For many of us, when we log into Facebook or check our Instagram, we’re not thinking about the technology behind it and why would we? We’re users, we’re not concerned about how a social media platform is designed and brought into public use, rather, we worry about whether our message on the platform will be viewed and socially accepted by others. In essence, we, the users, have our own problems to worry about. However, behind the scenes huge technological advances are changing the way we use these social media platforms. Yes, you may have heard of Blockchain technology because of Bitcoin. And if you know about Bitcoin or Dascoin then you understand that it’s a transparent and valid cryptocurrency which is not controlled by any government, but rather, the people who use it. How is this done? Through Blockchain technology.
What is Blockchain and why is it important outside of cryptocurrencies?
If you don’t know what it is, then its effect on social media platforms is irrelevant to you. The thing about blockchain is that most people assume it’s only usable with cryptocurrencies, however, Blockchain can work independent of cryptocurrencies and can be applied to any industry.
When digging into the concept of Blockchain technology, it’s actually quite advanced. However, the basic idea isn’t too complex to follow. Blockchain is essentially a database which is operated by a community of computers rather than one central authority. This is why it’s independent of institutions as it doesn’t need their support to run it. The Blockchain is a collection of records in which the community is constantly updating and validating, essentially a public ledger. This validation of each transaction occurs when the network of computers confirm the transaction as true. A “block” is simply a group of validated transactions and the “chain” is what it’s added on. Once on the chain, the transaction is permanent and cannot be manipulated or changed. Thus, once a transaction has been made, it’s forever on the Blockchain, making it one of the most secure databases in the world.
Now, taking that information of how Blockchain technology works, you can now use that in industries which are information-sensitive, such as the medical industry, education industry or for government institutions as well. So, let’s take the medical industry as an example. This industry has a huge problem with keeping patient information on their servers as their subject to hacking and violating patient confidentiality. By keeping decentralized databases of medical records, they’ll be able to keep client information anonymously in one place where all medical facilities can access. This idea of health-care blockchain can revolutionize the industry, as these industry-dedicated blockchains are making it streamline and secure from hackers.
But what about social media? How will Blockchain technology affect the future of social media?
Blockchain’s revolutionary movement in social media
Naturally, wherever transparency is needed, which seems to be in every industry, Blockchain can be implemented. But what can Blockchain do for social media? Well, when it comes to social media marketing, it can a lot. The issue with social media marketing is the fact that it’s over saturated with content. In addition, platforms are constantly alternating their algorithms which focus on consumer content over brand content. This pushes companies to use incentive marketing with digital rewards. Through this method, companies are able to reach their targeted demographic and stay relevant in the industry.
Moreso, Blockchain also adds validity to company marketing as they’re able to create a digital ledger. Before a digital ledger became known, companies had to gather information on their audience, monitor engagement, and essentially getting into the minds of their future customer. However, what’s missing is knowing who the “power sharers” are. Power sharers are the social media users which have the most influence in creating viral engagement over a product. Through Blockchain, companies are able to track the entire process and see where each share originated from and where it was sent to, thus, finding out who the power sharers are. In addition, all this information is kept on the blockchain which is easily viewable and well-organized.
In addition, Blockchain technology is also being used to change the foundation of a social media platform. Most social media platforms are designed for user engagement, however, is profit-based. Facebook. Social media platforms such as Sapien are designed as a non-profit based platform where users are able to use this decentralized platform to obtain true information, rather than being filtered with sponsored advertising.
As you can see, Blockchain can be used for profit-based or non-profit based uses. It really depends on how one wishes to utilize this foundation. Whether a company or platform uses Blockchain for advertising purposes or to create a decentralized online space, the power is in their hands. One thing is for certain, whichever direction social media takes, Blockchain will continue to incorporate itself in all industries, including social media.