6 Ways Blockchain Could Change Social Media

Tommy Wyher  |

Everyone knows that social media is important to our way of life. Whether we use it to keep in touch with far-off friends and family or we use it to advertise our business, social media has a huge impact on our everyday lives.

If you haven’t been keeping up with cryptocurrencies and the blockchain, now is a great time to get yourself acquainted. Why? The blockchain will change social media and how we use it. Here are six ways that we can expect to see change along with why these changes are good.

1. Eliminate Fraudulent Traffic

In the past year, we have heard a lot about foreign bots and false articles being cycled through every manner of social media platform. It has left the average person and social marketers incredibly frustrated with trusting anything they see or do online. While it’s logical to assume that most of what is on the internet is not true or authentic, the blockchain can eliminate false news and fake accounts that drive traffic to a business or service.

The greatest thing about the blockchain, whether used on Instagram or any social media platform, is the fact that it’s transparent. It keeps a record of every move that someone makes in their process and can eliminate the inflated numbers many social media marketers are experiencing. It also makes verifying news articles even easier and could very well remove all “click-bait” titles that are misleading. Not only will the user feel more comfortable that they are seeing more truth, but it also holds many websites accountable for how they present information.

2. No More Middlemen

Currently, when you log into any social media platform your data is reviewed and sent to advertisers. The advertisers, in turn, then make sure you see their ads right away. Advertisers have been using our data for years but it can leave us feeling a little too vulnerable at the speed it happens.

With the blockchain, there’s a high level of security that will leave any consumer comfortable with their online shopping. It means you will go directly to a company rather than be inundated with ads. It totally removes the middlemen and protects your information.

It may seem contradictory since every transaction on the blockchain is available to see and unable to be edited, but your data will never be sold to the highest advertising bidder. Any data disclosed is at the discretion of the user, not the company they are buying from.

3. Simplify Data Compilations

For the advertiser, the ability for the consumer to disclose their data on their terms means no more tracking data from multiple sources. It can become quite difficult to obtain the data when you currently source it from multiple monitoring companies. Here you get your data in one place and in a timely fashion.

Since the consumer gets to decide what information they provide you with, you can develop a fantastic relationship with your target market and get further with your marketing then you would with current methods. You can also be sure you won’t get fraudulent information, which is an common issue today. Great relations and an easier job, who could complain about that?

4. Save Money In The Long Run

Right now, marketers must pay for ad space and data, racking up fees that can make a big impact on profit margins. Because advertising is necessary and the current model requires data and ads, you end up spending a lot of money to reach your customers.

With direct contact with your clientele, you will pay much less for data and your ads will be more profitable. You could even spend less on ads and still bring in enough customers for bigger profits. How fantastic would it be to let your company know that you can lower the marketing budget simply because the blockchain changes the playing field?

5. B2B Marketers Will Have Access To Smart Contracts

If you aren’t familiar with smart contracts, they are one of the simplest contracts to employ as a B2B marketer. Basically, the contracts define the terms of an agreement, let’s say you are required to make so many ad impressions over the first quarter. The smart contract is automatically sealed upon agreement and once you fulfill your requirements, the contract is closed and funds are transferred.

Since we know the blockchain will provide authentic impressions, you can easily keep an eye on how well the ads are doing and even make changes to the ads in order to meet your requirements. And, there is no waiting for a client to pay you as it is completed automatically by the blockchain. Simple, easy, and hassle-free.

6. High-Quality Influencers Will Be Accessible

Marketers partnering with brand influencers have steadily been on the rise over the last decade but the quality of those influencers have not been that impressive. With the blockchain forcing so much transparency, you are going to see fewer influencers available but all of them will be a higher quality and offer more in return in the long run. It will keep those relationships healthy and flowing while taking out the unnecessary issues that come with some influencers. It will really streamline the process, especially when utilizing smart contracts with your fresh team of influencers.

In short, using the blockchain in social media would be a fantastic change that could prove beneficial to everyone across the board. We don’t know when we will see this kind of change but if enough of us push for it, it will happen. Changing the face of social media would have a domino effect on our experiences online and imagine how amazing that could be!

DISCLOSURE: The author has no investments in any Cryptocurrency currently with no immediate plans to invest.

The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer



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