Today, virtually anyone wanting to succeed despite the competition or wanting to maintain any relevance in any market must have a social media presence. Social networking has helped many organizations by promoting their products and services to a very large audience and has given activists a potent tool to advance their causes. And thus, Social networking allows you to connect to a huge amount of people without spending a dime. Despite their many advantages, social networks lack built-in accountability, and their apparent transparency is being routinely misused by fake users, anonymous trolls, scammers and other nefarious agents.
Lack of encryption in current social media networks enables corporation and information agencies alike to routinely access users’ data and scrutinize their private and public communications, leaving little room for privacy. Fortunately, blockchain technology is bringing answers to most of these issues.
First of all, it is structurally decentralized, and therefore cannot be ruled by the interests of a corporation. Secondly, it includes built-in KYC (Know Your Customer) procedures that can prevent anonymous or fake users from accessing any or all features in a blockchain based social network. Thirdly, blockchain enables unhackable encryption (due partly to its decentralized nature). Fourthly, the use of smart-contracts enables the creation of many interactions previously only possible with the help of a third party.