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Before we start with how Blockchain is treating popular social media networks like Facebook, Twitter, and YouTube, we must first understand what Blockchain is.

What is Blockchain?

Blockchain is a technology that is the apparent powerhouse for all the cryptocurrencies in the world. Bitcoin and Ethereum, to name a few. It is an immortal, immutable, and openly accessible ledger of all the transactions that occurred on all the networks since its inception. Every cryptocurrency has its blockchain. Newer cryptocurrencies are formed into batches called “blocks” at regular time intervals. The process of creating new blocks is more commonly known as Bitcoin mining, and every new block is added to the already existing chain of blocks. Through the existence of blockchain, users are now able to verify transactions and know that they happened at a specific moment in time. To understand it in the terminologies of conventional banking; blockchain is like a full history of banking transactions that took place. Bitcoin transactions are entered into the blockchain similar to the transactions entered at a bank however, individual blocks that form the chain are like bank statements that are unique to every account held. To date, content distribution and creation on the internet are carried out by bigger corporations. Companies like Facebook, Twitter, and YouTube are considered to have taken the first seat in the list of online content distributors. Users of these social networks “like”, “share”, and in some way or the other way boost content for greater attention. The entire process helps content creators and distributors to reap mutual benefits by moving the content into the mainstream. However, corporations seem to be reaping more fruit than content creators. Apart from advertising, many content creators of today who are willing to move into the entrepreneurial stream have fewer ways to monetize their work and the value that they are inserting in their content seems to have been stripped off by the distributing corporations or maneuvered for their benefit. This is about to change! Blockchain is the technology that supports Bitcoin and allows a database that is stored on all networks at any given time. It could allow users to access this same data, despite its displaying network, securely.

How Will it Work?

There will be platforms designed for it that are going to disrupt the attention of the way people think, create, and distribute. With platforms like Synereo, users can upload and access content on distributed ledgers that are going to waive the need to have a central hub of data. Through these systems the content sharing will become completely de-centralized, replacing the legacy models of centralization with machines, which is going to further transfer the benefits to the users and the creators alike. It’s like having a vehicle of your own to distribute and publicize your creations. As the users like, share or just go through the content. The system will allow them to amplify the distribution by contributing digital tokens to the creators.

Token vs Currency

Other companies around the globe are thinking of using blockchain to create similar, more user-centric ways of content distribution. A recent example of such a decentralized system would be Decent, a company that relies on the power of blockchain to the third-party hubs and places the power in the hands of the creators. Regardless of the platforms, new companies are urged to create ways to exchange value within a user-distributor system. Many of them have chosen cryptocurrencies (digital tokens) issued by companies. Digital tokens like AMPs are currently worth about $0.23 each and are used to reward people who are creating content can also be used to gain access to download and share the content that was created. Also Read: Why Facebook Cryptocurrency is Facing Severe Backlash from the Critics These digital tokens are exchangeable with normal currencies like Dollars or Euros and can also be used in the content ecosystem itself. In a similar case when a post is liked or shared, the creators are going to receive monetary rewards for their good work and the profit is going to go to them directly via token, rather than a central hub receiving profits and then distributing it among owners. The entire advertising world is trying to gain the attention of the respective target market, and in the run, everything is getting better, brighter, and faster. However, this new, decentralized system has yet to prove its efficacy on its content distribution effectiveness and how it captures the attention of the target customers. Through these decentralized systems, users will no longer be bound to use a centralized hub, but are empowered to support and offer content that is worthy of their attention. This new system will make it easier for both creators and contributors to pay attention and will be rewarded with payments for their efforts.

Conclusion

Content creation and distribution are surely evolving into something more user-centric and empowered with lesser dependencies on any one of the social content distributors. Popular social networks should gear up, as this blow could result in a steep revenue slash in their cash flows. Branex, a professional web design studio believes in user satisfaction and empowerment and wishes everyone all the best.

You’ve surely heard the term “Internet of Things” or IoT, but you might also be scratching your head to find out what it actually means. It basically refers to the connection of devices such as smartphones and computers to the internet recognized by other devices and contribute information to the database. Wearable devices, cars, home appliances, lamps, headphones, and medical devices can all be connected through our IoT development services. In short, the IoT describes the internet where data is created by things.   According to Gartner, by 2020 there will be more than 26 billion connected devices. Since things grow in the next few years, so this figure is estimated to be much higher, more than 100 billion. More and more devices will be added to the list which also includes the connection between people-people, objects-objects, and people-objects. The giant network of connected things – IoT is not only impacting the way we live but also how we perform our routine tasks. Kevin Ashton, a digital innovation expert who is the person who coined the term, defines the Internet of Things, “If we had computers that knew everything there was to know about things—using data they gathered without any help from us—we would be able to track and count everything, and greatly reduce waste, loss, and cost. We would know when things needed replacing, repairing, or recalling, and whether they were fresh or past their best.” But how will the IoT impact the business world, what do businesses expect from the Internet of Things, and how will IoT technology transform the business industry in 2017? Let’s dive in

Start of Connected Things

Some marketers would think that IoT got off to an unsteady start with a less satisfactory rate of acceptance than was projected. However, many online marketers think that IoT is growing and will continue to grow in 2017 and beyond. It is predicted that 50 billion connected devices by 2020 remain to be seen, but businesses who learn to harness the data created by the IoT will survive and thrive in the future. There are several products and devices now available due to IoT technology:

1. Wearable Technology

In 2015, there were 78.1 million wearables sold and the market is predicted to grow to 411 million by 2020. Wearable technology such as smartwatches, fitness trackers, VR headsets, and much more stores a lot of data in them. Brands are in the phase of understanding the possibilities and potential applications for this giant network of devices.

2. Home Appliances

In 2016, the business world saw a remarkable adoption of smart home technologies. Experts believe Amazon sold more Echos (9x more) in the holiday season compared to 2015. So, smart home technologies are expected to be more important than any other technology in 2017. In a Smart Home Technology survey, 70% of consumers who bought their first smart home device believe they are more likely to purchase more.

3. Automobile Industry

It is projected that around 82% of cars will be connected to the internet by the end of 2021. IoT such as diagnostic tools, app integration, navigation, and self-driving cars will soon transform the automobile industry. If truth be told, the automobile industry is investing more effort, energy, and heavy budget to discover the next IoT innovation.  

4. Transforming the Business World

Since IoT is expected to offer new devices and possibilities for consumers, it will also transform various business processes.

5. Inventory Management

Smart devices will ultimately be able to track all inventory data with the help of the Internet of Things.

6. Consumer Demands

Customers appreciate smart tools and IoT devices and will begin to expect smart yet personalized behavior in all aspects of their lives. Creating new gadgets, furniture, home appliances, and devices to meet the new demands of consumers will offer a new and reliable source of revenue for the entire business world.

7. Use Data

The massive data generated from smart devices will help businesses learn how and what to create and transform for a greater impact.

8. Remote Working Opportunities

The Internet of Things will produce additional remote working opportunities. A task that used to require the on-site presence of a person for its completion can also be done with IoT integration. Since some IoT innovations and devices are not secure. In 2016, millions of IoT devices were hacked and used for destructive purposes. IoT manufacturers should pay careful attention to security and users should take every precaution to secure their data stored in their devices.

Your Turn

The Internet of Things is just the beginning. Businesses who are taking the step to develop or expand IoT technology in their services, products, and business operations will get a competitive advantage of this technology and grow exponentially. It’s the right time for a digital product development agency to understand how they can integrate the Internet of Things into their services and what opportunities and challenges they might face as more devices start to join the network of IoT network.