Published on December 7th, 2021 | by Sunit Nandi

Blockchain and Social Media

Technology has advanced in the past couple of years. It has left a mark on the lives of people. Many people are quickly adapting to the use of social media platforms to pass and receive information. These platforms consist of avenues such as Facebook, Instagram, Snapchat, Twitter, Youtube among others. It is fast and fairly affordable to share information through these avenues.

It is also efficient especially since the occurrence of the covid 19 pandemic. In this period, it has not been easy for people to meet in groups, to curtail further spread of the troublesome viral disease; such platforms have come in handy to convene groups within short periods. Funds drives have also been conducted similarly.

A hitch is however associated with these social media platforms. This is because there is no particular way to verify the authenticity of the information passed on. Such a situation has been experienced with the pandemic where false or unverified information could make rounds. Sensitive information about deaths of people, government directives, and even means meant to curtail further spread of the disease would be twisted and delivered in ways that were not intended by the original sender.

Due to this, it was quite difficult to put strategic measures in place.

It is in line with this that blockchain specialists put their heads together to come up with ways that can help castigate these social media vices, while at the same time allow for freedom of speech.

Blockchain is the answer to this question. It will allow for users to have privacy to their content as well as controlled sharing of information. As such negative feedback or content cannot get viral finding its way to unintended recipients. Also, vices such as malicious people hiding behind suspicious accounts will not have a chance.

Blockchain technology has assisted in many areas of operation, majorly so in cryptocurrency trade. Many investors are realizing profits through the Bitcoin Era deposit bonus. It is an avenue through which trading is made possible in a safe manner and at no cost, powered by advanced data encryption measures.

Bitcoin is one of the most popular cryptocurrencies. At the start of the pandemic, the bitcoin price was selling at about $7,300. At the moment it sells at about $46,800. This is over one year later. This means that bitcoin has gained despite the prevailing circumstances surrounding the pandemic. However, this trend cannot be said to be an all-time constant. Variations are a common feature especially with the high volatility of the bitcoin.

Several factors can be attributed to this growth. Many people were forced to remain indoors after the virus was noticed to spread. This made them explore options on the internet through which investment could be made safely. Others also saw their long-lived dreams come into life by pursuing content creation on forums such as youtube, writing, transcription among others. In this light, technology and cryptocurrency cannot be separated. Just in the same regard that cryptocurrency and blockchain technology move hand in hand.

Conclusion

Blockchain technology can further be implemented in various sectors. Due to its decentralized nature, it is possible to use it in the procurement of food products in the food supply chain or procurement of utility in the health sector. Stocktaking is ensured at the same time, transparency is evident.

According to Forbes, cryptocurrency is the most popular way that utilizes the blockchain system at the moment. However this system can be used in a myriad of other industries .blockchain is a system that works by storing relevant data about transactions done using cryptocurrency, ownership of Non Fungible Tokens as well as smart contracts.

About the Author

Sunit Nandi I'm the leader of Techno FAQ. Also an engineering college student with immense interest in science and technology. Other interests include literature, coin collecting, gardening and photography. Always wish to live life like there's no tomorrow.