Can Blockchain Stop The Mass Social Media Exit?

People are starting to get tired of social media. In fact, according to recent findings, 4 in 10 people have deleted a social media account in the past year. The key reasons given for the mass exodus are privacy issues and the rapid circulation of violent content and fake news.

With top social media sites such as Facebook and Twitter in the limelight for misusing users’ data, the public trust in social media is on a downward spiral. As traditional social media continue to lose popularity, a new and more advanced way of connecting people is gaining traction.

The main goal of the blockchain based social media approach is to prioritize connecting high-level data security while also connecting people. For security, the distributed ledger technology applies cryptography to authenticate users and protect their data.

Until now, social media platforms have assured the public their data is secure, while in private, often using the data and even selling it to third parties. A good example of this is the recent scandal involving Facebook and Cambridge Analytica. According to The Guardian, Facebook illegally harvested the personal data of its users and non-users, selling it to Cambridge Analytica who in turn used the data for their own purposes, the full details of which haven't yet been exposed.

The Facebook case is not an isolated one given that normally, centralized social media platforms make their revenue by providing advertising platforms to businesses, providing them with users’ data to generate marketing insights. Users, on the other hand, are allowed to use the social media platforms for free in exchange for their data. This model has always put the social media users at a disadvantage given that they have no control over how their data is used.

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