3 Very Important Ways Blockchain Technology Will Save Social Media Marketing

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You probably heard about the hot water Facebook is in. The eyebrows raised over the way Cambridge Analytica and Facebook used consumer data is a definite red flag for everyone on social media. However, there may be a savior for social media via blockchain technology.

Facebook is the most widely used social media network with over two billion monthly active users. The social media giant is also in trouble for mishandling millions of users’ consumer data.

 Consumer data was often collected like this . . .

The unsavory attention Facebook is getting has caused the company to make some big changes in the way it does business. These changes are ultimately causing issues for content marketers.

Changes to how data is used and privacy policies affecting marketers and businesses that leverage social media include:

  • No more Facebook Messenger chatbots (at least for the time being)
  • Stronger restrictions on Facebook data
  • Decrease in the number of organic posts for businesses
  • Decrease in the collection of mobile user data

These new policies may alter the very fabric of social media. It is also a blow to content marketers who use Facebook to target consumers via ads.

Won’t New Social Media Policies Favor Users?

The troubling news of how Facebook misused user data has caused a stir in the digital marketing space. The big question is can social media be saved? Well, chances are, people will continue to use social media.

Social media networks like Facebook, Twitter, Instagram, Pinterest, and other social channels allow people to connect with friends, family, topics, and issues they care about. This is what makes social media so powerful.

With little surprise, the changes to social media policies after the Facebook situation had severe consequences for marketers. For example, cost per thousand impressions (CPM) has skyrocketed to 77 percent as impressions drop significantly.

Problems for users are also possible. In theory, many would think that stricter user data privacy policies would return power to users. Not really.

Yes, there are benefits for consumers, but social users may also be bombarded with a slew of non-targeted ads under new policies. This could also open up consumers to more malware attacks via ads.

Is there a solution? Can social media be saved in a way that benefits both consumers and marketers? The answer to both is absolutely. Enter blockchain technology and decentralization.

How Blockchain Technology Will Save Social Media for Consumers and Marketers

The relationship between blockchain technology and social media is nothing new. In fact, much of blockchain and cryptocurrency popularity can be attributed to social media through networks and forums.

Ironically, the technology social media helped reach the masses will be the technology to save it. How? The obstacles social media is struggling with can be overcome using blockchain technology.

Blockchain technology can return control of personal data and browsing history to users while still allowing marketers to still deliver targeted ads. It is a win-win way to ensure debacles lie the one Facebook is currently recovering from will never happen again.

What is the catalyst blockchain technology serves up that social media is in desperate need of? Decentralization! Here are a few ways decentralizing social media will make the difference.

1. Transparent Open Source Social Networks

Many consumers have got a bad taste in their mouth when it comes to centralized institutions. Facebook, Twitter, and Google are networks that can be censored by the government and have algorithm biases in place to direct consumers toward the content they consume.

However, blockchain technology is all about decentralization. It will take out the centralized bias and oversight, thus returning social networks to peer-to-peer interactions. This will make social channels open source and highly transparent.

Steemit is a good example of a decentralized social platform where people can share content via peer-to-peer interactions.

2. Fraud Free Advertising and BAT

Marketers are simply not getting the ROI on ads anymore. Why? Middlemen are selling off inaccurate user data. Marketers are also not the only ones getting middleman consumer data either, so are online scammers.

This has caused a lot of fraudulent ads and malware attacks on consumers. These attacks have led to the rise of ad blockers and other online safety measures, because consumers no longer trust the ads they get.

Blockchain technology can change this. By cutting out the middlemen, users regain control of their browsing data. Marketers can then ask consumers if they would like to share their data with them in return for cryptocurrency like the Basic Attention Token (BAT).

Contrary to what many would think, BAT is good for marketers. Instead of getting inaccurate consumer data from middlemen, they no get data straight from people interested in the products and services they are delivering ads on.

This leads to better ROI for marketers, and less chance of fraud and malware attacks for online consumers.

3. Better Influencer Marketing

Cutting out the middlemen, marketers can decrease operation costs. Where can you invest this saved marketing money? Influencers. You can save on influencer marketing by cutting out middlemen here too. For instance, influencer manager or agency fees can be as high as 30 percent per ad campaign.

Using blockchain technology and its decentralized protocols, you can analyze the true value of influencers as well. From micro-influencers to celebrities, blockchain verification protocols make vetting influencers accurate and easy.

This allows marketers to pinpoint what influencers have the biggest ROI potential, and ensure that the audience they are appealing to is real and not social bots.

Building Better Social Networks with Blockchain Technology

There are plenty of upsides to decentralizing social media. Not only will user data be managed and used better, marketers can get a clearer picture of consumer behavior. This can lead to increased trust via transparency, better influencer marketing campaigns, and most importantly, increased ROI. How can blockchain technology help your social media marketing game?

By: Nick Rojas

Watch Blockchain Disrupt The Real World

Presented by Waves


Blockchain is a revolution in technology, a grassroots phenomenon that’s gone from being a curiosity for nerds and cryptoanarchists to something that is actually impacting the real world.

Blockchain enables tokenisation, which means that you have the power to to digitize any form of value you own from property rights and money to energy and your vote. And when that value is digitised, decentralised and tokenised, it’s ready to be transferred or traded instantly, peer to peer, across the world — changing the world for good. This isn’t a technology that belongs to enterprises — this is as close to democratizing disruption as it gets.

Companies like Waves, which is celebrating release of smart contracts in May, are springing up to build fast, low-cost, secure and user friendly blockchain platforms to open the revolution up to everyone, individuals and companies alike.

How are we already changing the world?

Check out the infographic below and you’ll see all the ways blockchain is impacting the world right now — and what’s it poised to do very shortly.

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When is Blockchain Right for Your Business

Blockchain technology

How blockchain technology works?

According to the pioneers of blockchain technology, it is nothing less than an online ledger that records the data related to all transactions made throughout a business organization. Apart from the transactions that are made regarding money, other transactions that hold value are also recorded in this system.

The database that this system store does not have one location. Also, it is freely available to the public. Therefore, the chances of fraud are minimized. Moreover, this is a decentralized system, which means that it is not controlled by any party. Thus, improving the level of credibility and reliability on the system.

Benefits of Blockchain Technology

There are several benefits of blockchain technology for the business owners. The most prominent ones may include:

  • Improve the level of security

  • Decentralization that is, free from the involvement of the third party

  • Reduce the cost and fatigue of managing the business records in registers or manual ledgers

  • Along with these benefits, the most important advantage of blockchain technology is that it has the capability to protect the coy rights of organizations.

Why is blockchain system needed in business?

The blockchain is a sensitive system that is a part of every national and multi-national company. Nowadays its use has increased because of the increased hacking threats to the confidential data of organizations. In order to protect the secrets of organizations a decentralized system is adopted, and this system is what we called as blockchain system.

Also, the customers that connect to different companies for business purposes share their important data with them. So, they also need measures to protect their sensitive data because you never know when someone uses it betray you. Here again, the Blockchain development agency comes for customer rescue.

What is the right time to adopt this system for your business?

According to this Forbes article, we’re at the stage that’s called “the early majority” – which means that if we decide to adopt blockchain tech into our business operations, we’re still one of the early adopters.  That said, considering your available resources and growth plan, you should probably do it at the very start of your business. An obvious reason for this is the high efficiency of this system.

As you adopt blockchain technology at the beginning, then you can manage all your ledgers without the interference of any third party. It will make the whole process clear and clean from the start. Rather than waiting for some reasonable time, adopt it right away in the beginning to stay carefree from the tensions of managing transactions through third-party involvement.

This is how this technology works for the benefit of business organizations. The potential of such systems is completely realized by business owners, and they have started using it to make their business activities clear and free from any fraud. This is the reason why this system has become indispensable for the business owners.

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Crypto, Blockchain and The Changing Landscape of Finance

Crypto, Blockchain and The Changing Landscape of Finance

CNBC’s Melissa Lee sits down with John Burbank, Passport Capital Founder and chief investment officer, to discuss the future of crypto and blockchain technology.

No More Banks or FICO Reports? Economist Describes Ways Blockchain Technology Will Change How We Allocate Credit

In our lifetime we will see many of the traditional banks and credit reporting systems become irrelevant as blockchain technology brings about a radical transformation of the institutional nature of our banking system – a system that is based on a centralized ledger to manage transactions, says Virginia Tech economist David Bieri.

According to Bieri, “the distributed ledger technology of the blockchain offers new ways of economic coordination and governance whereby a information flows are shared almost instantaneously across all participants in a networked system, opening the door for new possibilities such as de-nationalized currencies and a radical democratization of different forms of trust.”

Bieri is an associate professor at Virginia Tech who has also held positions in central banking across the globe.

Quoting Bieri

“The information monopoly of the three credit bureaus is rapidly being dismantled as big data and AI allow fintech companies to engineer something that is much more accurate than the FICO score, from the social media and other personal information they have on you. Several fintech companies are already basing their lending information on this. It has similar logic to FICO, but is based off of their proprietary information.”

“There is significant power in the distributed network because in order for someone to tamper with it they would need to change every copy at the same time and hack every computer separately. Because this is much harder to do than hack a central single location, it makes the data more secure.”

Background and research

Bieri is leading a collaborative research project with two of the largest blockchain-based fintech consortia, R3 and Hyperledger, to develop standards as well as examine how the banking system is reorganizing itself to embrace blockchain, the very thing that might render it obsolete. Project Information – “Disruption, Dislocation or Delusion? Fintech and the Digital Macrofoundations of the Next Global Financial Order” (David Bieri and Giselle Datz)

About Bieri

David Bieri is an associate professor in the School of Public and International Affairs and in the department of economics at Virginia Tech. His current research examines the dynamics of financialization and its role in the process of urbanization. He also writes about regulatory aspects of international finance and global monetary governance. Previously, Bieri held positions in central banking at the Bank for International Settlements in Switzerland and in investment banking in London.

HSBC Completes First Trade-Finance Deal Using Blockchain

Image result for hsbc using blockchain

Just a few hours after German online bank Bitbond announced it now allows users to transfer loan anywhere in the world using bitcoin and other cryptos , a move which we said would result in a rapid adoption of blockchain technologies within the bank-disintermediation space, the FT reported that in a somewhat parallel transaction, UK-based banking giant HSBC has completed the world’s first commercially viable trade-finance transaction using blockchain, in the process opening the door to mass adoption of the technology in the $9tn market for trade finance, a process which ironically culminates with traditional banks such as HSBC becoming disintermediated from the fund flows process, i.e., obsolete.

HSBC said the blockchain trade, which processed a letter of credit for US food and agricultural group Cargill, had shown the platform was ready to be commercially adopted across the industry.

In many ways the news will be welcome, especially when it comes to trade finance: traditionally one of the most convoluted and burdensome pillars of modern finance, one which has been deeply in need of disruption.

As a result, the FT notes that the introduction of blockchain “is expected to shake up the centuries-old trade-finance industry, reducing the numerous documents and several days of processing needed for a single transaction to a paperless task that can be completed in hours.”

And, as Vivek Ramachandran, head of innovation and growth for commercial banking at HSBC, said, “the next stage is actually encouraging as many participants as possible to sign up to the utility” adding that banks, shipping companies, ports and customs operations would have to take up the same technology before it could gain widespread usage. “We don’t envisage the platform as anything other than a utility.”

Think of blockchain is to trade finance as DTCC was to old-school stock certificates (incidentally, blockchain is set to revolutionize DTC as well).

In trading hubs around the world, banks such as HSBC still operate trade-finance floors filled with stacks of paper documentation for trade. Blockchain transactions will greatly reduce these operations in the coming years, Mr Ramachandran said. HSBC took in $2.52bn in trade-finance revenue last year, making it one of the world’s largest banks in the industry.

In light of these numbers, it is understandable why HSBC wants to streamline its process even more, generating a far higher profit margin.

Some more details on the historic blockchain-mediated letter of credit:

The transaction for Cargill was for a shipment of soyabeans from Argentina to Malaysia last week. HSBC used the Corda blockchain platform, which was developed by technology consortium R3. Dutch bank ING, which has also adopted the technology, was a counterparty on the deal.

Unlike previous test transactions, the one for Cargill could be replicated if the same counterparties were involved, Ramachandran said, showing that the technology is ready for commercial use.

To be sure, HSBC was delighted with the outcome, and Ramachandran likened the advent of blockchain trade finance to the usage of standardized shipping containers, which were slowly but surely adopted by ships, ports, railways and trade companies over several decades to eventually become the primary mode for global shipping.

And now the race is on for the next standardization protocal, which unless something far better emerges in the coming months, will be blockchain:

In much the same respect, counterparties to trade finance — such as banks, ports and traders — must all adopt common platforms and standards for blockchain trade finance, something that Mr Ramachandran says will play out over the next five years.

To be sure, there will be bottlenecks, and widespread adoption of the technology will still face challenges as companies and banks attempt to make their pilot projects fit in with the bustling world of global trade, said Gadi Ruschin, chief executive at Wave, an Israel-based start-up developing bill-of-lading products using blockchain. Many of the products currently under development around the would fail, he predicted.

“The blockchain is only an enabling technology for different products and each product should be evaluated in many aspects before evaluating the chances for adoption — technology, regulations, cost of the service, security but the most important one is the product market fit,” Ruschin said.

As discussed most recently three months ago, trade finance – its massive $9 trillion industry size notwithstanding – is just one of numerous fields ripe for disruptions and improvement; ultimately the broad reach of blockchain will impact no less than $100 trillion worth of goods and services; in this context, the fact that the market cap of the entire crypto universe (at just over $400 billion at this moment) is less than half the market cap of Apple, may be one of the biggest arbitrage opportunities in history.

CryptoSuite – What Crypto Is & How You Can Make 5-50X

 

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For many this will be your first time getting into the crypto space, so I have created a complete A-Z training series from everything from what is crypto currency, how to open a wallet for free, how to buy coins, trade and how to pick winners constantly that will make you some serious money.

Cryptosuite displays all the currencies in the world, allowing you to not only see, but understand what they all do and which ones to invest in. No other tool makes it this simple. Cryptosuite will tell you when to not only BUY coins, but when to SELL by sending you live alerts of when your portfolio drops below X or grows by Y.

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