Social Media Sites Look Out For Blockchain Based Solutions

Social media sites have been considered as a medium of communications and ideas sharing but these sites have become vulnerable to thefts and hacks in the recent times. The latest victim is the immensely popular network site Facebook which was subjected to another mass data hack lately which has raised the question of the integrity of user’s data. Such hackings have become quite prevalent within social a network which makes it unsafe for users.

Facebook founder, Mark Zuckerberg, published a lengthy post earlier this year revealing the plans for the upcoming times. He quoted that many people consider that technology only centralizes power instead of decentralizing it. The counterpart of this fact has just started coming out in the form of encryption and cryptocurrency which take the authority from centralized systems and return it to the users.

This announcement hints towards the potential usage of blockchain within social networking sites and definitely appears to be a nod for its implementation. However, no official announcement about the same has been done until now. Indeed, blockchain has brought in a revolutionary transformation in the various fields and it holds immense potential to curb the mass data hacking on social media sites. (Via Business 2 Community)

Blockchain Based Social Networking Sites

There are already a number of blockchain based social networks prevailing like Mastodon and Steemit. But, in terms of popularity, they are nowhere close to Facebook. Apparently, there are a lot of things to learn from the blockchain based systems and their business models to eliminate such mass hacking. The ledger based technology has just started making its space in the social networking zone, perhaps; the big companies are taking it more seriously, according to Crypto Daily.

There are several speculations about the facebook planning to develop its cryptocurrency, using blockchain for payment processing and integration of smart contracts. But, no official announcement has been done by the company yet. (Via Blockchain Council)

Stay tuned to find more interesting updates on social media sites and their blockchain implementation.

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