Social media has changed the way we see our lies. Social media platforms like Facebook and Instagram have made us more social than ever, and social media apps like TikTok have forced us to show the depths of our imagination to attract viewers. And in this perfect world, who would assume the change was imminent? Mark Zuckerberg. By applying blockchain technology, he made the headlights with his new idea: Meta. But how will decentralization and blockchain help us with our social experience? Let’s see some of the current issues.
Security and data privacy
Social media monopolies trade user data for an economic benefit. They collect data from users to target advertisements more effectively, however, people aren’t aware that their browsing habits are tracked and saved by the social media companies themselves. Data like gender, age, location, and even income is revealed about users who often have no idea of it being collected. This information is then sold to other advertisers who use this data to target people based on extremely specific parameters.
Content delivery control
Platforms like Facebook have become monopolies. That means they can do whatever they want to their users — including censoring posts and boosting posts for a paid fee. This is terrible for small businesses and making a sustainable bottom line. What was once free is now charged because of monopolies, like Facebook and Instagram.
Fake news is a serious problem, and social media is a hub of all kinds of misinformation. Fake news stories are written by people using false identities, using pictures and names taken from the internet, or created using artificial intelligence. Whether they do it for political reasons or just to make a profit, fake news writers can be extremely active on social media, driving conversation and influencing opinions.
The latest attack targeting computers through Facebook Messenger is made possible via a “malicious link”. When the user clicks on it, they are directed to a phishing site that impersonates Spotify, a popular music streaming service. This attack differs from past ones targeting social media platforms because users are directed to an external website as opposed to being prompted with a message directly on Facebook.
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Many people associate blockchain with the popular cryptocurrency Bitcoin. Indeed, you can buy USDT, Bitcoin, and other values to trade, but blockchain has an actual value.
Blockchain technology is said to be the most significant innovation in social media and networking since the creation of platforms like Facebook and Twitter. With blockchain social media, users are given more control over their data and the ability to verify and encrypt their information. The next generation of decentralized social platforms will let users keep their data safe for the sake of privacy and security, as hackers often target personal data.
Social media will continue to be a huge part of technology for the foreseeable future. Virtual conferences and events have been gaining popularity, and it’s likely that they won’t slow down anytime soon. It’s also safe to assume that more AR/VR technology advances will be coming.
Groundbreaking developments in blockchain and virtual reality will spawn many new businesses and services, creating a massive opportunity for social media entrepreneurs. One such trend is the growing popularity of Non-fungible Tokens, digital assets that can be customized and exchanged via blockchain. Currently, users create their own NFTs on platforms like Rarebits or Etheremon.
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Social media is built around the concept of connecting people. But we’ve seen how centralized social networks can censor posts, hide true identities, and even manipulate public opinion on a massive scale. Now decentralization is poised to change all of that: it will build consensus among users, promote free speech, and eventually replace current social networking sites with open-source platforms powered by users rather than corporations.