Social media privacy has now become a huge concern and rightfully so, since almost half of the population in the planet is now on a social media platform. For example, Facebook now has access to the conversations which is similar in case of Whatsapp. Snapchat, which used to boast itself on privacy now can track each texts and images being exchanged between the users. Moreover, the data content is not secure which can be deleted or censored without the consent and the ownership of the information is also solely controlled by the corporation heads making them very unreliable.
These companies make money by selling the users data, but the actual providers of the information don’t receive any kind of monetary reward which seems very unfair. Similarly, the current policy is very autonomous as only few selected persons have concentrated control across all the contents which directly breaks the trust as only them have the power to perform all the decisions. These may be correct on advertising, marketing strategies or virtual space for social junkies, but, a centralized structure is definitely not a balanced platform rather it should be a decentralized one that places ownership of contents back to the hands of each users.
As the digital world is always upgrading, experts and innovators are always thinking about the next step to improve user experience. With reference to that, several social-media giants are already into their own payment program. For example, payment feature on Messenger. Since Facebook records all transactions that are made, this is a major privacy invasion that probably may shy away some users.
Today, social media has become a professional channel for sharing contents by the content developers, but, they have been losing tremendous amount of money because of social media being a middleman. Blockchain technology can disrupt this process allowing the users to have full control over how their data should be distributed essentially removing middleman from the equation. This will immensely improve their revenue as a content creators.
The use of blockchain technology on decentralized social platforms will allow the development of applications and smart contracts which will enable end-to-end encryptions for every interaction with use of tokenization. Moreover, features such as rewards in the form of native digital currency for sharing contents, information or interaction; privacy and security of personal data; ownership of the information are common that will dramatically improve the users experience. Some of them which shares these attributes are Diaspora, All.me and Minds.