Bitcoin and blockchain have garnered immense popularity across the world. Blockchain Technology has created more buzz than Bitcoin, it’s first use case application.In the light of Blockchain’s potential for functions other than money transactions, startups are busy exploiting opportunities with the platform.
Blockchain technology has found investors, innovators and developers to ensure successful Blockchain implementation for information storage and sharing. A distributed ledger technology, immutable to changes, Blockchain could be used to prevent data corruption.
Read: Blockchain For Copyright Protection
An Austin firm, Mattr, that does marketing through social-media influencers, has revealed that it is using “Ethereum Blockchain Technology” in its business dealings. The company’s CEO Jack Holt has cleared the air by detailing the advantages of using this technology for contracts and payment when working with marketing influencers.
Jack Holt says:
“The uses for blockchain technology extend far beyond bitcoin and other cryptocurrencies, the commonly known applications for the technology. Ethereum-based blockchain is very beneficial to influencer marketing due to its ability to be used when developing smart-contract functionality.”
As per Holt, influencer marketing contracts are challenging for brand and influencer as it contains more than just the financial terms of the association. But, Blockchain based on Ethereum platform can make it easier to manage four aspects of influencer marketing contracts and payments:
Also Read : Agrello, AI and Blockchain Powered Legally Binding Smart Contracts.
Compliance and SLAs have similar kinds of difficulties associated with them. In the past, there was no reliable method to automate content audits, but now Ethereum is available. Though the ‘material connection’ guideline of Federal Trade Commission is minimal for many brands, it requires complex and thorough audits for highly regulated industries like financial services and alcohol. Also, the SLAs (output or engagement – likes, clicks, views) are included in every influencer contract, and can be difficult to track, especially since when an influencer could edit or delete an approved or published post. These challenges could be managed with Ethereum, which provides a level of tracking and visibility, initially missing from the influencer marketing.
Ethereum also solves challenges of standardized pricing. If there is no standardize method, every agency, brand and influencer can bring a different cost structure and payment process. As most of the cost structures are planned on views, likes and clicks/output, Ethereum-based blockchain can bring transparency in the process and the payment, thus minimizing variations in pricing.
Also Read: Blockchain Technology And Social Media
Last but not the least, a number of stakeholders could possibly be involved in an influencer marketing – an influencer vendor, influencer, their agent, a marketing or ad agency, and the brand. One or more of these parties may have more than one person or group involved as some agencies must include legal, finance, or payroll. Ethereum allows all of the stakeholders to be included in and have access to the influencer contract.
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