Blockchain Alone Won’t Solve the Facebook Issue

blockchain facebook social media

Facebook has killed open-mindedness, undermined the journalistic pursuit of the facts and damaged democracy and inquisitiveness, and promoted form over substance, all in the name of gathering and organizing data so that they could be sold as packages to platform marketers. The centralization of data and content control and the reason why the internet has insidiously fostered it must be dealt with. Many believe that decentralizing ideas and applying trust-minimization principles show glimpses of a way forward.

Blockchain’s Limits and Potential

Blockchain can help with challenges like fake news, rearrangement of the platform’s business model to reward users better and the exploitation of user data. A blockchain-powered centralized model will allow users take control of their data, implement reputation tokens or skin-in-the-game staking mechanisms to encourage greater accountability and honesty in the production and distribution of information as well as to reward content providers based on fair, objective metrics of audience engagement and community priorities.

SEE ALSO:   Electric Vehicle Charging Station that uses IOTA and blockchain unveiled in the Netherlands

Note that Blockchain-based models aren’t ready to rescue the social media industry. A decentralized blockchain has to have the on-chain capability to handle the billions of posts and significant amounts of data that a large-scale system would undertake. On its own, Blockchain won’t protect us from the maladies of the state of things.

Tackling The Primary Issue

The first step to follow if we want to tackle this issue will be to use the decentralized trust models that Blockchain uses to make their data aggregation monopolies inessential. Centralization is far more efficient, and economies of scale typically foster monopolies in capitalist states. But if groups of internet users have little need for centralized trust go-betweens, they can begin to extract value via peer-to-peer data exchanges.

SEE ALSO:   A potential Amazon cryptocurrency exchange: Everyone is wondering about this move (Amazon Cryptocurrency Review) - AMZN Forecast -Mon Apr 23

This, in turn, paves the way for new businesses to compete for this user enterprise by offering useful services to allow people build fulfilling and meaningful lives online while also retaining control of their data. If we must solve the Facebook issue, we have to create a new online architecture that contends with the problem of human mistrust during this digital age.

Legal Disclaimer: The content of this website ( is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from

SEE ALSO:   Foxconn and Sirin Labs partner to Manufacture Blockchain Phones – Blockchain News -Mon Apr 23


Leave a Comment

Get Smart About Crypto!

Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!