Introduction

The blockchain is an effective originative conception. By permitting the use of digital data by distributing, the technology of blockchain has created the support of a brand-new form of the internet. In the beginning time of the digital currency, Bitcoin, the technical community is presently finding another possible use for the technology. The blockchain is a trustworthy digital book of economical proceedings which can be programmed to attain not only the financial transactions but also almost everything of economic value.

Concerns of Blockchain And Social Media

Today most of the social networking websites can be accessed free of cost, therefore the users of such websites do not know about the hidden expenses. This becomes a matter of concern while at another point, the websites on their own are becoming priceless based on the changes and data which is provided by the users. Many of the times problems do exist with the social networks. The creation of blockchain can help in to solve such a problem. The first appearance of the public blockchain such as Ethereum has the added bonus of business rewards that permit the users to earn.

What benefits will it provide to customers?

1)  It can help the customers to tackle the fake news through setting up a payment based on the credit rating system for journalists as well as the blogger, which afterward can be rolled out to all sites.

2) It can alter the privacy of user data by giving individuals an alternative to choose for sharing the programme where they mechanically get their payment in cryptocurrencies whenever their data is sold up to any third party person.

3) It can also improve the technology with the use of better contracts where the Blockchains can act with several platforms at the same time on an individual’s behalf.

Risks in Blockchain And Social Media

• Regular risks: The technology of Blockchain has exposed the association with risks which are related to those who are connected with the present-day business procedure.
• Risks related to value transfer: Blockchain somehow enables coequal transfer of the value without the necessity for a fundamental intercessor. The value which is transferred can be assets, recognition, or any other information. This brand-new model of business exposes the parties to new value risks which were earlier managed by the central intermediaries.
• Smart contract risks: The smart contracts can possibly encipher the tangled business, financial, as well as legal agreement on the blockchain, and can affect the risk which is associated with the mapping of such type of planning from physical to the digital model.

The necessity of Blockchain And Social Media

In the past few years, the Internet has been progressing rapidly but the banking system is not progressing quite fast. With the technology of Blockchain, the money can be moved to the Internet and the user does not need any bank to transfer the money. Also, in the older times doing any transaction was very time-consuming process and bank charged a certain amount of fees too but with Blockchain and reach of social media which is very high then banks, a good payment system can be built to bank the unbanked , and also Blockchain can root out fake news and provide much transparency,security to social media.

Conclusion

Social media plays a very important role in the life of people present and the technology of blockchain can bring down an awareness of security as well as the gratification to all the users. Through with the execution of technology of blockchain, many of the problems in the industry of social media can rapidly be submitted and solved, which as a result provide users an improved occurrence making them to spend the time on the program than they might have in the beginning spent.