Bringing the Trust Back: How Blockchain Enhances Social Networks?

While social networks are good at collecting data, they can be not as good at keeping it secure. Simply put our private information could fall into the hands not only of another company but also of hackers and all sort of “malicious actors”. Blockchain can solve some of these problems.

Millions of people stay close to each other with the help of social networks, even if they’re hundreds of miles away. Facebook, Instagram, Twitter, and other platforms form an integral part of users’ lives. Facebook only processes over 136,000 photos and 510,000 comments every minute! But does our personal data actually remain personal?

The decentralized technology can not only bring security to social networks but can also change the whole concept of media platforms. And some companies are already working on it. As a perfect example, Steemit must be mentioned. They became pioneers in building the first social network on the blockchain. It allows content creators to make money by contributing valuable and engaging content to the platform.

Another company – Japanese Nagezeni – also develops the blockchain solution for social interaction. They want to empower users to support their favorite authors or bloggers by giving small donations in cryptocurrency. Bloggers, in turn, will be able to use the platform to collect funds through crowdfunding mechanism. Finally, Nagezeni makes it possible to place ads on internet media in the project’s NZE currency.

Read more on FXempire if you want to trust the social networks again!