How Blockchain Affects the Social Media Development
Social media outgrew the initial use of simply connecting people with distant relatives and friends. Platforms like Facebook, Instagram, or even Twitter now stand as one of the most popular and effective marketing tools. However, with billions of people posting various types of content on a daily basis, social networks developed a flaw or two. Ads became a nuisance that users often block using various plugins, fake news and abusive content is all but impossible to cope with, various types of spambots are slowly taking over creating false clicks, and that's all just the tip of the iceberg.
Although a great effort is made in order to cope with all the above issues, social media platforms seem to be losing the battle, which means a new weapon must come into play. With the development of blockchain technology, it appears we are about to witness a major change in the way how social media should operate in the future.
Data validation for marketers
When it comes to social media marketing, one thing is of paramount importance – the validity of obtained data. A recent study shows that around 78 percent of marketers are concerned about the potential for ad fraud. The same study shows that overall loses due to ads fraud and click bots could go up to $16 billion. Hiring people and bots to enhance the image of a particular brand is not a problem that marketers have to deal with, users are the ones that experience the full scale of negative effects due to frauds. Recently published EduBirdie.com Review is an excellent example of how important it is to have valid data. Furthermore, false clicks generate fake statistics which means customers get a completely wrong picture that can lead to substantial loses.
With blockchain technology, it is possible to verify every aspect of social media marketing, thus allowing marketers to receive valid data that would lead to more informed decisions in terms of creating ad strategy and, ultimately, placing ads.
Related article: The Life Cycle of Online Ads: from User Preferences to Ad Revenue
At this moment, placing privacy and social media in the same sentence is an oxymoron. We all know that all of our online activities are being tracked, filed, and sold to advertising agencies without even giving us a chance to say no. With blockchain implementation, we are able to connect with businesses directly instead of placing our information in the hands of social media platforms and let them choose which information they want to sell and whom they are going to sell it to. More importantly, we could be the ones that make money from our browsing data by choosing which information we are going to provide to interested parties.
This type of change could even lead to a higher price per impression, simply because the marketers will be able to send content directly to the target audience, making the placed ad more valuable to both parties.
Peer to peer sales
Social media are also platforms for conducting e-commerce with so many users providing various products and services via Facebook or Instagram. However, due to the potential for fraud, doing business via social networks is not all that easy. Blockchain technology facilitates payments, user verification process and contracts which makes frauds all but impossible to achieve. Furthermore, introducing cryptocurrency as a method of payment would also be an interesting update which would allow more comprehensive pricing.
Related article: All You Need to Know About Public & Private Blockchains
Freedom to post content
All social media platforms have their own user guidelines which are based on company policies and government legislation. However, what happens when a user posts a content that gets reported by a group of people that disagree with what that particular content represents? The fact that Facebook, Instagram, and other social media have the power to remove our content, dismiss all our followers or simply shut down our account is the opposite of freedom.
Decentralization of content will give users the power to express their views and creativity online without fear of repression. Just because someone doesn't like our work or disagrees with what we have to say doesn't mean we should be shut down and lose all our work.
No more fake news
We already mentioned how important it is to have valid data for marketing purposes, however, it is important to say that the validity of all content is equally important. The ability to track the source of each piece of news that gets published allows us to distinguish actual events from those that are nothing more than pure fabrication.
According to statistics, less than 20 percent of people trust the news they read on social media. Because so many news websites deliberately post misleading content, all others suffer the consequences of readers' growing distrust. With blockchain, it will be possible to track down the sources and verify their authenticity.
Social media platforms are in dire need of a revolutionary change. Blockchain technology provides tools to combat all the issues that make social media experience less safe and enjoyable. Combining social media and blockchain will bring benefit to users, marketers, and brands at the same time. Further development of this technology could trigger even more positive changes in the way we use social media in the future. However, if current platforms dismiss the opportunity to evolve, the question remains – will the users switch to blockchain based social media, or keep on using the same old technology?
This is a guest post by Alexandra Reay. Alexandra is an editor and professional writer at UK careers booster. She is also a regular contributor to ResumesPlanet and Rushmyessay. Alexandra is fond of horse-riding, reading and rock music. Alexandra keeps her spirit in writing fluent articles as well.