Blockchain as the future of social media

As we look back in 2017, one of the biggest developments and improvements was the blockchain technology. It is a digital leading software platform that enables cryptocurrencies to expand without need of a third party, such as the government. As the leader of the peer-to-peer transactions, the blockchain has potential to intervene in the way how the social media networks work.

Blockchain technology has gained its popularity due to its ability to execute smart contracts and fast transactions. A lot of industries has joined the blockchain revolution and are looking for a way to use blockchain in their work. For that reason, it is expected that the blockchain will be the future of social media.

For more than a decade, social media channels have taken over our lives. As the time passes, we are spending more and more hours per day on social networks. Everything seems good and interesting, but there is a problem — the privacy. All social networks give us unbounded access to their platforms, in exchange for something valuable — insights into our location, content, connections, habits, behaviors, etc. Despite the fact that all content and activities come from the users, the social media owners have full control over everything we share.

So, how blockchain can be used in social media?

Changing the social media business model is a challenging process. Blockchain technology can eliminate third parties from the equation. The users will be able to keep access to their data at all times, by themselves. There will be no longer needed to have a centralized servers, or company CEOs. Social media should be a tool for the people, and blockchain can enable that.

I believe that utilizing blockchain into social networks will be benefitial.

Here are the reasons why:

• Improved security — as I mentioned above, this is the biggest problem of social networks. There is not very much privacy on social media. For that reason, we believe that by decentralizing the networks, all invasion of privacy will be eliminated. Users will be the only people who will have full insight into their privacy. Blockchain-based social networks will help people to relax and to not worry about the content they share, location they are based, other users they are communicating with, etc.
• Advertising — social networks are the biggest and the most profitable way for the companies to advertise themselves and their products. But, most of social networks have Terms and Conditions which say that social networks have the right to access your content for their own purposes. Moreover, the terms say that social networks can use the user information for advertising . It is important to understand that you are not the product. We can understand that social networks are used for advertising products and companies, but they cannot be used for advertising through personal content. Blockchain can change that, and that’s why it’s benefitial to include blockchain into social networks.
• Freedom of speech — utilizing blockchain into social media will help those who have issues with censorship. Blockchain technology offers secure authentication and anonymity. Today, people can post content anonymously, but they can still be found through the location, IP addresses, etc. I believe that this will be eliminated with the help of the blockchain.
• Payments — with blockchain, not only that the messaging would be better, but the social media networks will have a way for the people to make payments through the peer-to-peer transactions. As we know, cryptocurrencies are blockchain-based, so the users can exchange tokens through social media. Moreover, they can use smart contracts to make deals and exchanges. This will make social media networks more trusted places for the users.
• Content — I believe that the users can have better control over the content with the blockchain technology. Blockchain establishes decentralized approach to connectivity, and this eliminates all intermediaries that can monitor and control the content of a user.
• Crowdfunding — it is a process that gathers together many individuals who want to invest money to different companies and projects they want to support. If you see how many startup companies have raised capital through crowdfunding, you will believe that a blockchain-based social network can do the same. The way how blockchain works is the same for everything, so why not try to raise capital through social media that operates on blockchain?

As a conclusion, I strongly believe that blockchain-based social networks are the future of the modern technology. A decentralized approach to social media can improve privacy, e-commerce, and transactions. Most people don’t realize that social networks own all of our photos, content, and data. This must be changed! Blockchain can help us.

Another industry that is benefiting from blockchain is the energy industry. That’s why I would like to introduce you the Energy Premier platform. It is a blockchain-based electricity trading platform that allows users to trade electricity in a faster, safer and cheaper way, by utilizing the EPC token smart contract.

Moreover, the platform already has lead users and live product! Energy Premier is currently launching presale and ICO, so don’t miss it. Check it out here.

You can follow the Energy Premier Blog as well.

Thank you for reading!