June 23 (Cointime) - Social media is plagued by digital fraud, with scammers creating fake accounts to trick unsuspecting victims into sending them money. To combat this issue, some have turned to blockchain technology to create a decentralized social identity verification system.

Matthias Mende, co-founder of the Dubai Blockchain Center, spoke at the recent World Token Summit about the center's project to use blockchain to verify the legitimacy of social media accounts.

Mende believes that blockchain has the potential to solve the problem of digital identity fraud by providing proof of identity in the blockchain, ensuring that users are interacting with the real person and not a fraud.