Facebook is showing an era wherever centralized Blockchain acceleration in adoption can considerably change the long term of crypto-economics that is beginning to meet with payments.
This happens to be the specialty of distributed ledger technology and blockchain’s unbelievable performance improvement merging public and private networks and making transactions more efficient.
Blockchain adoption has recently gotten a significant boost — not simply through traditional players within the banking world like Chase, but also through social media. Facebook has been rapidly assembling a blockchain team tasked to figure with the emerging technology. It also recently opened a spot for a blockchain attorney to assist potential business partners. The social media giant is also looking for venture capital firms to invest up to $1 billion in its blockchain project.
Payments giant PayPal has also begun investing in blockchain technology. It recently joined a Series A funding round for Cambridge Blockchain, a digital identity software provider that combines blockchain with an off-chain personal data service to validate the identity of parties, legal entities, and devices.
Facebook’s Project Libra:
Facebook’s potential growth into crypto has been widely mentioned within the past few months. Although the social media giant has not confirmed something on the far side having a blockchain department, new details about its digital token project continue to surface. Facebook has been rumoured to be involved with cryptocurrencies for at least a year now. It plans to rebuild its messaging infrastructure and merge its three wholly-owned apps — WhatsApp, Messenger, and Instagram — under one platform. This would give a future crypto token with exposure across the combined 2.7 billion who use the three services each month. The existence of Facebook’s blockchain research and analysis team remains to be the sole official confirmation that the social media corporation is involved with crypto. The arm is led by David Marcus, ex-PayPal president. Facebook is exploring ways to leverage the facility of blockchain technology. This new team is exploring many alternative applications.
PayPal’s First-Ever Blockchain Investment
The specific amounts invested by PayPal were not disclosed by any part, but SEC filings indicate that Cambridge Blockchain raised a total of $3.5 million from several investors over the course of nine months. PayPal invested as part of an extension stage to a series A round, whereas the main series A round raises $7 million. The total then would be $10.5 million. This seems to be an excellent first investment in the blockchain sphere for PayPal. It can have a direct use for Cambridge Blockchain’s business efforts. They indeed hold sensitive user information and the more secure options they have for handling user data, the better.
Overall, they would improve the processes around user on-boarding of personal data which included KYC processes, vetting of financial bank accounts and other counterparties.
Blockchains, while holding interesting potential, particularly in the world of finance, are still in their early days. We have not nonetheless seen use cases within the financial area that are extremely differentiated and notably compelling, but we remain engaged with the broader ecosystem and are interested in how blockchain may result in demonstrable benefits for financial services and other industries.
It also holds the potential to be the next thing that would drive greater messaging adoption and make its tools the key facilitators of a wide range of daily functions. For digital marketing, this might be a significant shift. Even if it does play out as predicted, it’ll take some time to make its way to western markets. But it may change everything about how you connect with your audience.
Blockchain has the ability to revolutionize how business is conducted. In the promoting and the outdoor advertising world, blockchain can have direct implications on reducing ad fraud and increasing the efficiency of ad spends.
Digital out-of-home (DOOH) and location-based advertising
The out of home business is experiencing somewhat of a mini-revolution. The premiership of static and traditional banners is currently not enough to draw in a loyal and long shopper base. In an increasingly digital and internet orientated world brands are preparing to take the next step in order to create not only noticeable but receptive, engaging and influential outdoor advertising strategies. Regardless of what you’ll have already detected concerning it, one thing is for certain – blockchain has the potential to transform the digital outdoor advertising landscape. Blockchain will modify a complete to achieve an enormous information insight into their client demographic by facilitating and inspiring customers to interact with their digital location-based advertisements (e.g. taking an image and sharing it on their social profiles) reciprocally for a client reward – a method referred to as tokenization. Leveraging location-based information will build an enormous big impact for the digital out of home advertising. Fundamentally, allowing brands to tailor their campaigns to a specific audience, at a specific time and with a specific purpose really makes a difference.
Out-of-home advertising offers a complete and safe setting, with unparalleled viewability. Unless something is physically blocking the screen, all ads are 100 percent viewable. What percentage of digital display ad inventory can honestly make such a bold promise? What’s additional, a Nielsen study showed that OOH provides the best rate of online activation per dollar of any offline media. Add data feeds, video and programmatic capabilities to the mix and digital out-of-home is an unbeatable offering.
Impact on Digital Content
The blockchain considerably affects the method during which media corporations organize their personnel and payment schemes, e.g. articles posted on a news website could be directly linked to their respective authors. This way, profit-sharing could permit the featuring of articles not just by well-known columnists, but equally ones by freelancers. Micro-payments permit new print media pricing models that can attract new customer segments who are reluctant to purchase relatively expensive subscriptions for access to a broad range of content. Instead, a blockchain-enabled online news web site may charge scanners for its articles by the article – for a low worth of solely a number of cents per read. This way, ad-free content can be offered to users who are sensitive about advertising and prefer to pay a small amount of money instead.
In a nutshell, blockchain’s potential benefits for the media industry primarily relate to payment transactions and copyright tracking. Possible applications and technical innovations can have a so much reaching impact: content creators could also be ready to keep a detailed track of their playtimes, royalties and advertising revenues could be shared in a particular and timely manner supported consumption and low-value content might be purchased with efficiency, though priced at mere fractions of cents. Media players need to consider blockchain-based applications and their potential impact on the whole industry: micropayment-based pricing options for paid content, a shift of market power caused by content bypassing aggregators and an improved distribution of royalty payments, to name just a few.
Digital transformation, as the term suggests is a total shift from the traditional form of operating businesses through the means of digitalization. Technological advancements and recent techniques are paving way for our economy to make a switch from conventional to a modern framework. This means completely changing the basic structure based on which our businesses work by letting go of the old processes and accepting the new ones. Digital transformation is all about experimenting with technology for a better future, even if that means a complete divergence from the way your business has worked till now.
Transforming your business digitally requires a redo, where it’s not just the actions that need to change, but the thinking, too. Doing away with rudimentary thinking of running a business is the first step towards digitalization. Second, comes structural changes that demand to learn and acquiring, here the onus is on the leaders, who would make the shift possible by adapting and implementing the brought changes. Later comes the rest of the digitalization process that unfolds in steps and at different levels.
Digital Transformation and Blockchain
The entire course of digital transformation becomes unchallenging and swift with the help of different technological processes like blockchain. Blockchain was initially evolved as a structure to support bitcoins, but its advantages have led to its use in various sectors of the economy including healthcare, infrastructure, investment, etc. Now, the concept of blockchain technology and digital transformation go hand in hand, where the former is speeding up the latter’s process. Consumers and their expectations from a business have changed the way businesses formerly worked. Businesses nowadays need to follow a more consumer-centric approach to take their business forward in such a competitive era. And since consumers have gone digital, businesses too need to make a switch from analog to digital. As Greg Verdino says “Digital transformation closes the gap between what digital customers already expect and what analog businesses actually deliver.” Blockchain becomes a great aide here, as it provides immediate assistance in resolving problems relating to digital transactions.
Another help that blockchain provides is by affirming security and privacy online to both businesses and consumers. With the consumer from one part of the world, connecting with a business in another part of the world, the threats of cybercrime increase manifold, blockchain addresses such security issues and help create transparency between businesses and their customers. The information shared through blockchain is private and can be seen and used only by the involved parties, thus reducing the risk of fraud to few or none. Digital transformation cannot do without blockchain in the long run, but we need to keep in mind a few facts about blockchain too. First and foremost, blockchain is still in its evolving stage, so there are many unknowns that we might deal with in the future. There are questions that need answers and doubts that would require clearance. There are no standard rules and regulations, policies both national and international still have to be made, and thus it becomes significant to implement blockchain technology with utmost care. While there is a long way for blockchain to evolve fully, even at this stage, it is proving to be crucial for digital transformation. The security benefits of blockchain have given an edge to a digital transformation process, reducing the threats online. The benefits of blockchain are more than the danger of its failure, making it a certain part of digital transformation in the future too.
Like the pharmaceutical industry, the food sector faces increased regulatory pressure from government bodies such as the US Food and Drug Administration (FDA) and Federal Trade Commission (FTC) with standards being introduced to enforce food safety protocols and waste disposal procedures and provide visibility over food-management activities across the product life cycle. The FDA’s Food Safety Modernisation Act (FSMA), introduced in 2011, was an effort to shift food companies’ focus from responding to food contamination to preventing it. Players should be ready to quickly analyse information and endlessly track all data to confirm they are creating optimum and safe food decisions. Based on client and market experience, various companies are recognizing that restaurants, retailers, wholesalers, and even suppliers may not always be able to effectively trace their food products and identify and manage the individuals they have direct and indirect relationships with across each product’s lifecycle.
In addition, consumers are using smart devices more often for researching, purchasing, and reviewing food products from manufacturers to retailers to restaurants. Instant access to just about limitless data has impacted consumers’ expectations, demand for types of food products, and buying decisions. The creation of a shared marketplace, using blockchain technology, can provide users with full transparency of their inventory levels along with real-time data updates on restaurant supply and demand.
Reducing Food Waste While grocers and even fast-food restaurants often catch flack for throwing away “perfectly good” food, statistics show us that consumers probably would have ended up throwing away excess or barely-expired food, anyway. According to the New York Times, around 40% of wasted food in developed countries is thrown out by the consumer, not the seller. While food waste is sometimes unavoidable, that’s in part because our systems for planning picking, shipment, and purchase are often not nearly strategic or data-driven enough. Monitoring product more closely by utilizing a blockchain record of customer buying patterns, a product’s life course before and after it is in a grocer or restaurateur’s possession, and even more insightful intent will help those in the food-service industry make informed decisions to minimize food waste.
Restaurant Management Processes Automation is ready to essentially alter the food-service sector. The incorporation of smart contract technology could underpin transactions between humans and kiosks and a network of sensors could provide data about customer purchase patterns and food quality standards. The standardized information could also be stored on the blockchain for analysis by decision-makers within a company regardless of their location. The rise of completely-automated restaurants such as Spyce Kitchen is, as they describe, an almost direct response to the likelihood that chefs, servers, bussers, and other restaurant employees are almost certain to account for greater shares of the operating budget going forward. These are just two examples of how the blockchain may come to play a role in increasingly automated processes in the food service’s sphere.
With customers becoming more knowledgeable and demanding transparency, it is imperative for organizations to make data—such as of price, source, authenticity, or even social obligations—accessible. Blockchain-based solutions will give assurance to not solely millennials, but also digital generations, as access is granted to trusted, secure and unaltered information. By using the blockchain platform, restaurants and wholesalers would have end-to-end visibility over the supplier relationship with real-time access to monitor and manage all supplier relationships. As restaurants become further technologically savvy, the incorporation of such applications into their service offerings would impact their customer base.
Many think of Bitcoin or cryptocurrencies in general when speaking about blockchain, but this powerful technology is much more than just that, it has the potential to positively transform many existing business areas. Among the areas designed to take full advantage of the thriving technology, a major one is advertising and marketing, especially influencer marketing.
What is Influencer Marketing?
Influencer marketing is a form of marketing within which the main target is on influential people instead of the target market as an entire. It identifies the people that have influence over potential consumers and orients marketing activities around these influencers. Influencer marketing is used by brands to get their messages to a wider audience, while blockchain technology provides the necessary regulation for transactions between brand and influencer, ensuring transparency and ultimately providing security to all stakeholders. Bloggers are the people with a big number of active, loyal followers on social networks, in the blogosphere and on other media on the Internet. They often recommend products and services and their audience usually responds positively, looking for and buying the same products and services.
It is this, positive response that marketers seek. The right influencer can bring huge dividends to a brand, but the trick for marketers and advertisers is finding just that influencer for their products and services.
The decline of traditional TV and the growth of social media have given rise to influencer marketing, now one of the fastest-growing categories in advertising and projected to be a $5 billion to $10 billion market by 2020. Instagram is one of the largest developing segments of the growing influencer marketing market.
Significant trends that affect growth in the global influencer marketing market:
● Close to a fivefold increase (5X) in monthly influencer marketing interest over last six months. ● Collapsing television viewership in the demographics where marketers are spending heavily. ● Time spent on mobile apps (198 minutes) exceeded time spent watching television for the first time in 2015. ● Accompanying the decline in television viewership is the increase in digital ad spend, forecast to overtake television ad spend in 2016.
Blockchain ecosystem: Scalability approach and workflow
Different from other influencer marketing platforms in that its user base is bottom-up, starting from the very small nano influencers. A typical platform struggles with the sheer range of influencers they have to handle and reward, that’s one among the explanations nano and small influencers have fewer opportunities compared with their bigger competitors. A blockchain-based application with a self-maintained quality verification framework brings an approach that lays the foundation for a highly scalable platform that is able to maintain high-quality standards.
In reality, most influencer marketing companies can’t guarantee demographic targeting or the regular release of electronic communication to strategically insert themselves into the consumer’s expertise. Brand executives might lack direct access to the influencers, instead of having to travel through intermediaries like managers or agents. There’s also the issue of brand safety, how to ensure that an influencer’s background, behavior, and language meet the highest ethical standards. A Blockchain platform provides an opportunity to develop a solution that would leverage technology to add meaningful data and a much-needed structure to the market.
Voting is a fundamental part of democratic systems; it provides people in a community the ability to voice their opinion. In recent years, voter turnout has diminished while concerns regarding integrity, security, and accessibility of current voting systems have escalated. e-voting was introduced to address those concerns; however, it is not cost-effective and still requires full supervision by a central authority. The blockchain is an emerging, decentralized, and distributed technology that promises to enhance different aspects of many industries. Expanding e-voting with blockchain technology could be the answer to alleviate this issue in voting. e-voting with blockchain technology preserves voter privacy and increases accessibility while keeping the voting system transparent, secure and cost-effective.
The Democracy and Governance Context
The integrity of electoral processes is of increasing global concern even in stable democracies, with Freedom House characterizing 2017 as the “most serious crisis” in decades for democratic governance. In alternative blockchain implementations, legitimate voting depends on the ability of governments to verify citizens’ identity. Once verified however, votes via tokens on a blockchain can be completely traceable and instantly countable. Blockchain can address many security and even logistical practices of government data exchange.
Citizens’ data is harder to incorrectly or illegally erase or edit when it’s stored across blockchain-like networks, and these networks can prevent multiple agencies from having to repeatedly request an individual’s information. In the absence of a central system, hackers, or even hostile nation-state actors, lack the main target for attacks. Also, if governments don’t need to invest in major data centres, maintenance costs can be greatly reduced. With new additions to blockchain technology, systems can cross-verify that they contain the same information or correspond to the same individual (like a Social Security number) without transmitting or viewing the underlying information itself. So-called zero-knowledge proofs offer positive implications for privacy: Sensitive data can be verified without being transmitted, or even seen, by observers or accessed by a government employee. Crowdfunding and citizen participation efforts could be completely transformed by the blockchain. Blockchain takes the ubiquitous online up-or-down vote to a new level, where reviewers, curators, and implementers of projects build trust over time and follow through on proposed projects. This system of trust allows for verified, public actions to define individuals and groups.
• High costs related to ballot printing, electronic voting machines, maintenance, etc. • Increasing threats of cyberattacks compromising election results • Lack of transparency due to a centralized process of election results audit • Voting delays or inefficiencies related to absentee voting
Blockchain value proposition:
• Potential cost savings through blockchain-enabled voting • Potential for enhanced security and audibility of votes • Potential for greater participation in elections, including remotely • Greater transparency meeting citizens’ needs
With the help of blockchain system in function, citizens would be able to cast votes the same way they initiate other secure transactions and validate that their votes were cast or even verify the election results. Potential solutions are currently working to blend secure digital identity management, anonymous vote-casting, individualized ballot processes (for example, a vote “token”), and ballot casting confirmation verifiable by the voter.