The Consumer-Blockchain-Consumer Model of Relation between Content Producer and Content Consumer
The success rate of any marketing strategy is destined to be low if the quality and quantity of the content and skills of individuals involved are below average.
You have already read these words many times but marketers will keep on saying ‘Content is King’. Or, to be more precise, we should say that the ‘quality content is the king’. Quality content is and will remain key driver to success when you are promoting a brand on the internet or through digital mediums like TV. So, a lot is depending on the knowledge, skills, and creativity of individuals producing content. However, not getting enough encouragement can scale down the confidence and creativity of the content producer.
Apart from singing praises, individuals having skills and producing superb quality content also need their share fairly. The content consumer, on the other hand, does not want to use content having any sort of copyright issue. However, the concerns of both content producer and the consumer can’t be efficiently addressed by the current Consumer-Business-Consumer model. That’s why Consumer-Blockchain-Consumer model is going to take place of the current Consumer-Business-Consumer model.
What’s wrong with the Current Model?
With easy-to-use tools and applications, even amateurs are turning their creativities into masterpieces. Apart from professionals, amateurs are also producing and distributing impressive content. They do have the latest developed tools in their personal computers, and Smartphone applications they can use for producing quality content. However, an efficient and affordable system that can be used to store, share and protect content is still unavailable. There are some problems with the current options available to content producers, skills services providers and consumers. Following are the common problems Jerry Ji Guo and Richard Bai are going to fix with the help of ICST, a Blockchain powered platform for storing, sharing and protecting digital creative content:
- Content creators do have some platforms for sharing their content; however, fair distribution of quality content is very problematic on these platforms.
- With content distribution cost being high, most of the content producers and skill services providers are getting a low rate of return.
- Individual producers are finding it hard to protect their intellectual properties due to highly controversial content copyright.
- Consumers are watching advertisements without any benefit.
Why Prefer Consumer-Blockchain-Consumer over Consumer-Business-Consumer?
Blockchain technology, also known as ‘distributed ledger technology’ or ‘decentralized value network’ brings some ground-breaking values and these values are exactly what we need to address above mentioned flaws in the current model. This technology is a public ledger having a consensus of all involved parties. As information in Blockchain technology is always uncorrupted, a lot of repetitive tasks and verifications and other procedures are eliminated.
As Blockchain involves smart contract ensuring automatic fulfilment of obligations, credit risk of counterparties is significantly reduced. The Blockchain technology also curtails the wastage of time and cost involved in settlement and liquidation. Apart from enhancing capital liquidity, Blockchain technology makes efficient utilizations of assets a lot easier and more productive. It also smoothens the flow of assets and capital as the lock-in time is significantly reduced. It’s a public ledger. So, it is a lot easier to monitor transactions being performed over a Blockchain network. Smart contracts are irreversible, non-falsifiable and non-repudiated and hence leave no space for fraud. It’s an executable contract. Therefore, real-time automatic compliance among participants is guaranteed.
How Will Blockchain Improve the Current Content Distribution Model?
ICST, a new content and skills exchange protocol powered by Blockchain technology will improve the content distribution model in following ways:
- ICST can make income ratio of skill and producer more transparent and equitable through a public and efficient distribution of income in the Blockchain.
- It can make skill exchange and content distribution easier and economical by integrating all existing social media marketing models.
- The current model is only and only an effective content distribution model. The revenue share going to consumers in social marketing is insufficient. The focus of ICST is on ensuring real-time, transparent and decent revenue sharing among consumers, producers and other parties.
- With public account for revenue sharing, ICST makes transactions more open and 100% transparent to the public.
Therefore, content producers and content consumers are going to get a more open and efficient ecosystem.
Producing and Distributing Content
From producing and distributing content to the distribution of income, ICST utilizes the power of Blockchain technology to take care of everything.
Production and Administration of Content
ICST deploys a Valuation Adjustment Mechanism with the content producer to encourage the producer to create unique, original and high-quality content. In order to publish the new content, the content producer prepays 10 ICST. The arbitrator arbitrates if the content is not original. In case the content published by the producer is plagiarized, the reporter receives the half of the deposit and the remaining half is used for funding basic wages of arbitrators. ICST also deducts plagiarist’s production credit. However, if the content is original and is successfully published, the producer will be rewarded with production credits.
Content Promotion and Social Marketing
The consumer can repost and market the content on almost all popular social media platforms. Every broadcaster is assigned a unique identifier and the content publishing platform relies on this identifier to identify a broadcaster. The content consumer is paid daily and his promotion income also includes views of reposts.
The Content Evaluation System
Original and high-quality content needs no click farm. ICST counters this fraud practice by deploying a content evaluation system that determines the value of customer’s feedback by his credit.
Income Distribution with the Help of Smart Contract
The income is generated from advertisement. Advertisers distribute this fee to producers, consumers and content platforms through Blockchain transaction.
The Skills Services Platform
Skills Services Search
Consumer prepays an ICST deposit and sends a request to the smart contract. The request is then broadcasted to selected registered services providers. The first service provider paying the deposit will deliver the services to the consumer.
Consumer Confirms Services
If the service is successfully provided without any issue then the consumer confirms the payment. Plagiarism or any other issue initiates intervention by the arbitrary. The reporting party receives half of the credit if plagiarism is reported. The rest of the deposit is used to fund basic wages of arbitrators.
The Services Evaluation System
In order to make the system free from click farm, this system considers the credits of a consumer to weigh his evaluation.
ICST is trying to achieve the best possible utilization of the Blockchain technology to provide content producers and skill services provider a powerful platform for sharing, trading and protecting their content. ICST provides a fast, efficient and secure platform to encourage fruitful engagement and fair distribution of income among content producers and consumers.