Is Blockchain Going to Disrupt Social Media?

By on June 22, 2018

Digital marketing was born in 1997. At that time, nobody would have thought that social media would become a massive part of it. Since 2003, companies have been doing social media marketing. Now, it is the talk of the town at a global level. Five years later, in 2008, a new buzz entered into our lives, and today it has gone viral. It is none other than blockchain technology.

Experts have predicted that blockchain is going to disrupt more than 20 mega industries. Is social media it’s very next target?

For years, social media giants like Facebook and YouTube were the darlings of the tech-world. Their uncurbed growth moved global markets and made them some of the affluent companies in the world.

Social Media Today

Social media today consists of a number of social media platforms. All these platforms serve the same menu with a slightly different recipe.  For instance, LinkedIn is known for its professional content whereas Instagram focuses on visual content. Channels like YouTube and Vimeo cater to its audience through video content whereas Twitter and Facebook earn engagement with a mix of posts, links and visuals.

Social media marketing strategy is devised on the basis of the audience of the respective social network and the type of business.

Needless to say, the popularity of each platform differs from others.

Blockchain and its potential impact on social media

Social media growth is dependent on the anticipation of ad sales. This prediction requires a combined effort of overall privacy invasion for users and rigorous guidelines for content creators.

According to the latest Cambridge Analytica scandal, the depths of the data procured from user activities is revealed. Facebook now says that 87 million users had their data mishandled, which potentially subjected them to biased and manipulative advertisements.

Now the question is how blockchain technology fits here and what could be its potential impact?

1.Content creators to decentralize their operations

Blockchain technology, in spite of being the new kid on the block, experiences new developments on a frequent basis. These new developments have the paved the way for content creators to decentralize their operations. On top of all this, decentralization can be done without compromising on the compensation offered on popular platforms like YouTube.

According to a report by Bloomberg Business, creators are heading to these platforms to embrace new monetary models and audience members.

Content creators can request funding directly from their audiences in a more direct, informal, and democratic way.

2.Crypto-decentralized video platform

Did you know DTube is the first crypto-decentralized video platform, built on top of the STEEM Blockchain and the IPFS peer-to-peer network?

DTube is a blockchain-platform that imitates YouTube. This video platform permits its users to monetize their content through direct contributions instead of revenue-generating from ads. Also, users can use their money to vote for the content which they want to surf most.

This money is none other than cryptocurrency. Since it is a blockchain, digital currency is the mode of payment.

3.Transparency among the trio

Here, trio refers to brands on social media, content creators and influencers. Blockchain technology comes with the excellent advantage of transparency, speed, security and safety. It will wipe out the blurred lines of cognitive state and make integration more accessible for both advertisers and publishers. Blockchain, in this competitive environment, will open more doors for brands and influencers globally to engage the target audience, boost revenue and create exposure.

Blockchain-based social media platforms

It is by now apparent that the advent of blockchain is giving a boost to social media. Users are using social networks to promote their blockchain technologies. Blockchain-based social media platforms are careful to ensure that content creators get their fair share of compensation, by tracking ownership rights, for the work they do. Some of the networks are SteemIt, Synereo AMP, The obsidian platform, SocialX, – to name a few.

Note: Blockchain-based social media platforms like SteemIt meanwhile let platform participants develop value by growing their digital currencies.

In the all – better establishment of social media

Both blockchain and cryptocurrency collectables play a significant role in influencing the future of social media. Marketplaces are now expanding to address specific needs. And, this expansion is expected to continue as Blockchain becomes standard and business owners recognize its potential.

About Sonal Mehta

This article is written by Sonal Mehta. She is a Content Lead at Solulab, USA based leading mobile apps and software development agency, started by Ex vice president of Goldman Sachs, USA and Ex iOS lead engineer of Citrix. Solulab help build startups - we are a no-sweat technical partner for early stage entrepreneurs to launch ideas from scratch and for later stage startups to build more quickly and affordably.

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