About a decade ago, a technological phenomenon named Social Networking began to take the world by storm. As the Facebooks and the Instagrams of the world spread their feet across the technological world and gradually became the goldmines of information, they gave a whole new avenue to businesses for accurately targeted marketing and advertising. But gradually, as it happens with almost every breakthrough technological advancement, over commercialization and perpetrating vagueness has led to the decrease in its lucrativeness. And while it still remains the first choice for consumer oriented data, there is a huge opportunity for a bigger, better anabasis that could replace the conventional social networks as the hotbeds of professional value.

One technology that has gained a few eyeballs in the last few years is Blockchain (Bitcoin, anyone?). In a nutshell, blockchain is nothing but a perennially growing worldwide interlinked assimilation of blocks, which are nothing but records, that are secured using cryptography. The biggest benefit is that since these blocks are distributed worldwide, and thus establish transparency and accuracy in information. And since no single party controls the information, it remains incorruptible too. Basically, it is real time information that is accessible by all, but not editable.

So here are the two crucial questions you must ask yourself today -
/ How could blockchain networks become a better alternative to these conventional social networks?
/ What would happen if there was a Blockchain Social network that people could use freely?

The growing issue of online privacy

First and foremost, there would be a huge advantage that individuals who are on blockchain social networks would have in terms of privacy. You see whenever you upload content on social networks, you might think that you’re the owner of the content, but in essence, you lose its ownership. In these giant social networks, you are essentially the commodity. Your information is the entity that becomes the product.

They know what you clicked last summer

Statistica reports that 50% of all global population uses internet and a large part of that data is being constantly tracked.

On the other hand, in blockchain, you have better control, simply because the network itself is decentralized. Since there is no single entity controlling the information, the dispersal is not viable.

Users are becoming increasingly aware of the stripping of their privacy by social networks and search engines. Statistica reported some of the top concerns of American users about online privacy in a May 2017 survey. Some results -
/ 59% fear having their money or information stolen online
/ 31% fear the presence of fake news and propaganda stories on social networks
/ 30% think companies are sharing their information with other companies

No wonder that social networks, like Facebook are constantly being accused of eavesdropping on their users. And such is the enormity of its expanse if it really does, it could, in essence, control the whole world through the possession of this information.

However, in blockchain, there are small hosts of information, spread all across the globe, and no giant servers on which the apps work, the encrypted information is much more secure.

The challenge of censorship and security

Also, one peculiar issue that giant social networks face is that of censorship. Social networks have to live up to the mass sentiments, that they sometimes end up curtailing the freedom of speech - something that had been the USP of these networks. However, since blocks are encrypted, the data remains secure, and hence, third parties don’t even come to know the contents of the blocks. And if you think that anonymity puts the actual security in the threat, remember that even if the contents are encrypted, the source of data can always be traced. Hence, it could be a win-win situation, especially for messaging based apps.

Social networks can look and act more professionally

There are quite a few clear benefits that blockchain technology offers, which if adapted by social networks, can make them more professional.

# Peer to peer payments

One of the more significant advantages that blockchains can really offer is in peer to peer payments. As already established, blockchains are really secure, these can be used to eliminate the giant financial institutions and create a network where payments could be made without the intervention of a third party. In fact, even these institutions could use blockchains to enhance their security, and decrease the load on their own selves, whilst just staying the warehouses of individuals’ money. In fact, this could even be extended to the legal troubles of professionals, where blockchains could be used to help professionals in different geographies form contracts and agreements, with the concerns of safety and transparency eliminated at the outset.

#Crowdfunding

And last but not the least, a huge aspect of business where blockchain could help immensely is crowdfunding. Decentralization, and transparency are generally the roadblocks that hinder startups from raising money. And, as blockchain addresses these, it could become a significantly huge platform for capital accumulation. It could almost be like toke sales, except that the records kept online and thus indestructible.

In fact, a lot of people don’t realize that blockchain social network is already huge worldwide. Platforms like Obsidian are gaining massive popularity, thanks to the benefits listed above. Of course, in the future, cryptocurrency will play a huge part in interactions and transactions happening to blockchains. But, rather than treating it as a threat, we should try to find ways in which we mankind could accommodate and regulate these.

McClory’s statement essentially establishes why blockchains need to be looked at as an opportunity, rather than as a threat. Otherwise, if the personal data of 1 billion Indians can be sold for a meager Rs. 500, what makes you think that Facebook wouldn’t sell the details of its 2.5 billion users when offered a much larger sum of money.

It’s inevitable that, sooner or later, blockchains will take over. And they will make your social networks more private and professional. You can plan ahead and build private social networks that are truly private because they are on blockchain technology.

Vinfotech, with their experience in social media design and development, and their in-depth knowledge of blockchain application can help you integrate the two technologies to create a killer social network application. With a history of customer oriented design, and known for their excellent command over development/testing and marketing, Vinfotech can help you not just in bringing your vision to reality, but also in growing your platform.