MENU

Comments Off on Benefits of Using Blockchain Technology in Social Media Fintech news

Benefits of Using Blockchain Technology in Social Media

Although Blockchain was introduced as a means to exchange cryptocurrencies, it is growing promisingly as a medium for securing operations as well. With the help of Blockchain Technology, the world of internet is soon going to witness a secured path of online presence, transactions, social media etc.

And it is believed that social media will be the most benefited with the Blockchain Technology!

Curbing out of fake news with Blockchain Technology

Just a little time ago Facebook was in limelight for having deleted millions of fake accounts on its platform. This was because the fake accounts had been creating fake news which soon went viral and became almost real. This has been one of the biggest problems in social media today.

Blockchain Technology, here, will be of huge help to create a reliable network of news that enters into social media through its ledger system. With effective verification procedures that allow tracking of information, personal data, and sources – Blockchain will ease authentication. A lot of decentralized apps (Dapps) have come up in this regard which makes managing of digital services easy.

The framework will ease the verification of data on social media platforms like posting of news, verification of personal data, in play mobile Roulette, ID verification etc. Thus enabling only credible news and posts to be available on social media!

 

Control on what users see and share

Blockchain Technology comes with a secure locking system for the data published. This enables the users to control on who sees their data. There are authentication and authorization prompts which are controlled by users only.

As on social media the data put up the by users are easily accessible by third parties, a lot of times there are misuse of information of the users. The data is sold to third parties and this leads to a breach which can harm the users. This is also the reason why we all see personalized advertisements on our screen (probably because our browsing history is under surveillance).

Blockchain ensures your data to be safe with you with its locking system. Only authorized third parties get to access the information.

 

Platforms like crowdfunding become reliable!

Crowdfunding is one of the fastest means of gathering an investment for the start-ups, entrepreneurs, needy and charities. But here the users are also cautious of the money laundering activities and loss of information. TO make the crowdfunding a secure platform, Blockchain enables the privacy of the transactions with utter transparency of the crowdfunding details possible.

With Blockchain the investors can rely on secured investments, transferring of money as well as verification of the details one puts on the platform. Therefore only the credible people are able to raise money from credible sources.

Of course Blockchain will be of substantial benefit to not just social media but to the world as a whole. The fact that information verification and tracking is possible makes the platforms using blockchain technology more reliable and trustworthy. And with all the misleading information, fake news etc going out of social media – definitely a better time is ahead where one shall only find quality information from reliable sources!

Comments are closed.