The inception of Blockchain technology has brought with it several advantages, one of which is the disruption of traditional finance and how financial transactions are executed among other things. The use cases of Blockchain technology keep getting clearer and broader by the day. Blockchain technology is expanding possibilities and creating opportunities at a rate that only few known world revolutions can compare. The possibility of Blockchain presenting us with decentralized social media is not far-fetched.
The process of social media decentralization will not come easy, but the likelihood of our generation enjoying an era of decentralized social media is quite within reach. Most social media platforms as we currently have them are known to collect and store our data for several uses such as direct advertising purposes, selling our information to third party agencies as well as developing individual-specific Artifical Intelligence (AI) through behavioral pattern as a result of observed profile activity over a period of time. The fact that social media platforms such as Facebook and Twitter have this much access to enormous data has been criticized by a number of people who feel it is wrong and dangerous for single entities to control gargantuan amounts of personal info.
Progressives believe that social media would have to be decentralized for it to remain relevant and sustainable going forward – this means that there will be a need to change the existing social media business model… this will be quite interesting to see. And since blockchain technology is capable of providing services and user access without the need for centralized servers, the role of middlemen and quite a number of existing social media structures will have to give way to the new Internet of Things and Social Media (IoTSM).
We are already seeing the emergence of Blockchain-based projects like Matchpool who are applying the principles of decentralized social media to take power away from centralized social media companies and executives and giving that same power to the regular user. Matchpool which is a decentralized matchmaking platform creates a pool of users with common interests and enables them to interact with each other. All this is done without the interference of a third party and information sharing is peer-to-peer as such there can be no third party snooping or eaves dropping.
Even though decentralized social media still requires some tweaking before it can go mainstream, the advantages, privacy and security it presents to an increasingly tech-savvy generation are enormous. With a guarantee of encrypted privacy, the demand for decentralized social media will soon reach a crescendo which will be impossible to ignore. Existing social media giants might actually begin to take heed in this direction of decentralization so as to remain relevant as social media tech, taste, time and tide changes.