“Facebook Killer?” What is Blockchain and How does it apply to social media?

By Carina Chen // September 22rd, 2016

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Let’s talk about Blockchain, which recently receives much attention from investors and the public. Blockchain is an important technological innovation in FinTech. As the core technology for distributed ledger technology, Blockchian is considered to have very wide application foreground in the areas of asset management, finance, credit investigation, international settlement and etc.

But not only this, the technology is developing rapidly and is aiming to “kill” all powerful third-parties in the internet. Companies like Paypal, Venmo, or even Facebook, would all be worthless.

Why Blockchain is a revolution on Internet? Is it really about to change the world? And wait, most importantly, what is Blockchain?

1. What is Blockchain

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You may have no clue about what Blockchain is, but you must feel familiar with “Bitcoin”. Bitcoin is the most popular digital currency, created and held electronically. No one controls it. They are produced by people, using software that solves mathematical problems.

the Blockchain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the Blockchain.

Blockchain works on ‘distributed ledger technology,’ which slices out the need of a neutral authority to check or certify ownership to clear transactions which reduces the transaction time, offers high speed and makes records meddle-proof.
Put it simple, if the block chain is an account book, then every block would be one page of the book. All details of transactions in the community are recorded, and every participants can check them easily at anytime.

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2.  What are the Advantages

(1)Decentralization:

For the traditional centralized Internet, attacking a central node will destroy the whole system. But in a decentralized internet, attacking a single node is meaningless; even if the attacker owns 50% of the nodes, he still cannot get the full control of the system.

(2) “No need for trust”

In SSL certification systems, internet users should place a great deal of faith on the central agency. However, users of Blockchain do not need to trust anybody. While the amount of participants increase, the security will also increase.

3) Secure and tamper-resistant

In addition, each transaction is timestamped, verified by multiple other users, and encrypted. It is a very secure and tamper-resistant system.

 

3. How does it apply to social media

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Synereo is a new social platform using the Blockchain technology and aiming to “decentralize the web”.  Positioned as “Facebook killer”, Synereo raised almost $2 million USD in the six hours.

In some countries, government reviews the content in social medias and deletes all the criticisms. Decentralized platforms have the potential to give more control to the users.

Synereo allows users to have the full control over their personal information, social media contents and payment accounts. The decentralized platform is not able to record any kinds of personal information, or sell them. Also, no one can access to the data unless the owner allows to.

The importance of privacy is quite clear. As the revolution becomes increasingly close, marketers should start finding new ways to sell brands and products through Blockchain.

 

So what do you think?

 

Reference: http://www.nasdaq.com/article/2015-a-blockbuster-year-for-bitcoins-blockchain-technology-cm559938

 

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