When we typically talk about blockchain technology, it is often associated with cryptocurrencies and their forerunner – Bitcoin. Naturally, this was caused by the unparalleled price surge in 2017 and the beginning of 2018, followed by a prolonged bear market which gained massive public attention, along with this most recent crash.
Despite being in a fairly young state of development, blockchain technology is steadily gaining momentum. A recent Glassdoor survey revealed that blockchain-related jobs are booming, currently peaking on an 8-month high, despite the prolonged bear market.
Blockchain technology has tremendous potential and applicability in fields well beyond finance. We’ve recently explored its applicability in industries such as gaming, B2B relationship, P2P lending, and so forth.
Continuing our dive into the numerous real-world applications of this transformative technology, let’s take a closer look at how it can impact one of the most influential and encompassing of our current time – social media.
So how exactly can blockchain technology transform social media?
Here are 4 trends which could be addressed by specific blockchain features.
Verified Online Identities are Becoming a Thing
Companies are struggling to siphon through the ever increasing number of unverified online identities on social media. “Bot problems” as they are commonly referred to, are turning into a pressing issue which makes it challenging to get a proper return on a wide range of marketing-related investments. In short, it’s really hard to get an accurate view of the players on the field. Blockchain technology and smart contracts have the capacity to get rid of this problem for good thank to their immutable, secure nature.
Blockchain + Cryptocurrencies = an Enticing Combination for SM
Cryptocurrencies and blockchain technology present an exciting combination when they are integrated into social media networking platforms. The ability to earn a certain amount of cryptocurrencies for carrying out mundane online activities is particularly enticing and it can attract users to platforms where users get rewarded for contributions to the network’s growth.
A quick example of this would be getting rewarded for each post you upload on social media. This would enable users to capitalize on time which is otherwise more or less wasted (depending on who you ask).
Unparalleled Access to Content
There are countries such as Syria, China, North Korea, and others, where citizens are oftentimes blocked by the government from accessing certain content and/or social media. Even though VPNs oftentimes offer a way around these particular restrictions, governments are increasingly cracking down on them as well.
The distributed nature of blockchain-based technologies offers a secure alternative to combat internet censorship. Distributed ledger technology can make sure that no entity is in position to block valid access to any type of content.
Verifiability is one of blockchain’s biggest feats, its main party-trick if you will. The technology enables unparalleled transparency and traceability, which can be used to track every single piece of news down to the roots of its creation. “Fake News” – as unconfirmed and oftentimes deceiving information is commonly referred to, is a growing issue which enables any group that uses propaganda to be in possession of a prominent recruiting or marketing tool. Blockchain-based technology can very well put an end to this by enabling anyone to verify the source of the information.
AERUM’s Place in Social Media Disruption
To be able to support the content and traffic that a social network requires in rea-time, you need speed and scalability, two features that are very seriously lacking in the blockchain space. Until now.
AERUM introduces a brand new, cutting-edge blockchain which is blazing fast and scalable on-demand, a feature which allows companies to be as efficient as they need to be.
Put simply, parties will be able to adjust the throughput of the network based on whatever it is they need at the current moment since the network can handle between 500 and 100,000 + transactions per second.
Another serious benefit is that it’s very easy to implement with existing platforms, as it is fully compatible with Ethereum.
You can find additional information about the AERUM network on its official website. You can also stay tuned on the project’s Twitter or Facebook page for regular updates. Should you have any questions, you can ask away in the live discussion group on Telegram!
What do you think about the implications of blockchain technology in social media? Let us know what you think in the comments below!