Since the advent of mobile era, social media continues to impact the way industries operate and expand. The most emerging and enough talked industries are cryptocurrency and blockchain technology. And, the word-of-mouth popularity it gets is because of social media.
Blockchain has immense potential to be the next big thing in digital marketing, social media and many other industries. The very first use of Blockchain technology was carried out to verify transactions made with digital currencies called cryptocurrencies. But as of now, apart from banking, finance, insurance, the technology finds it potential in various industries like education, healthcare, government and energy to name a few.
How social media and blockchain technology impact each other?
Social media marketing is all about connecting with brands and communication with the right audience at the right time with the right content.
How blockchain fits here? Curious to learn about blockchain-enabled social media marketing?
Well, Blockchain technology eliminates barriers and builds transparency. Due to which everyone involved is aware of the transactions that are taking place. This transparency enhances trust between involved parties.
In addition, companies, because of blockchain enabled social media marketing, will be in a better position to measure their marketing efforts, analyze ROI and strategize growth avenues.
Social media acts as the pulse of communication. It connects brands with the target audience and help converting them into consumers. Not to forget, influencers play a great role in opening doors for brands to reach a pool of right audience.
The role of blockchain between social media marketing and brands
Blockchain technology is transforming the online business world. Hence, brands must reckon the way they do business moving forward. Understand how blockchain-enabled social media marketing will impact the entire ecosystem.
Impact on influencers
There is no argument to the speculation that the blockchain will put an end to the difficult advertising income issues for influencers. Instead, doing transactions with the help of cryptocurrencies is safe, secure, simple and transparent.
Under blockchain-enabled social media marketing, transactions will be carried out in digital currencies. The transfer of digital currencies will help influencers to get paid on time regardless of boundaries. Unlike fiat currencies, there is no international transaction charge in cryptocurrencies. And, such transactions are done in fraction of minutes.
Impact on brands
Furthermore, with the help of blockchain-enabled social media marketing, brands will be in a premier place to ensure that their digital content is shared among social networks. They can be at peace that influencers will share their personalised content to the target channels of their choice where their target consumers roam online. In addition, both parties will be able to get together on social media content, track the posted data and plan their content calendar and campaigns efficiently.
Control over fake and spam content
The duo – blockchain technology and smart contracts – is highly expected to influence the outspread of fake content. Isn’t it true that in today’s world, most of the social media networks are over flooded with lots of relevant and irrelevant content including fake news and spam bots.
Considering the potential that blockchain offers and the readiness to adopt this new technology, it is obvious that in the future, the content distribution on the social media networks will be possible only after verification.The ability to block fake and spam content and its contributors is an alluring option for brand builders.
Anticipations based on evidence
The future of social media will also get highly impacted by the alliance of Blockchain and cryptocurrency collectibles. The rising interest in the crypto-collectible sector is an evidence. Early birds in this sector like CryptoKitties raised millions of dollars in investor funding.
Once the decentralized platforms will be considered as common market place, the social media users will be able to choose their networking platforms at their own. The users would be able to earn cryptocurrencies based on their activities on social media. This will attract more users to access the platform.
Again, both social media and forums are still essential for the growth of digital currency and blockchain technology. So active presence on social networks can uplift the potential of this technology and vice-versa. For example, Bitcoin can credit much of its growth to social forum Reddit. Also, Reddit is one of the most preferred social influencer platforms.