The company has engaged DigitalX with the aim of introducing a suitable, high quality blockchain solution that can be incorporated into Shareroot’s proprietary platform.
The integration of this technology will assist in tracking and facilitating the ownership and sale of Shareroot’s user generated content (UGC) platform.
This development comes less than a week after the company highlighted a rapid growth in users, increasing from 180,000 June 30, 2017 to 436,976 as at December 31, 2017.
Improves legal protection
The introduction of blockchain technology has the potential to add an additional layer of legal protection to Shareroot’s UGC platform further protecting customers using the platform.
Noah Abelson-Gertler chief executive officer, said: “DigitalX is Australia’s leading provider of blockchain consulting services and products.
“Blockchain technology has the potential to significantly increase the security and safety of our proprietary UGC platform and we look forward to exploring ways to further reduce legal risks for our customers.”
Security essential in maintaining blue-chip clients
This provides them with a platform to search, legally acquire, organize and measure the effectiveness of user generated marketing campaigns.
Given the comprehensive nature of data acquired, and the size of businesses such as Costco and McDonald’s, security is a key issue.
Access to proof of ownership
There are a number of other opportunities on the horizon for companies such as Shareroot.
Abelson Gertler said: “ShareRoot could also consider the possibility of trading content through a trustless distributed ledger protocol.
“Blockchain also has the ability to track content’s original creation point, greater enhancing the proof of ownership and property rights.”
Industry dynamics appear promising
As a cost-effective means of tapping into consumer trends and identifying new markets, UGC appears set for a period of rapid growth.
UGC or social network advertising is forecast to grow into a US$17 billion per year marketing sector with an 18% compound annual growth rate through to 2019.