giving incentive to a affiliate to refer a new blog in the network

Dear Friends,

I wish to run a affiliate program where i wish to give a incentive or commission to a affliate who refers a new blog in the network.

Is there a way to track a affilliate at the time of blog registration

One of the ways i am thinking to do is to place a Banner (or a text link) on a already created blog on the network which would redirect to "new blog registration page" with the affiliate id embedded in the link.

Would it be possible pls advse

best regards

srinivas peesapaty