Blockchain technology has become increasingly popular of the last two or so years. It was initially designed as a framework for aiding cryptocurrency trade but has now shown potential to transform other numerous sectors. What particularly makes this technology attractive is its highly secure, solidly temper-proof and massively decentralized framework, that’s capable of recording transactions and exchanging data with greater precision. And these are some of the attributes that most of our social media platforms lack.

Here are major ways through which blockchain can transform the use of social media:

Verification of Information and News

Social media platforms have no doubt made sharing information and experiences all over the world easier, quicker and more seamless. But the creation of false accounts and spread of fake news in a problem most of the platforms have not been able to deal with completely. It is only recently that Facebook launched an offensive campaign of digging into and deleting false accounts that have been spreading fake news on the platform for years. It did manage to control this menace but is yet guarantee zeros cases.

The problem with masked accounts and fake news often stems from the various platforms’ inability to thoroughly carry out thorough verification. And this is a problem blockchain will promise to address once and for all.

A blockchain-based framework can:

• Allow developers to build powerful decentralized apps.
• Enable every platform user to easily authenticate and manage both their digital and real-world assets.
• Help in gathering and verifying all forms of data shared online including news items.
• Eliminate, completely, cases of account hackings.

User Control

Social media platforms usually gather lots of information about users. Right from what you post, to what you like all through to the type of ads you click on and the websites your search online, Facebook for instance, uses the data to manipulate or rather determine what makes it to your newsfeed.

No user knows how the information is collected, whom it’s sold to and at what cost still remains a mystery. Blockchain can help seal all these loopholes with utmost certainty. With this technology, social media users will have total control of their information and where it goes. That means there will be no shady third parties or advertisers preying and/or manipulating data to make money from information gathered from your profile.

Social Media-Based Crowdfunding

Crowdfunding through token sales or Initial Coin Offerings (ICOs) has become a reliable method for startups to raise capital online. And a social media platform that rides on a blockchain framework can allow users to raise money with utmost privacy and transparency. ICOs, for instance, are built to protect investors’ information while complying with the anti-money laundering (AML) and know-your-customer (KYC) regulations. Also, all the records of transactions remain authentic, untouched and accessible by investors from any point in the world. The experience will actually be more like when you choose to invest in cryptocurrencies.

In Conclusion

As things stand, blockchain technology remains the only reliable solution that will reset the current menace in social media platforms one and for all. The technology is not only temper-proof but also transparent and decentralized. That means social media users can enjoy better privacy and convenient access to smart apps and contracts that will make the experience online even more rewarding.

The first ever cryptocurrency, Bitcoin, was not launched amid fanfare and huge ceremonies. It was launched almost as an accident. In fact, it just came into existence after its almost informal release. Nevertheless, bitcoin went ahead to define the new age of digital currencies.

Today, bitcoin is not just the biggest crypto…

The infrastructure that it was built upon – blockchain – is also a big deal. Being a competitor for the banking sector, bitcoin and blockchain were first ignored by banks. In recent years though, it has not only become important for banks to embrace the tech but to also device ways on how to nurture this technology. Blockchain, specifically, thus has a great future reshaping and remodeling the banking world. There are many ways that this technology is changing the banking world.

Blockchain as a Facilitator for Affordable Services

As opposed to other technologies, blockchain is not just a tool but a facilitator for other technologies. Blockchain is capable of providing a great level of security. The banking sector can thus depend on this technology to operate safe and transparent networks. The banking sector and its institutions are built on the premises of improving the level of transactions between parties and also between individuals and the banks. The banking sector is overly regulated and restricted as a result of security issues. When blocking is factored into the equation, the security issues are removed and this leaves a huge opportunity for banks to experiment with new features. Mediators, for instance, will be unnecessary and the end result will be cheaper banking services for customers.

International trade

In the short time that it has been in existing, blockchain has already impacted personal trade a lot. Looking at the list Cryptocurrency brokers today, you can easily see that the demand for crypto and the blockchain infrastructure can only continue growing. The world is already defined by global trade. There are, nevertheless, numerous bottlenecks to trade. Since banks are at the core of the trade, a lot of benefits can ensue as a result of blockchain technology.

Many of the available global money transfer systems are for instance hindered by the same systemic challenges that face the rest of the tech world. Issues like lack of transparency and fraud are particularly inhibiting. The transparency that blockchain brings means that it would be possible to share information across institutions. Blockchain will undoubtedly change global trade for the better as it will bring the much-needed security. Since the infrastructure is also rather affordable, the lowered costs will reflect across the market.

This will create a better environment for international trade.

In Summary

Not only have the banks realized that there is a lot of potential for blockchain, but they have also become increasingly engaged in shaping the future of banks under a blockchain infrastructure. Currently, numerous big banks are involved in testing and implementation programs where certain aspects of blockchain are adopted. In addition, an increased focus on regulating the infrastructure has made it possible for financial institutions to take a more targeted approach. The future of cash management, verification of transactions and management of assets by banks has thus started to change with the blockchain infrastructure being part of the change.

Victoria’s Secret will finally stop using catalog paper made from Canadian forest after protests by environmental groups all over the world. Because Victoria’s Secret mails about 350 million catalogs a year, its moves are likely to have a ripple effect on paper mills and across the rest of the catalog industry. ForestEthics (Stand.Earth), the nonprofit group that targeted the retailer, said it will immediately turn its attention to other large retailers that it believes haven’t made adequate environmental commitments.

Limited Brands Inc., the parent company of Victoria’s Secret, said its catalogs will no longer use pulp from the inland temperate rain forest in British Columbia or from the Rocky Mountain foothills of Alberta.

The latter area is part of the boreal forest, a critical habitat for many species, including woodland caribou, which biologists say have been imperiled by the spread of logging and other industries across Canada’s evergreen forests .

A 10% Starting Point

The retailer said that next year it will shift its catalogs to paper that is either 10% postconsumer waste — that is, recycled — or that has at least 10% of its content certified by the Forest Stewardship Council. The council has a rigorous set of benchmarks for forest management, including measures to protect wildlife and a prohibition on logging levels that exceed forest-growth levels. It uses third-party audits to evaluate paper suppliers, and its requirements are favored by environmentalists over other groups’ forest-management guidelines.

Limited said the 10% goals are only a starting point and it vowed to continue improving its paper sourcing.

Victoria’s Secret already has shifted its clearance catalogs to paper with 80% postconsumer content. Limited also plans to reduce the amount of paper it uses overall and is donating at least $1 million over the next two years to research and advocacy to protect endangered forests and improve catalog-industry practices.

Limited, based in Columbus, Ohio, said it is in contract negotiations with paper suppliers, declining to name the companies involved. But the retailer said it is pushing paper-industry executives and Canadian government officials to make available more paper certified by the Forest Stewardship Council. “I’m optimistic that the logging industry is getting that message from us loud and clear,” said Tom Katzenmeyer, Limited’s head of investor relations.

Positioned to Benefit

Montreal forest-product companies Domtar Inc. and Tembec Inc. have been early converts to environmentally friendly harvesting practices, and they could benefit from the shift by Limited, particularly if other retailers follow its lead. Both companies have been hurt by the strength of the Canadian dollar and falling lumber prices because of the slowing U.S. housing market.

The campaign against Victoria’s Secret was launched two years ago by ForestEthics, which has staff in the U.S., Canada and Chile. It began meeting with the company shortly after. ForestEthics created a Web site called “Victoria’s Dirty Secret,” and supporters held more than 750 demonstrations outside stores. At times, activists carried chain saws while wearing lingerie and angel wings, in a sendup of Victoria’s Secret models.

Limited said the demonstrations didn’t have a material effect on its sales. “We were not adversaries by any means,” Mr. Katzenmeyer said. “Obviously, they had to do what they had to do to get our attention, but we quickly were able to learn a lot f rom them.”

Who’s Next

Todd Paglia, executive director of ForestEthics, said the group plans to mail letters next week to J. Crew Group Inc., L.L. Bean Inc., Sears Holdings Corp. and its Lands’ End subsidiary, and other catalog retailers. “All the companies that have sat on the sidelines — now they know we’re freed up,” Mr. Paglia said. “The catalog industry in general is badly in need of reform. It’s tremendously inefficient and destructive environmentally.”

Even as an increasing number of shoppers make purchases online, the number of catalogs mailed in the U.S. continues to rise, in part because retailers have learned that many customers like browsing through a catalog before placing an online order. Companies mailed 19.16 billion catalogs in the U.S. last year, up 15% from 16.6 billion in 2000, according to the Direct Marketing Association. The group estimates that Web sales will equal catalog sales by 2009.

ForestEthics has had a series of victories over the past five years, and momentum seems to be gathering for companies to switch to recycled and sustainably harvested paper sources. Just last week,Williams-Sonoma Inc. — which mails Pottery Barn catalogs, among others — said that more than 95% of the paper in its catalogs will come from sources certified by the Forest Stewardship Council. Last month Dell Inc. said its marketing publications now use an average of 50% recycled paper, well ahead of its goal to reach that percentage by 2009. Office Depot Inc. and Staples Inc. also have agreed in recent years to make their paper products more environmentally friendly.