capitalmarketsciooutlook

Scope of Blockchain in Social Media Interaction

By Capital Markets CIO Outlook | Thursday, January 10, 2019

Human interaction has travelled a long path from letters to social media; another milestone in this journey could possibly be the blockchain technology. Blockchain is a distributed ledger that stores data with cryptographic security and is supported by immutability and self-authentication features. The use of blockchain cannot be restricted to just financial purposes, with the capabilities it holds; it can be a great tool to transform human interaction methods.

Elimination of Third-Party

Current social media platforms serve as a third-party for humans to interact with compromised data security and privacy. Blockchain allows peer-to-peer transaction or conversation which means data shared over the network will be secure and private. This approach will eliminate third-party from the network, only the users provided with the access will be able to view the data. Job-portals and personal chat applications need to integrate the technology as these are the platforms where the most sensitive data is shared.

Users Control over Data

Data entered in the chain network will only be accessible by authorized users which mean entities will have complete control of their data and can easily restrict its access. All users in the blockchain are validated by the technology ensuring the security of the network. Once a user feeds in the data, they can share its access to multiple entities without storing the same set multiple times; this allows optimal use of storage and reduces network congestion. 

Avoids Data Manipulation

Immutability is a feature offered by blockchain that restricts entities from tampering the stored information. Once a data is stored, it cannot be modified by any but can be viewed by all on the same chain network. All the transactions made on data are all stored in the network, injecting trust and transparency among the users with data validation.

Eliminating the Fake

Fake accounts and Ids are not just concern for users but also for social platform owners, as they require hiring a workforce to identify the same and eliminate it for better user experience. As blockchain self-authenticates each user before they can access the network, it will automatically eliminate the fake Ids and enhance the user experience. Only the real and validated user presence in the network will increase trust and user privacy.

 Content Authenticity

Currently, social media is deluged with piracy and provoking content to benefit certain organization, group or person. Governments strive to track the origin of such content but fail as there is no track of circulation but as blockchain keeps a record of all transactions it will become much easier to track down the origin.

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