Now that Steemit has opened up a new perspective on how a business model can be made to include a financial tool that rewards its user base will other businesses take to the same or a similar model.
In this model a user is rewarded a cryptocurrency that can be traded for Bitcoin or other cryptocurrencies that are seen as having a value. The reward is based on an action that one person must take to get a reward. In the case of Steem a person must post content and the reward comes from being up voted by the community. Users can also get rewarded by leaving a reply and curating other peoples content.
Now let’s take this business model and apply it to the other types of businesses that exist today.
Original Equipment Manufacturer
First we will look at a product or product line driven business model. In this model the user of the product could receive a unique cryptocurrency developed by that manufacturer every time that person buys the products, uses the products, promotes the products via online media or referral code, or spends a certain dollar amount. The crypto currency could only be generated when a customer performed a certain action and that action would be logged into the blockchain by entering a code for purchases or automatically be tracked by online analytics for posts and referrals.
Retail Stores
Retail stores would each have their own cryptocurrency that could be generated by it’s customers taking certain actions including purchasing volume and frequency, usage of merchandise, and spreading the word about the store. I believe certain stores cryptocurrency would be valued higher than others based on how hard it is to obtain. For instance high end boutique stores may have a higher valued coin since in order to get its cryptocurrency you have to spend more money.
Service Business
Customer satisfaction with a service business can be more difficult to obtain than with a product since you are depending on a person to person experience to be performed the same way every time. Rewards may go both ways with this type of service.
If the person providing the service does a good job than an up vote or good review may reward your service provider with some cryptocurrency while at the same time rewarding you the customer for your loyalty.
How Can This Come To Be
As steemit begins to draw in more and more traffic and other social media organizations begin to adopt steem or a similar model people will begin to gravitate more heavily to those organizations that reward its users. Until finally if you want to stay in business you will have to adopt the cryptocurrency reward system into your business plan.
How Will This Effect Businesses
The actual cost for a business to implement this sort of reward system is minimal considering they do not have to give their users anything that cost them money to make. The cryptocurrency is entirely generated by its customers actions alone. The value to the economy is substantial since more wealth is being generated as people buy and use products and services.
Advertising and Costs of Goods and Services
The huge sums of money that are spent on advertising can be drastically reduced by the users of the products and services being rewarded for advertising them. This can reduce the costs of products and services since the advertising expense is being absorbed into the creation of cryptocurrency that did not cost the company anything to make.
Conclusion
Only the future knows how this new use of #cryptocurrency technology will change the landscape of our modern day economy. As people begin to become more familiar with using this technology it’s adaptation will increase more rapidly. Systems like Steem and #Bitshares are pioneering the way in this great new field and with that a foundation is being laid for what is yet to come. Thoughts build upon thoughts and that is the beauty with a project like Steemit, so I’d love to hear your thoughts on how #Steemit will change the world we know.