Brendan Blumer Says Blockchain Will Eliminate 95% Of Social Media Profit

The revolution that we all had been waiting for might be here at our doorstep finally. Are the users eventually going to take back power on social media? The co-founder and CEO of block.one, Brendan Blumer, seems to believe this change is incumbent. A recent tweet from him states:

#Blockchain will eliminate 95% of social media profit as users take more than their privacy back from @facebook

— BrendanBlumer (@BrendanBlumer) March 19, 2019

Blumer is of the opinion that the decentralization that forms the foundation of blockchain, could actually empower users to take back their data and control from big corporations like Facebook.

Now let’s look at the statement and go over what we know to analyze whether this is indeed the reality we are moving towards. Undoubtedly, blockchain has given contributors a sense of control and security that they lack on an open forum like social media. We have to trust these companies with all our sensitive data in order to use their services, and we have no say regarding how our data can or cannot be used.

It doesn’t matter if you haven’t given permission to a site to use your data, they inevitably have all of your personal info at their disposal, which they can or cannot put to use according to their own discretion. People want a shift towards a virtual system of networking where one is more in control of their data. People want to be informed regarding how their data is being used by these third party companies.

In order to ensure that people get to see a more transparent system, blockchain technology is being considered as the next big thing in the tech world. Due to its open ledger system and immutable nature, it presents itself as a more by the people and for the people like technology.

Content creators can get paid on a social media that is based on a blockchain, and it can be guaranteed that user data will belong solely to the users.

Which makes us wonder if we are actually heading towards a future where blockchain will dictate social media and emerge as a more popular alternative to Facebook. With the launch of the Facebook coin, Facebook is clearly looking to get into the crypto sector. We look forward to seeing how they leverage their new project to maintain their user base.