The Blockchain is what’s called a “decentralized distributed ledger” which might seem too technical to fully grasp but it’s actually a simple concept. It is an advanced technology that offers increased security reassurance by not needing a central institution to store records. Blockchain keeps the record of the transactions that take place among the peer-to-peer network and these records are stored securely in numerous decentralized systems that are interconnected, hence it is less vulnerable. The speed, safety, and cost-effective nature of the blockchain are what attract more and more people.
Now it is also growing in the digital marketing industry, adding a new meaning to the relationship between consumers and businesses. The information is stored digitally that can’t be tampered or deleted. With the blockchain, the entire advertising system is evolving. It looks like in the approaching years we would see the real traction for the use of blockchain in marketing.
- Elevate Transparency- Previously, advertisers would know only a few details about the use of ads by publishers, which led to high expenses for publishing ads also in some cases ad fraud. But Blockchain makes the process more transparent, this is what every advertiser and marketer aims for in a campaign. The digital ledger of Blockchain lets consumers get a transparent view of every product and service, from manufacturer to seller.
- Protect Personal Data- Now consumers have become more concerned about online hacking and leakage of personal data. Companies have profiles for every customer based on visited sites, searches made, products purchased, and several other things. Privacy is one of the most serious issues in online activities. Blockchain in online marketing is focused on empowering consumers to own, verify, and monetise their personal data in a compliant manner.
- No Intermediaries- Blockchain affects the digital marketing industry greatly by eliminating the middleman or intermediary such as social media sites of Google. This adds more value to the ad campaigns of the companies. The dependency on the middlemen is for the transactions and launch of ad campaigns but Blockchain eliminates the need for intermediaries when users sign a contract related to advertising.
- Validating Pay- Money is the facilitator and the most volatile part of a marketer’s job. Blockchain could help send and receive global payments securely, quickly, and at low-cost.
- Smart Contracts- In Digital Marketing, marketers benefit from this blockchain application in many ways. Marketers could outline a smart contract breaking down the terms of an agreement between your company and a publisher. Smart contracts are also used to purchase license rights from content creators.
Marketing needs a facelift. With its enormous potential in these areas, blockchain technology will revolutionize the way we convey, consume, and understand marketing campaigns. But, these are just a couple of possible avenues for the blockchain to take.
Where the blockchain winds up is a mystery. But, with the fast progress, it’s made so far, we can go anywhere.
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