What is Social Networking?
Social networking plays a major role in establishing the use of Blockchain because social networking helps the user to aware its surroundings. Various social media applications like twitter, Facebook, Instagram etc provides information of products or goods that are provided by some companies.
The information of the products is usually in the type of marketing campaigns and advertisements. Most of the social media applications tracks the user’s searches, this helps the applications to engaging the users in showing the products which are interested by the them based on their liking. The social media applications also help to secure the privacy of the user by providing no central based server in which nobody would be able to track or monitor any user information.
End to end encryption is provided by various applications like what’s app which make the use of Blockchain to protect the messages content so that only the receiver and sender would be able to access the data. But some form of engagement for the user’s privacy is kept by the social networking applications so it is advised for the people who wants complete privacy of their data should not use social media at all.
However, when using end to end encryption for the software, the small amounts of data called meta data is also get exchanged by the use of messages. This becomes a major concern among the user’s privacy because the meta data can be intercepted by the hackers or the attackers. This process can be avoided by not using any personal information when using applications. Email addresses, credit card information should not be shared among the users.
In these days, social networks use peer-based technologies so that no third party would be able to access the information of the users. Funding website like brilliant and Kickstarter has enabled the function of fundraising that uses block chain. It means that anyone can raise the money through creating a simple campaign about a particular topic. Many other websites support crowd funding which helps to support currency online without giving access to any external means of payment mechanism. Also, with the help of this method the user can buy, rent, sale websites or ad spaces by using block chain methodologies.
There are many uses of Blockchain but also there are various limitations of using the methods of blockchain like various bots that contains virus programs, spamming etc. The cryptocurrency provides a safer means of virtual money for the user but because of mining nature of cryptocurrency, it requires mining of rewards which is not an easy task. Mining a reward from it required to have a large network connection which would be able to mine virtual currency at very high rate. If any of the fraud occurs regarding the cryptocurrency it cannot be tracked by any means. So, it means that before investing any money in crypto currency the user should know all of the details about its concerns and limitations to have a successful way of investing the money.