Paper Key : IRJ************389
Author: Mahek Valisab Shaikh
Date Published: 06 Oct 2023
Abstract
This research paper contains information on Blockchain technology based social media. Blockchain is revolutionizing the way social media platforms operate, offering new opportunities for user empowerment data privacy, and content ownership. Block chain-based social media platforms leverage distributed ledger technology to enhance security, transparency, and decentralization. User gain greater control over their personal data and content, reducing the influence of centralized entities. The emergence of blockchain technology has heralded a new era of innovation across various industries, and one sector where its transformative potential is becoming increasingly evident is in social media. Traditional social media platforms have long dominated the digital landscape, but they often grapple with issues related to data privacy, content ownership, and centralized control. Blockchain-based social media platforms are poised to address these challenges, offering a promising alternative that combines the strengths of blockchain with the dynamics of social networking.Blockchain is a decentralized technology that allows for secure, transparent and tamper-resistant record keeping and sharing. The concept of blockchain was first introduced in the early 1990s by Stuart Haber and W. Scott Stornetta, who proposed a system for timestamping digital documents in order to prevent their alteration.However, it was not until 2009 when an anonymous person or group of individuals going by the name of Satoshi Nakamoto, created the first blockchain-based cryptocurrency, Bitcoin. The Bitcoin blockchain is a public ledger that records all Bitcoin transactions that have ever taken place. The use of a decentralized ledger means that transactions can be verified and processed without the need for a central authority, such as a bank, government or credit card company.Blockchain technology is a revolutionary concept that has gained immense popularity in recent years. It refers to a decentralized digital ledger that records transactions across multiple computers. Unlike traditional systems where data stored and controlled by a central authority, blockchain operates on a distributed network where every participant has access to the entire transaction history. At its core, blockchain relies on a combination of cryptography and consensus algorithms to ensure the security and integrity of data. Each transaction is grouped into a block and added to a chain of previous blocks, hence the name "blockchain." Once a block is added, it becomes virtually impossible to alter or tamper with the information contained within it due to the cryptographic hashing process.One of the most notable applications of blockchain technology is cryptocurrency, with Bitcoin being the first and most well-known example. Bitcoin introduced the concept of using blockchain for peer-to-peer transactions without the need for intermediaries like banks. This decentralized system enables users to send and receive funds securely, anonymously, and with minimal fees.
DOI LINK : 10.56726/IRJMETS45110 https://www.doi.org/10.56726/IRJMETS45110