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.
No doubt, India is the fastest-growing economy worldwide. According to stats India has achieved 7th position in global GDP rankings. And yes, saying this won’t be wrong, India is marginally just following the Uk and France, says world bank data.
Blockchainis seeing a great deal of traction in India majorly in Banking, Insurance, and Cards trade. In most of these industries, players square measure coming back along to create a pool to comprehend the advantages of Blockchain at an industry level. However, a number of the business conglomerates have evinced interest to explore Blockchain for rising their business processes across their subsidiaries and business partners in addition.
A lot of Indian players have tested usage of Blockchain within the areas of Trade Finance, Cross- border Payments, Bill Discounting, Supply chain financing, Loyalty and Digital Identity areas. Some of the Indian banks, business corporations, and one stock exchange are among the forerunners for exploring Blockchain in India.
Blockchain Use cases in India
Trade Finance: A private sector bank in India and a leading banking group in the Middle East successfully executed transactions in international trade finance and remittance using blockchain.
Supply chain financing –An Indian conglomerate has designed a cloud-based application to remodel supplier-to-manufacturer trade finance transactions through a permissioned distributed ledger. A lighting instrumentality manufacturer in India experimented with Blockchain to scale back the cycle time of the Bill Discounting method for paying its suppliers from five days to nearly period.
E-KYC Document Management: A leading stock market exchange in India is exploring blockchain for the management of KYC documents in collaboration with some of the leading banks in India.
Cross-border Payments: Stellar has partnered with four monetary establishments to change affordable world cash transfers to the Philippines and cross border payments to and from India, Europe, Kenya, Ghana, and Nigeria.
Two of the private sector banks in India are put together testing Blockchain transactions, centered totally on cross-border remittent and trade settlements.
Advantages of Blockchain in the Indian Economy
Cost-Cutting: A blockchain an enormous range of intermediaries regarding value. For example, the State Bank of India (SBI) approximates a reduction of 7% with the adoption of the blockchain and 15% cost reduction in network and storage requirements.
Speed & Mapping: A blockchain group action, that involves any intermediaries would profit the blockchain. Take for instance the case of a supply chain. A supply chain mechanism is taken into account because it goes through numerous stages of supply. You are not tuned in to whether or not the merchandise has extremely passed onto every stage. However, with the employment of a blockchain, every step of the supply chain can be mapped.
Ecosystem: Whereas the adoption of the blockchain continues to be in its budding stage, most analysts believe that banks can begin embedding blockchain solutions in their entire scheme. Its adoption by a variety of giant companies illustrates a bigger vision of Digital India and therefore the Government’s efforts for conversion. The country has witnessed a dramatic increase in Bitcoin adoption by the financial organization and can thereby facilitate within the growing Indian Bitcoin community.
Blockchain has the potential to create processes additional democratic, secure, clear and efficient. The immutability of a Blockchain makes it nearly not possible for changes to be created once established, which increases confidence in data integrity and reduces opportunities for fraud.
Streamlining the cross-border payments, while the traditional process takes up to three business days in transferring funds across borders, Blockchain expedites the same process within 20 seconds, thanks to its decentralized aspect. Not only the economy but the Blockchain is also now the fastest-growing skill set demanded on job sites, with job growth rates at 2,000-6,000 percent and salaries for Blockchain developers 50-100 percent higher than regular developer jobs, therefore, creating a big contribution towards India’s GDP.
With the introduction of blockchain in the Indian Economy, the operations have become pretty safe and streamlined, transactions have become safe and records are easily accessible. In case, you are looking to understand blockchain’s implications in your business in more detail, drop us an email on [email protected] or schedule a free consultation with our team of blockchain experts who can guide you through the blockchain implementation in a specific use case.
Every part of the multifaceted automotive business environment from components suppliers and manufacturers to customers and safety regulators depends on a network of transactions and knowledge that starts long before a vehicle is manufactured and extends far beyond its purchase. From support for evolving hardware and services to understanding the provenance and location of defective or counterfeit parts, the amount of data that automotive industry players must keep track of is exploding. Blockchain can help build efficiency, transparency, and trust with a shared, permissioned record of ownership, location, and movement of parts and goods. The versatility of Blockchain Applications in Automotive Domain records makes them perfect for keeping up with innovative new business models.
Mobility Services Today’s cars don’t seem to be simply standalone transportation devices they’re complicated, networked software platforms on wheels. Vehicles progressively have to be compelled to integrate secure, seamless mobility services, handling micropayment and other interactions with ride-sharing services, smart vehicle registration, smart transportation infrastructure, and electric vehicle charging.
Supply Chain Auto manufacturing is truly global. Parts are sourced worldwide and completed vehicles might be driven anywhere on earth. To contend with counterfeit parts and defect-driven product recalls, traceability is crucial in understanding a vehicle’s post-sale movements. To maintain safety and reliability, manufacturers should be able to track vehicle movements for regulators and purchasers.
Finance From parts orders and fleet-purchase financing to managing letters of credit and arranging insurance coverage, every step of the automotive supply chain is underpinned by payments. Blockchain’s traceability and transparency make it perfect for keeping track of transactions that drive purchases, shipping arrangements, dealer transactions and millions of micropayments in mobility services. Blockchain backed smart contracts go far beyond tracking and visibility to include funds released only on satisfactory delivery.
Role of blockchain applications in automotive domain
Smart Contracts The new forms of automated transactions can be initiated and regulated by smart contracts, which are computer programs that execute automatically on behalf of predefined conditions and enable complete and conclusive verification without an intermediary e.g. a financial institution. Therefore, smart contracts facilitate to drive automation to a brand new degree within which assets start to move by themselves under the constraints set by their users.
Leasing and other Digital services By allowing an automatic yet continually recorded and verifiable transaction, the blockchain apps in automotive domain will dramatically change the way one insures and leases its car in the future. Combining the technology with the steady growing connectivity and process capabilities of moder automotive creates a vehicle with all the quality upsides of a regular car while integrating the security, integrity and validity aspects of a contract into its automatic transactions.
Transaction Finalizes the service check by initiating a payment process and documenting the service check-in the blockchain, therefore making it a tamper-proof transaction. Choosing this way of documentation offers government authorities a simple, transparent and validated access to important car information. Linking this information directly to the car and its underlying blockchain ensures a nearly forgery-proof documentation over the whole vehicle’s lifecycle.
Smart assembly and Supply chain Trusted suppliers are thoughtfully designated and managed, as well as checked and certified for quality, reliability, and consistency. Blockchain allows the development of secure digital product memory records from the sourcing of material, to how and where they were manufactured, including their maintenance and recall history.
Any transaction or record can be made part of the blockchain, so its use can extend to digital communications, product identification or even customer claims. Smart contracts allow automating complex multi-step processes. Blockchains might considerably contour processes, particularly those who place confidence in regulative and compliance approvals. Blockchain applications in automotive domain can assist you in addressing a wide range of automotive supply chain challenges, paving the approach for innovative consumer and fleet-oriented services.
The emergence of blockchain technology, as the promise of the foundation for the next-generation global commerce infrastructure for frictionless transactions has resulted in numerous countries placing greater emphasis on investing and innovating in this space. Governments from several nations have developed mission and vision statements regarding distributed ledger technology and have taken steps to reduce or remove regulatory hurdles for their technology industries. Strong trade agreement exists around the belief that blockchain technology are the vanguard of the “Next Internet” economy. It is imperative that the government and blockchain work along to continue and strengthen technological and market leadership during this new space and to deal with potential policy and regulative incompatibility that may constrain the growth of the emerging digital-blockchain economy.
Risks and Challenges:
Early Stage: Blockchain is in its initial stage and is still evolving and improving for enterprise use. There is no prior implementation of the technology for large scale multi-department government blockchain applications. The technology is yet to prove its ability to handle multi-layered, multi-disciplinary and large volume transactions.
Interdependencies: As the technology is conceived to facilitate multi-party collaboration on one single platform, the implementation process involving all the stakeholders/decision-makers is complex, slow and costly. Any breach in the ledger data or any vulnerability in the smart contract has running on the blockchain has the potential to impact all participating entities as the committed blocks are interconnected.
Technology: Technology know-how and experts in this field to develop and maintain the blockchain applications are still limited. Regulatory and legal environments are still under development and as such are open for interpretation. A lack of real-world enterprise testing and the rapid development of Blockchain platforms make it difficult to stay ahead of the curve.
Contractual Risk: There will likely be multiple service level agreements between the administrator of the network and various nodes and between the nodes, requiring a stringent compliance policy. The consensus protocol requires that all contributors in the network can view and have a copy of the committed transactions in the ledger. While a permissioned network does not reveal all data to all participants, certain metadata will always be available to network participants.
Blockchain in Government – Use Cases
Healthcare: In Estonia, the government is rolling out a technology named Keyless Signature Infrastructure (KSI) to safeguard all information. Electronic health records of all Estonian citizens are managed using KSI technology. KSI creates hash values that represent larger quantity of information as much smaller distinctive values. KSI allows officials to monitor changes within databases — who changes a record, what changes are implemented and when are they made, hence, any unauthorized tampering of the records can be detected and prevented.
Asset Registry: Another often-used application of the blockchain technology is in maintaining asset registers, e.g. property, vehicle and other documents such as contracts. In recent times, given the propensity for fraud in property transactions, property or land registration using blockchain has come into prominence. It does not solely provide a sure mechanism of storing and transferring information but also provides transparency across the system. Several countries and states like Sweden, Ghana and Georgia in USA are exploring blockchain-based solutions for digitizing registration of land and property transactions.
Voting: Voting, another critical and legitimacy granting public operate, has been the source of much activity among those working with blockchain. Citizens can cast votes the same way they initiate other secure transactions and validate that their votes were cast or even verify the election results.
The Digital India campaign launched by the Government of India in 2015 is also focused on digital empowerment of citizens through a combination of building digital infrastructure, providing digital services and implementing e-governance in an accessible manner and using technology as a driver of change. The NITI Aayog is working on building the country’s largest blockchain network — IndiaChain, in a bid to reduce frauds, speed up enforcement of contracts and increase the transparency of transactions. Given blockchain technology’s broad applicability and transformative potential, policymakers may find it worthwhile to explore the range of possibilities available within their respective departments. A blockchain-based approach might increase the efficiency of the transaction process and cut back, if not entirely prevent, fraud. However, to unlock the complete potential of this technology, the government will need to work as a facilitator, by providing an enabling environment to interested players. There is additionally a necessity to develop uniform standards, assess infrastructure necessities, allay security concerns, raise awareness and build trust inside the system as a whole.
BBlockchain technology has a far-reaching impact on the auditing profession, with new methods being researched every day to incorporate blockchain in auditing. With the many advantages of the blockchain technology, it promises to be very useful in auditing. Since blockchain is an open record of transactions made between two parties, it allows the auditor to monitor them more conveniently. No changes can be made in blockchains, keeping them in check and dependable. This also means, all the recorded transactions can be verified by the auditor without putting much effort, making it less time consuming, and thereby cost-efficient. Another help that blockchain provides is during the checking of data. Traditionally auditors deal with a huge amount of data, because of which they are unable to check the entire record. For this, they apply random sampling methods, but with blockchain, this task is reduced to mere usage of coding after which the auditors are able to check each and every transaction.
You must have heard about blockchain technology, the new talk of the town. Blockchain has been received quite well by almost every sector of the economy. With bitcoins becoming all the rage, blockchain (the technology behind) too attracted people’s attention.
Blockchain in simplest terms, is a list of distributed ledgers that continue to grow and record transactions made between two parties. The recorded data is in the form of blocks that are permanent and cannot be tampered with. But perhaps the popularity of blockchain lies in its core feature where the data is not stored in one place, instead is shared between computers by a peer-to-peer network, thus making it more secure and decentralized. To make changes in a particular block, you need to either bring changes to all the blocks in the chain network or add a new block with the alterations. Since the blocks move in a chronological manner, the data is visible in a progressive manner too. The commercial acceptance of blockchain has led businesses to experiment with it in different sectors of the economy. One such sector, where the popularity of blockchain is increasing with time is the finance and audit sector.
Blockchain and the future of auditing
The interest of business firms in blockchain has given an edge to auditors to explore the technology more. In future there could be a possibility that a software is created that helps the auditors do away with the manual work that consumes most of their time, like data collection. The increased role of blockchain does not mean a decreased, or no role of auditors in future, instead it can be seen as a change in their current one. This also means that the traditional way of auditing will not be replaced by blockchain, but only be modified. The future of auditing looks bright with blockchain, but there are still certain considerations that need to be taken care of. One major roadblock in this regard is the technological limitation that we face as of now. What also need to be taken into consideration are the trade regulations, which would require amendments once blockchain becomes integral to auditing. International laws would have to be passed once people across the globe come together in this network based system. Though we are making progress each day, there is still a long way for blockchain to take over the auditing sector.