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In recent years, the word Blockchain has become a common vocabulary across the globe.
Initially, it was just a technology behind cryptocurrency.Now, this pioneering technology is conquering thousands of other sectors.
Highly secured and reliable nature of blockchain is making it solid for many industries to adopt it.Now let us see a few of the existing challenges faced by social media.
The recent struggle in the social media industry:Generally, social media platforms have a big drive for spreading fake and false information.
This eventually makes the social media platform an insecure place where everyone can create an account and share posts of others.Another issue is that hackers and spammers often send links that can harm your system, and once it is infected, they can use your contacts to spread the malware.How does blockchain help social media platforms?Blockchain technology has the power to eradicate and stop fake or false news.
This is mainly because it follows a verification process.It will automatically check identities, authenticate the information that is shared, and scan the data which is collected from social media platforms.Blockchain-based social media platform:There are various blockchain based social media platforms associated with unique features.
There was a time not long ago when the barter system was brought to an end with the advent of gold.
It also led to hoarding and became the de facto means to establish one’s net worth.
This continued till the time they found all the disadvantages of gold including the liability associated with storage, transport, and ownership.Remember stories of caravans being robbed midway into the journey with women laden with gold being the prime target?
Paper currencies tied to gold standards were the next invention where each paper note/currency guaranteed a certain quantity of gold.Everything was fine till the time people understood that gold was a limited commodity and made it difficult to keep parity with paper money for all times.
This became especially acute in times when economies started to boom, and the governments had to print notes to keep up with the demand for money.Gold couldn’t keep pace, and in the year 1929 at the end of the Great Depression, the world finally broke free of gold parity and established the system of fiat currency that was printed at the beck and call of individual governments worldwide.
Each currency’s value was determined by various factors including GDP growth rates, rates of industrialization, status of industries and infrastructure, intrinsic worth of economies and the likes.With each country having its own currency, there was felt a need to bring parity to worldwide transactions that to an extent was brought about by the Breton Woods system in 1944 where signatory countries agreed to a complex system of recognizing each-other’s currency via the USD which was tied to gold.In 1975, the US government being the main player unilaterally pulled out of the system by terminating the USD’s tie-up with gold.
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It’s the technology that made global payments not only fast but also affordable.
And, that statement seems to be coming true given the increasing popularity and demand for blockchain.
But, can blockchain achieve or maybe surpass the popularity of the internet?
Let’s find out.What is blockchain?Blockchain is a decentralized ledger, where information is stored in connected blocks.
As a distributed ledger technology (DLT), blockchain stores information in a decentralized, public manner such that it is viewable to everyone but cannot be changed, which makes it secure against unauthorised access.
The lack of a centralized point of error/weakness is what makes blockchain the most secure way to store and transfer digital data.The core properties of blockchain include security, programmability, anonymity, immutability, distributed, unanimity, and time-stamping.
