There’s an online market for a new, more anonymous form of communication: the blockchain.
But what is it and why is it growing so fast?
A new paper by two Australian researchers finds there’s plenty of room for innovation in blockchain technology.
For example, they say there’s a huge market for blockchain-based data privacy and decentralised databases that provide transparency and accountability for transactions.
The researchers say the key to the success of blockchain applications will be a decentralised, decentralised and open system, and they argue that’s where the future of social networks lies.
There are also a range of other blockchain applications that can help solve other problems like making it easier to share information and improve the way businesses operate.
What are the biggest problems facing the blockchain?
Read moreThe researchers, who were not involved in the research, say blockchain solutions could provide an entirely new way to secure data and prevent fraud, with the potential to create a whole new set of social interactions that can be powered by the blockchain rather than centralized data.
“It’s a new way of working that could transform how we interact with each other,” one of the researchers, Paul Anderson, said.
“And if it works well it could have huge social benefits.”
One example they gave was a way to securely store user data in a database, but keep a copy of the database somewhere else.
In addition, they noted the blockchain could provide the means for secure sharing of data that would not require the use of a third party service.
The paper also suggests there’s room for a decentralisation of data storage and data sharing that could be used for good, rather than for evil.
In particular, it suggests a decentralisable, blockchain-powered social network could provide a way for businesses to track how many people are following their posts.
The paper says social networks could also be used to provide more transparency around the content they host and to give businesses the ability to know exactly what content they are being told to share.
While the researchers are not trying to make the blockchain a “silver bullet”, they say they’re open to working with others to build new applications on top of blockchain technology and they say social networks can be a good example.
“We’re not suggesting that this is the end of the road for social networks,” Anderson said.