It's no secret that there are trust issues between advertisers and Influencers in Influencer Marketing. To solve these problems, Crossnetics created a trusted space for bloggers and advertisers to work together based on Blockchain... What it is and how it can be useful for bloggers, freelancers, digital professionals, and brands will be explained in this article.
Influencer marketing challenges:
- Non-transparent methods: the lack of clear standards and methodologies for measuring the effectiveness of campaigns makes it difficult to assess the real impact of Influencers and ROI
- Influencer fraud: use of bots, artificial subscribers, and other fraudulent methods to artificially inflate metrics.
- Unfair payment: Influencers are not always paid fairly for their work, which can lead to demotivation and lower-quality content.
- Insecurity: the lack of legal mechanisms to protect the rights of Influencers can lead to their exploitation by brands.
- Unequal terms: large influencers often have more bargaining power and can negotiate better deals than smaller influencers.
These challenges can be serious obstacles for brands utilizing Influencer Marketing. Smart contracts provide a comprehensive solution to these problems.
Smart contracts present benefits that no other system can provide. They are protected from unauthorized access and changes, cannot be canceled or changed once deployed, and more - they eliminate the need for intermediaries, reducing the risks of fraud and error.
Benefits of smart contracts in Influencer Marketing:
- Automation: Smart contracts automatically fulfill campaign terms and conditions, such as paying influencers or distributing rewards.
- Transparency: All activities related to smart contracts are available for verification by all participants.
- Security: Smart contracts are protected from unauthorized access and modification.
- Reliability: Smart contracts cannot be canceled or modified once deployed.
Can smart contracts be trusted?
The hype surrounding Blockchain and smart contracts begs the question: Can this system be trusted?
Many platforms, such as Crossnetics, have chosen smart contracts because they are the only trustworthy collaboration system in the world today. Also:
- Smart contracts automatically fulfill campaign terms, such as paying influencers or distributing rewards, without the need for manual intervention;
- Automation saves time and resources for both brands and influencers, allowing them to focus on creating high-quality content;
- All actions associated with smart contracts are available for review by all participants, ensuring transparency and accountability.
The use of smart contracts in Influencer Marketing revolutionizes and creates a more secure, transparent, efficient, and reliable ecosystem that benefits brands, influencer agents, and the entire marketing world.
A step-by-step guide to working with smart contracts in Influencer Marketing
Step 1. Choosing the right platform for smart contracts:
- Functionality: the platform should support all the necessary features to create and manage smart contracts related to Influencer marketing
- Security: the platform should protect smart contracts against unauthorized access and hacking.
- Usability: the platform's interface should be simple and easy for users without deep technical knowledge to understand.
For example, Crossnetics meets all the technical requirements for bloggers and advertisers to operate via smart contracts. Crossnetics has chosen a blockchain with Layer 2 scaling capabilities. It enables instant communication for users without any delays 24/7. Crossnetics users can create smart contracts completely and securely.
Layer 2 allows Crossnetics to reduce the number of transactions per action, including smart contracts. In a recent update, transactions were reduced by a further 6x.
Why is Crossnetics using Matic?
Fast and low-cost transactions: Matic is a Layer 2 solution that provides fast transaction speeds and low fees.
Scalability: Matic is capable of handling a large number of transactions, making it ideal for Crossnetics.
Prominence: Matic is one of the most popular Layer 2 solutions, giving it high liquidity and reliability.
Step 2. Design and deploy smart contracts for specific campaigns:
2.1 Define goals: clearly articulate the goals and objectives of your Influencer campaign to define the required smart contract features;
2.2 Develop the smart contract: write the smart contract code using a programming language supported by the chosen platform. Or simply populate the smart contract as a plain text document on the Crossnetics know-code platform.
Crossnetics developers used the Solidity language. This is an Ethereum programming language that is used directly to implement smart contracts.
2.3 Testing and auditing: thoroughly test the smart contract to identify and eliminate possible bugs and vulnerabilities. Or use the simple and proven option. At Crossnetics, smart contracts have already undergone the necessary testing and auditing.
Step 3. Integrate smart contracts with Influencer marketing platforms:
3.1. Ensure that the smart contracts platform you select is compatible with the Influencer Marketing Platforms you use.
3.2 Use APIs to integrate smart contracts with Influencer Marketing Platforms, automating processes and simplifying campaign management.
Or use the all-in-one solution, the Crossnetics platform, where smart contracts are built into the platform by experienced programmers.
Step 4. Ensure legal security and compliance:
4.1 Legal due diligence: consult with a lawyer specializing in blockchain and smart contracts to ensure your smart contracts comply with the law.
4.2 Data protection: ensure that personal data processed under smart contracts is protected.
Smart contracts are referred to as automated lawyers. The cost of consulting a lawyer on the use of smart contracts can be expensive, you may want to consider looking at platforms that already implement smart contracts. Crossnetics provides a way for users worldwide to create and operate smart contracts in Influencer Marketing.
Crossnetics: A revolutionary solution to the problems of Influencer Marketing
Crossnetics, an Influencer marketing platform that utilizes smart contracts on Blockchain, offers a comprehensive solution to the challenges faced by traditional Influencer marketing. Crossnetics utilizes smart contracts that automatically execute payments to Influencers when specified campaign goals are met. Automating payments and tracking saves time and resources for both brands and influencers.
Smart contracts, self-executing agreements stored on the Blockchain, are a key element of the Crossnetics platform.
Smart Contract Usage Example
Let's say a brand wants to launch an ad campaign with Influencers. With Crossnetics, they can create a smart contract that automatically transfers payment to the Influencers once they fulfill all the campaign conditions. Crossnetics also helps solve the problem of delayed payments by automatically transferring funds to Influencers as soon as they complete their work.
With Layer 2 and Solidity, Crossnetics can offer instant transactions, low fees, and high security.
The Future of Influencer Marketing with Smart Contracts
Integrating smart contracts and blockchain technology into Influencer Marketing is ushering in a new era of transparency, efficiency, fairness, and mutual benefit. Let's summarize. To start using smart contracts in Influencer Marketing:
- Choose a reliable smart contracts platform: ensure the platform has the features, security, and usability you need. Perhaps your choice will fall on Crossnetics?
- Develop smart contracts wisely: articulate campaign goals, define smart contract features, test thoroughly, and audit the code. You won't have to do this step if you choose an off-the-shelf solution on Crossnetics;
- Integrate smart contracts with Influencer marketing platforms: ensure compatibility and use APIs to automate processes. By the way, you can skip this step if you work with easy-to-use platforms like Crossnetic;
- Ensure legal security and compliance: consult a blockchain and GDPR lawyer to ensure your smart contracts are compliant with the law... Or choose Crossnetic.
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