Blockchain in social networking

Blockchain technology has diverse capabilities, supporting the transfer of value, enabling data to be held in a decentralized manner and, due to the use of cryptographic security, is able to handle and store data securely. It (blockchain????) has been touted to be one of the web-based infrastructures critical for the advent of Web3, where users own pieces of the internet. When considering the philosophy behind social media, which is powered by user-generated content, it is easy to understand why some believe deploying blockchain technology with social networking is highly desirable - so handing back to those who create content power as to how their IP is used and commercialized. Today’s social media networks generated over $240billion in 2022 and this is expected to increase to over $650billion by 2027 in advertising; typically, all controlled by large corporations. Unsurprisingly, this raises concerns about data privacy and user control - potential areas where blockchain can solve pr…