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Highlights
- Blockchain technology can dramatically improve the user experience when incorporated into social media platforms.
- Popular network like Twitter, Discord, etc., have revealed their plans to explore and integrate with this new-age technology.
- There are multiple benefits expected from the integration of social media with blockchain technology.
With its growing popularity, Blockchain technology is showing no signs of abatement. Though it started from cryptocurrencies, blockchain technology has proved its mettle in other spheres as well, with the latest addition being social media.
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On might doubt the effective use of blockchain technology to benefit social media platforms, but when delved deeper, this technology provides individuals with greater privacy when using Internet-based technology.
Must Read: Why has The Sandbox’s gaming platform been incorporated into social metaverse?
Is Twitter building a dedicated crypto team?
Twitter, the micro-blogging site, has officially announced launching a new division, known as Twitter Crypto.
Why are social media platforms exploring blockchain technology?
The team would work on exploring crypto payments, NFT tooling as well as social media decentralisation.
Related Read: Twitter plans to launch Bitcoin tipping option for its users
Here, it is pointed out that Twitter is not the only social platform exploring its possibilities about integrating blockchain technology.
While Discord’s top boss, Jason Citron has hinted at working with well-known crypto wallet service, MetaMask, Reddit, on the other hand, is recruiting specialists for an NFT platform.
Interesting Read: FB’s metaverse can be a blessing for these 5 blockchain games
How does blockchain technology contribute to social media?
There are many advantages one can derive while integrating this new-age technology with social media:
- With the increasing prominence of various social media platforms, anything can go viral and can be easily circulated, hence fake pieces of news need to be constantly checked upon. Blockchain technology comes handy as it is capable of resolving issues related to data verification.
Here, developers authenticate every piece of information with Dapps (decentralised applications).
- Further, when any viral content is created by an individual, he/she is much likely to get compensation for the same.
- This technology serves as an immutable public digital ledger. Hence, any transaction recorded on a blockchain cannot be altered by anyone except the user who controls their data.
- It is a safe and secure medium as it is backed by a robust encryption feature and prevents fraudsters.
- By making use of this technology, users can charge a fee from advertisers when their information is being used and shared by them.
- Moreover, crowdfunding, raising money for charities, etc., which are increasingly happening on social media platforms, are easily enabled by blockchain technology. With this, people can easily track contracts, verify users, and accept payments with much ease.
Bottom Line
If incorporated effectively and efficiently, blockchain technology can tremendously improve the working of social media platforms.
A Quick Read: Is blockchain only for cryptocurrencies? What are the risks of blockchain?
