I'm not sure that existing social networks will agree to restructure their policies and give the user more control over their data. Here, rather, it is necessary to make new platforms from scratch, and I even know some projects that are fully capable of replacing instagram or facebook. One of them is taklimakan, built on the principle of encouraging the user to create good content, including educational, so that more people can learn the blockchain technology and cryptocurrency management

In this approach, the brave browser is already working, allowing the user to determine whether he wants to block ads, or wants to get some encouragement that he will not turn it off. Blockchain and its decentralization is something that should be given to society, if there really is a desire to make it more responsible for its affairs and data

According to my experience and understanding of blockchain technology, it can definitely be used in Social Media platforms to provide better control to their users. But it can also be done without blockchain as well but with blockchain, the end user will be able to verify the robustness of an website's data security!

However it's easier said than done! The matter is fairly complex to execute. We have seen a number of social media popping up in last 2-3 years using blockchain technology but majority of them didn't last very long!

Steemit is probably the first ever blockchain based social media that became successful, but didn't hear any other prominent names after that! But Steemit is not a full fledged Social Media platform like FB.

If we'll talk about the previous situation of cryptocurrency, Social media has a very big impact on it especially on blockchain advertisements and Ico endorsements. However, we have found out that without the influence of social media, blockchain could still continue soaring. When social media apps have banned cryptocurrency, it still stood firm and still getting better right now.

Blockchain could work and could shine without the help of social media. Especially now that it's popular and continuously growing.
We all know that Blockchain has been on the social media trends but it still bloomed when they banned it.
It's better without the influence of social media.

the problem is that if you want to use blockchain technology in centralized way for a social media platform then there is no point, using the old way of a simple database is more efficient and makes more sense.
if you want to use it in a decentralized way then you will face a very big issue of the availability of that blockchain and also the enormous size of the blockchain that everyone has to download just to be able to have a Facebook-like account.
this may be the reason why we still don't have any decentralized platform either. for instance the biggest one which kept talking about it (Steem) turned out to be a centralized website like reddit,... with no difference!

Based on what I have heard, it does seem like Facebook might integrate the blockchain into their system since they really appreciate what it has to offer, but this might take time(Several years probably).

https://toshitimes.com/what-is-facebook-doing-with-blockchain-behind-the-scene/

That is a great thing about blockchain technology there are other purposes that we can use it not only in a growing list of records but with the users of social media and I think everything that is digital or digital records, I have watched a Youtuber that he would like to suggest the government about his petition to used Blockchain technology in certain Election, For Voting to be secure and digitalized and he really wants the election to level up in his country to prevent certain cheating, I guess because of the animosity and security of blockchain it can really be used if it is digital or online.

One problem we have today is the growth of monopolies, arguably, so that's an obstacle to the use of blockchain on social media. Increasingly auto manufacturers are willing to test digital ledger technology (DLT) to reward users with data they provide, so we are seeing the growth of blockchain and DLT use. Social networking data is another use case, but I fear it will require users forcing it on companies that may not want to be transparent about how they harvest and use data.

The problem is these companies are centralized and may want to preserve the status quo.

Such approach with use of blockchain technology in SM.would be great and the most fsir for users.
But I don't think they are interested to implement blockchain because they don't see their own interest in it. I think that only some kind of regulation could force them into it and that is not very likely.