What is future of social media? Is blockchain technology going to change the future of social media?

1. BLOCKCHAIN AND
SOCIAL MEDIA
WHAT IS THE FUTURE OF SOCIAL MEDIA?

2. ABOUT BLOCKCHAIN?
• Blockchain is an electronic ledger that stores data. The ledger is public and it is
continuously verified by a community of average computer users as opposed to
a central authority. Basically, this technology lets digital information to be
disseminated rather than duplicated.
• The system originated as a means for tracking the widely recognized digital
currency Bitcoin. Of course, nowadays the applications go beyond that. In
various regions of the world, blockchain is now used for government databases,
banking, and social media platforms.

3. GENERAL BENEFITS OF BLOCKCHAIN
• Now that you know what blockchain is let’s look at some of the advantages. One of
the main components to understand is cryptography. As we mentioned above,
cryptography makes data tampering impossible because if a previous block of data is
modified in any way the block will be invalidated along with all other blocks that
follow.
• In order for a transaction to be conducted successfully on a blockchain network, one
user who adds a block is required to solve a mathematical equation (also referred to
as proof). The answer is shared with the entire network of computers all of which must
agree with the result.

4. DECENTRALIZED SYSTEM
• Another aspect of blockchain that is often considered an advantage is the fact
that it is a decentralized system. This means that data is hosted on several nodes
(computers) and is accessible to anyone. Therefore, users will not rely on central
organizations or authorities to safeguard data.
•

5. BUT HOW BLOCKCHAIN AND SOCIAL MEDIA
RELATES?
• Many argue that with all of its interworkings blockchain is an improved version of
the Internet with values like user accountability and data security. While
blockchain was initially intended for financial transactions, it has since changed
the way social media platforms operate and how online business is conducted.
• Blockchain’s security will make the verification process, prevent identity theft, and
also tackle fake content, bots, and fraudulent ad impressions. Blockchain also
encourages social media platforms to revise their sharing algorithms, data
security policy, and payment methods. This also incorporates crypto transactions.
Without a doubt, blockchain is the new digital wave.

6. EXAMPLES OF BLOCKCHAIN BASED SOCIAL MEDIAS
• Some social media platforms that are blockchain inspired include Minds.com, Sapien,
and Steemit. Another platform worth mentioning is all.me digital network. Actually,
all.me is more than just a social media network.
• The company positions itself as a digital ecosystem that combines the most
demanded internet resources. Specifically, all.me is a social network, trading platform
and payment service all in one. all.me’s meNetwork is a social platform where active
users earn ME Token, the network’s internal currency. meMarket is an online
marketplace that lets users buy and sell products from each other (C2C) as well as
directly from international brands (B2C). mePay is a FinTech solution that brings
together blockchain technology, digital assets, electronic money, as well as classic
payment services. With the internal billing system, transfers can be performed
instantly without commissions within the network.

7. THE FUTURE
• All in all, the likelihood of any blockchain based technology succeeding is high for
the simple reason that it is decentralized. Meaning there is no central
organization or overseer controlling value. This, of course, gives a huge
advantage to people who use these technologies since they are collective
contributors to the product and have control over its value. In an industry like
social media, where many users feel that they are being taken advantage of, this
is a huge selling point. Try a crypto-based social network and check out the
experience for yourself.