Global adoption has been a long-awaited goal for the blockchain industry. As blockchain makes its mark across different sectors, social media networks too are expected to see blockchain based developments. According to Nasdaq, an American stock exchange, along with protection against data scams, uninformed algorithm changes and unrequired content censorship, blockchain can bring opportunities of social finance (SocialFi), which refers to the combination between social networks and finance to create decentralised social applications. “Blockchain aims to transform how businesses use social media to impact their audience. Web3.0 percepts can reward content creators and ensure transparency in social media platforms. Through blockchain, businesses can use social media to avail the build-operate-transfer (BOT) feature, an autonomous program on Internet,” Sakina Arsiwala, co-founder, Taki, a Web3.0 oriented platform, told FE Digital Currency.
As per industry experts, through blockchain, social media can ensure protection against fake information. A blockchain based approach to social media addresses has the potential to provide control over user-generated content, without the interference of a centralised server. Data from techjury, a technology oriented knowledge platform, stated that worldwide blockchain solutions’ costs will reach $11.7 billion in CY2022. “Blockchain provides a decentralised approach to data distribution and protects authenticity. As blockchain makes data immutable through cryptography, information alteration becomes impossible. Blockchain can enable data security and user accountability,” Abhay Aggarwal, founder and CEO, Colexion, a non-fungible token (NFT) marketplace, said.
Moreover, it is anticipated that blockchain enabled social media can benefit areas such as business networks, commerce, news propagation, among others. According to Vikram R Singh, founder and CEO, Antier, a blockchain development and consultancy company, through placement of social networks on blockchain, peer-to-peer data and value exchange can be made possible . “In addition to users’ privacy protection, blockchain oriented social networks can leverage NFTs to elevate social commerce, monteise and authenticate content providers, reduce advertisement frauds, and help metaverse platforms,” he added.
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