How Can Blockchain Transform the Industry of Digital MediaSeptember 7, 2018
Digital media is considered one of the fastest-growing sectors around the globe. The adaption of technology along with mass communication and content creation has led to a new way of media which is social, global and easily accessible. However, issues are afflicting digital media, with issues that range from massive financial losses, infringement of privacy and data security due to massive advertising fraud among others.
But how can blockchain tech disrupt the digital media industry?
- Lowered Ad Fraud
Corporations pay significant amounts of cash to operate digital ads. However, the advertising market is troubled with fraud. In fact, it’s been calculated that for every three dollars used on digital advertising, one dollar is lost to fraud, along with total losses calculated to reach $16.4 billion.
Corporations are not able to enumerate if the ads they put and pay for convert into sales for their products. Apart from this, it is not clear how bots produce many clicks and views of the digital ads.
Blockchain technology, on the other hand, could be introduced to improve transparency and accountability. The ads which are which are put can be recorded on the blockchain. Therefore, it will guarantee that the metrics of the ads are verifiable.
- Simpler Cross-Promotional Engagements
Perhaps you find yourself living in a world of digital influencer. These influencers are people who have a big social media following and are paid by brands to direct a few of their traffic to said brands. Although it’s a typical practice, it has experiments because the terms of the contracts differ from one brand to another, and from one influencer to another.
Meanwhile, blockchain-based contracts like XinFin can be written to lessen possible increase during cross-promotional engagements. Such self-executing smart contracts can pay the influencer after he or she has released the agreed-upon promotional content. XinFin (XDCE) is considered one of the highest potential blockchains available in the market today. It’s a hybrid blockchain that offers business transaction privacy for essential data.
- Improved Control, Privacy and Data Safety
Along with the general public becoming more informed about their privacy, issues over data gathered through smart devices and search engines are at an all-time high. It’s no longer a secret which giant corporations like Facebook and Google are making money selling user data to corporations which need customer insights. Apart from that, a huge number of individuals are not satisfied with the methods which are being employed to gather the data.
Because of this free nature and ease of use of big search engines, email service providers, and social media platforms, massive amounts of data are gathered and shared. The blockchain can introduce another level of transparency into the data world which is not accessible currently. Allowing users to get control of their data establishes a new model of revenue-generating. It enables users to be compensated directly for the personal data they prefer to share.
Blockchain technology is being sought-after as a revolutionary technology which will affect a wide array of industries. It can change it by boosting operational efficiencies, improving security and transparency and lowering costs. Digital media is considered as one of those industries which the blockchain will revolutionize.