacy and data security globally.
The recent sale of facebook users’ data by Cambridge analytica is a major threat in people’s minds and these platforms are giving people what they want and in the process seizing the opportunity to innovate.
After all, change is the only constant thing in life. From a financial perspective, it also makes business sense because without people on these platforms, there is no revenue potential and in order to keep them allay their fears about the security of their data.
Usually, all social media platforms collect users’ personal data in exchange for platform’s unique services and then use these data for targeted marketing campaigns at the users.
Now, it is clear to the public that they have to take personal responsibility for their data since it is now obvious that it can be misused and possibly expose them to harm.
As said earlier there is no scarier example right now than the recent revelation that Facebook let the political consulting firm, Cambridge Analytica, gather private data of users and use it to psychologically profile them.
Business Insider said the firm used an app built by University of Cambridge academic Aleksandr Kogan to access Facebook users’ private messages for sentiment analysis.
As a response to preventing recurrence of such incidence, and more importantly restoring user trust on their platforms, proactive social media sites are moving from the centralized ad-based models to blockchain-powered ecosystems.
Blockchain-based social media model will let users have full control over their data and will be able to choose if they want to share that data or not and with whom.
The second reason why the future of social media platforms is blockchain is the major government threat to conventional social media model – the rapid evolution of big data regulation.
Previously, U.S. and E.U. governments have been increasingly interested in regulating how advertisers use users’ personal data. For instance, in the E.U., strict big data regulation known as the General Data Protection Regulation (GDPR) is coming into effect soon. This law is expected to affect businesses in the E.U., the U.S. and other parts of the world.
While the permanent nature of blockchain technology makes it sort of at odds with the GDPR, its ability to protect private and offer near impenetrable security makes it the preferred tool for users.
Also, the odds between blockchain aka distributed ledger technology and the GDPR can easily be sorted. Blockchain-based solutions can meet regulators in a satisfactory compromise for both sides.
Third reason why the future of social media platforms is blockchain is that blockchain-powered social media platforms have been introducing other value-adding services for users. Indorse and Synereo are examples of social media platforms that let users share their skills and get compensated for doing so.
Some offer platforms where gaming communities can network, compete against themselves, receive and share information without fear of having their data scraped. All thanks to the rapid advancement in blockchain and smart contract technology.
There has been a steady decline of users on social platforms Facebook and Twitter. Many people are switching to more secure and novel social media solutions. This can only mean blockchain-powered platforms are destined for exponential growth.
By now, we hope you agree with us that the future of Social media is blockchain. If not, why not?