[Image Credit: Social Media Marketing at Today Testing]
Social media has become one of the most influential emerging technologies. It is responsible for exponentially making improvements in the ability to create networks and connections between people possessing similar areas of interest. Life before the invasion of social media networking outlets such as Facebook, Twitter, Instagram, YouTube, Snapchat, linkedIn (which is a professional networking website) and many more, was pretty boring and monotonous. Today everybody knows about what is happening in the lives of others. Everything is constantly updated, each day, hour, minute, and second. New phenomenas have emerged from this, such as people even becoming addicted to it.
A major revenue component of social media companies like Facebook (NASDAQ:FB), etc. come from the Advertisements and the links or videos they publish on their website as a part of promotions and digital marketing.
Various businesses conduct their digital marketing over social media platforms, to pull in customer attention towards their products by promoting and branding the potential sale product. There still remain many areas which need improvement. Blockchain technology as applied in many industries, as proven to be highly efficient and beneficial for the parties involved. The main features of the technology include transparency, immutability, high level of security and privacy.
If blockchain technology were to be applied to social media, there could certainly be a huge impact. Below we take a look at some of the various ongoing ideas of this, out of which some startups have taken up and implemented, while others remain aside for future prospects.
Assigning Credibility to the Influencer
Every company nowadays find social media as a perfect platform to promote their business and brand. Social media websites like Facebook and others provide with features like boosting the post and many other tactics claiming that it will help elevate the outreach.
Here is the point which needs to be noted. How will the business owner know how many of the views have actually reached them as a customer? What about the genuinity of the ad which is being provided by the media website?
Blockchain seems to find answers to all these questions! With blockchain technology, it could be possible for the influencers to create contents of the genuine quality. Before purchasing the ad contract, the business could check the credibility of the influencer by reviewing his/her previous works. This is the actual credibility which shows that how many views got converted into customers through their ads for the companies. Specific campaigns could have different credibility values and businesses could choose among the selections. This would improve conditions on both sides of the deal, with more transparency, efficiency, and credibility.
Social Media Attribution
A key area which blockchain technology looks to provide solutions, is attribution. For example, let’s consider the supply chain industry, in which products go through many stages and are constantly being moved from one hand to another. Keeping track of the products origin and retracing its activity, becomes a tedious, difficult and time-consuming job. If this is the case for the physical goods, then retracement of digital material share path from source to the current destination may be almost impossible.
It frequently happens that the copyright of the original creator of digital items is not preserved, and other people overwrite and use his/her contents. Blockchain technology has already solved similar issues to this, prevailing in many industries including supply chain. As such, it wouldn’t be too difficult to apply the same technology to social media attribution.
Encouraging Digital Decentralized Currencies
Every influencer needs financial support and encouragement to continue creating content. Current income sources for social media influencers generate revenue from sponsored product promotions and or affiliate referrals. Social media engagment is encouraged from things such as “Likes” on Facebook, and “Retweets” on Twitter.
Implementing digital decentralized currencies can combine the two and provide social approval, as well as monetary compensation for great work. This could be implemented by providing an option to the audience all to donate or tip some cryptocurrencies (like bitcoin etc).
“Minds”- Leading Crypto Social Network
Recently Medici Ventures, a wholly-owned subsidiary of Overstock.com, Inc. (NASDAQ:OSTK) made a $6 million Series A investment in Minds, Inc. which is a leading Crypto Social network. Within just hours of release, Minds’ $MINDS crypto token which was launched on the Ethereum market reached the top position new DApp on the platform. The main aim of the investment is to advance the processes using blockchain technology as a social media application which will eliminate the need for a third party and also removing the trust-based system.
All these prototypes and many more issues with the current social media is consistently being dug out, for which blockchain technology can help solve the problems for a better tomorrow which will be reliant on social media.
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