Social media has become a part of our daily life. For instance, 68% of U.S. adults (you know, your customers) use Facebook. This brings a lot of data at disposal for advertising, customer service and well, misuse. Wherever there is data there is scope for breach, Cambridge Analytica being a prominent example at this point. Hence, we need a way to make secure and profitable use of data while, preventing every leakage possible. One approach that comes to mind is Blockchain. Yes, it can power things other than cryptocurrencies as well. In this blog we’ll explore the possibilities Blockchain can add to social media. But let’s first make sure that we are clear on Blockchain.
What is Blockchain Technology?
Blockchain is normally associated with Bitcoin and other cryptocurrencies, but it is efficiently a database that’s authenticated by a wider community, rather than a middle authority. It’s a collection of records that a crowd oversees and maintains, rather than relying on a single entity, which most expected hosts data on a particular server. Of course, a physical database kept on paper could never be supervised by tens of thousands of peers. That’s where computers, and the internet, come in. Each “block” stands for a number of transactional records, and the “chain” component links them all together with a hash function. As records are shaped, they are established by a distributed network of computers and paired up with the preceding entry in the chain, thereby generating a chain of blocks or a Blockchain.
The entire Blockchain is kept hold off on this large network of computers, meaning that no one person has managed over its history. It makes the Blockchain a public ledger that cannot be simply tampered with, giving it a built-in layer of the guard that isn’t possible with a normal, federal database of information.
While traditionally we have needed these central authorities to believe one another, and fulfil the needs of contracts, the Blockchain makes it probable to have our peers promises that for us in an automated, secure fashion. Though usually not used for it yet, Blockchain could be used to uphold a variety of information. An organization called Follow My Vote is making an attempt to use it for an electronic voting system that’s more secure than modern versions, and healthcare providers might one day use it to grip patient records.
Also Read: Famous Blockchain Consensus Mechanisms
The Impact of Blockchain on the Future of Social Media
Whether you are a social media marketer the one who is offering services to businesses or a business owner who is making use of social media to reach customers, it is quite important that you understand that social media is about to go through a striking shift.
The blockchain is unsettling a number of industries, and social media is among those which is likely to feel the ramifications of blockchain disruption first. Companies actually used to create their brands on platforms like Facebook and Twitter are about to realize that all that investment of time may have been for nought. As it is going to change the platforms consumers and businesses use and how they network, social media marketing will go through a disturbance which they never expected and even it never did before.
Also Read: Blockchain Acceleration in 2018
1. Rising interest in established online identities:
With a massive number of problems on social media platforms like Facebook and Twitter, business owners are more and more looking out for customer outreach platforms where they can enlarge their marketing ROI (return on investment). The capability to bond with consumers who have had their identities verified via Blockchain and smart contracts is tempting for business owners who don’t want to carry on to market into the black hole of social media and fraudulent PPC (pay per click) ad impressions.
2. Better Establishment of Social Media:
Just as established identities will overrule the future of Blockchain-enabled social media, so will the established marketplaces of like-minded individuals and companies. Marketplaces are already increasing to address definite needs and this will continue as Blockchain becomes conventional and business owners understand its potential. The aptitude to market to an established group of individuals and companies you know are by now interested in what you are selling can reduce your marketing efforts while rising your return on investment of time.
3. The arrangement of Cryptocurrencies and Blockchain:
Blockchain has allowed social media networking is one more tempting example of the prospect of social platforms. When decentralized platforms become commonplace, social media users will have their choice of platforms on which to system. The capability to earn small amounts of cryptocurrencies for your behaviour will pull towards you users to platforms where contributions to platform increase get a payback. Think of how much time you at present spend on social networking sites like Twitter and Facebook and visualize if each post you made earned you a tiny amount of Bitcoin. A crypto-enabled social media future is fascinating indeed.
Also Read: Use Cases of Blockchain beyond Finance
4. Influences the Social Media:
Blockchain and cryptocurrency collectables are also playing a great role in influencing the future of social media. There is noteworthy interest in the crypto-collectable sector, with some early movers like CryptoKitties raising millions of dollars in shareholder funding. While some might in the start may look at crypto-collectables as nothing more than mobile games, the truth is some of these crypto-collectable companies plan finally to their games into platforms like iOS or Android. When entire sub-markets are built on top of a crypto-collectable game (virtual goods, crypto-trading, etc.), the entire of these innovations become apparent.
5. Lesser Fake Content:
Smart contracts and Blockchain technology will also manipulate the spread of fake content. Today’s social media networks are like full of everything, starting from fake news to spam bots. In the social media networks of the future, the content distribution will be focused on verified information and the traceable spread of data. The ability to block content and its contributors is an alluring option for brand builders.
Blockchain-enabled social media will have a theatrical influence on currently popular platforms like Snapchat, Instagram, Facebook, Pinterest, and Twitter. Savvy social media marketers should already be discovering the Blockchain landscape to become early adopters of new social networking opportunities. The sooner you understand the budding of Blockchain-enabled social media marketing, the earlier you can get used to your current business strategies to lodge this new reality.
Influencers must get up to pace with the Development of Blockchain
Social media is the soul of communication and connecting brands with consumers. And remember, influencers can release the gate for brands to reach an unstable target audience. So how does Blockchain fit between the two?
Blockchain technology is altering the online business world. Therefore, brands must think the way they do trade moving forward. Social media is compelled to reorganize how it shares content, its income structure and data security. And because influencers play a fundamental role, they must educate themselves about blockchain’s digital technology. Otherwise, they have a great risk of losing revenue from social advertising.
So, What are the Solutions to this?
Blockchain will put an end to the tricky advertising revenue issues for influencers. Instead, using this crypto transaction is simple, transparent and secure. Influencers will be paid wherever they are situated and in the currency they use. Moreover, brands will be in a major position to make sure that their content is shared to the exact channels of their option. To top it off, both parties will be able to work together on social media content, track data and plan competently for upcoming marketing campaigns.
Finally, marrying blockchain, influencers and brands together will make a cutting-edge future for all concerned. Consumers will be rewarded with clearness and authentic content. Social media influencers will advantage from the security of receiving payment (crypto tokens) through an escrow transaction online system. The simple truth is, blockchain is the start of an exciting new monetary chapter in the digital world which will help people to grow and even the society will take a new turn which will be definitely a great one and better one for the society.
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