Privacy and security are essential parts of our personal lives and are definitely common interests for every human around the world. Taking into account the recent Facebook security scandal, in which the personal information of approximately 50 million people was compromised on the afternoon of September 25th. Having access to fewer user data means that targeting a narrower audience based on specific interests will prove more difficult and costly. Therefore, marketers will likely have to appeal and spend more money on broader segments. This means that users will end up seeing ads for products that may be irrelevant or unrelated to their purchase preferences.
On the other hand, although there might be fewer user data to be accessed by advertisers, the current way the Internet and social networks work are not ideal for marketers. That’s because not all data is usable; and not all user accounts are real accounts, which was another problem that was revealed, was during the US presidential campaign in 2016, when the false accounts created by bots spread erroneous information to divide the voters.
For agencies such as Goodnoon, although an advertiser can target increasingly smaller consumers, the fact that there is almost no way to verify which real users are and which ones are false means that a part of their advertising budgets can often be wasted. All this points to one thing, which is both the problem and the solution to the current challenge of social networks, there is a great need for greater transparency.
Decentralized Blockchain Technology Could Solve The Problem
In the simplest terms, the Blockchain technology provides a system to store, transfer, track and authenticate data online in a decentralized manner. Instead of the information being stored in a central server controlled by an institution, the data is distributed through a multitude of computers controlled by thousands of people without using a central body to administer them.
In a sense, Blockchain-based platforms can democratize data, which means that each user has control over their information as if they had control over their vote in a democratic election. “If you do not provide it, nobody has it, and if you offer it, it is anonymous.” This would essentially make users become both decision-makers and the owners of the network of which they are members.
The decentralized nature of Blockchain establishes that there is no central figure or organization – for example a company or government – that controls the system from behind a computer. Each transaction on a Blockchain-based platform is tracked and audited by multiple servers and developers, making it impossible to take secret actions that do not align with community guidelines and ethics.
- Greater Control Over Your Data
In addition to offering more transparency, social networks based on Blockchain also allow their users to control their data at all times. This is because when the Blockchain technology was built, initially to establish the famous cryptocurrency known as Bitcoin, the creators had to find a solution that would rule out double spending.
As a result, a unique credential (“hash”) was assigned to each Bitcoin token each time a transaction happened. The Blockchain system was able to keep track of the currency’s location at all times; so the coin could not disappear, but neither could it be duplicated. It could only exist once, wherever it was.
By applying the same principle to your data in a social network, this means that there is only one iteration of your data set, the one you authorized. It will be tracked wherever it goes without duplicating itself. More importantly, this also means that if you deleted your data in one place, it would be deleted elsewhere in the Blockchain-based social network. No traces of it will be left anywhere for unauthorized third parties like advertisers to buy and sell.
This would apply to all the data you would create in the life cycle of a social network: if you delete a previous message that you sent to a friend, for example, it will disappear forever instead of being stored as a backup on a remote server.
- Relevant Content
Having absolute control over your data also results in another benefit of a social network based on Blockchain. In the current universe of centralized social networks, you have little control over what article, image or video can appear on your profile. It is the companies that operate the platform that decide what they are going to see on their profiles based on algorithms that ultimately benefit more a desire for profit than entertainment.