Something I’ve been thinking about quite a bit lately is how Blockchain will transform social media - it’s almost inevitable. If you look at conventional social media platforms (Facebook, Twitter, Instagram, etc) their main focus is to monetize the data collected by gaining insights on their users. Social media platforms such as Facebook want your data so they can market to you. Yet if you’re building a social media network on Blockchain, you own your data - which is a game changer. Blockchain is open source, transparent and available to most businesses.
When it comes to traditional/current methods of social media marketing, so many companies are hemorrhaging money as their efforts are resulting in significant revenue losses (uncertainty and lack of transparency when it comes to impressions, bidding, ads competition, budgets). Blockchain protocols, on the other hand, are not controlled, are decentralized, and offer a level of transparency and trust that might not be there with existing social media platforms. This offers an opportunity for startups and SMEs - they get to compete where previously they were dwarfed by corporates with bottomless budgets.
Whilst there are quite a few businesses already using Blockchain, when it comes to social media there are few and thus great opportunity exists in my opinion. I believe we will soon see an emergence of Blockchain protocols focusing on specific areas of social media marketing. These will be built on protocols such the Ethereum system due to Ethereum's decentralised blockchain and its native digital currency Ether that are proving perhaps the most widely used tools for dapp building.
I’ve started experimenting with Steemit, a Blockchain-based social network that rewards its users for creating and sharing content (it is this content that exists over a distributed, decentralized network based on Blockchain technology). This social network still seems in its infancy phase but I am excited to see how it will evolve and grow.
I also believe digital marketing and strategy agencies will pivot in terms of their offerings and will start to explore how they can leverage these new Blockchain protocols to better serve their customers. Digital agencies will look at their current and potential customers’ business models in order to 1) either offer marketing services on Blockchain technologies or 2) will create Blockchain-based business processes, payments, and transactions. This is something I’m also planning for ‘Boguslavsky & Co’ in the near future.