Say hello to the technology that is all set to disrupt every industry that deals with data transactions – Blockchain!
Adoption of blockchain technology will definitely make a big difference in the digital world as today no data stands safe online. Online purchases and trade securities are at stake with alarming cybercrime taking place every now and then. Thus technical advancement like blockchain can prove to be of great advantage for organizations as it helps in accomplishing a secure system.
Blockchain tries to solve the problem of cyber security by restructuring fundamental business monetary transactions and introducing new forms of digital interactions.
Owing to its encrypted and distributed database, blockchain doesn’t allow changes to the digital data (ledger) once it is written unless a consensus is achieved against it. Hence, it reduces the possibility of security breaches. When it comes to transparency, efficiency and security, you can totally rely on blockchain being a marketer or advertiser.
There is a lot more to blockchain that it brings to the table. Let’s dig deep.
- 1 What Is Blockchain?
- 2 5 Ways Blockchain Will Transform Marketing & Advertising
- 3 To Conclude
What Is Blockchain?
Using the peer-to-peer network of computers to validate transactions, blockchain technology is a way to enable direct online payments between parties without the need of financial counterparties.
The blockchain is a digital ledger that allows people to record data securely. The recorded data is both verifiable and decentralized i.e. it allows users to make and verify transactions
immediately without a central authority.
Are you familiar with Google Spreadsheets? If yes, you can totally understand the concept of blockchain technology. It can be maintained simultaneously by multiple people, without the need for the data to be stored at any single location, making it public and verifiable just like Google Sheets.
Being a reliable and efficient global network of value exchange, the data maintained on blockchain is virtually incorruptible. Its outstanding security features and its ability to generate value for its users have gained accolades from blockchain enthusiasts from all over the world.
The use of blockchain technology is predominant in finance and banking sector currently, but is said to affect digital marketing and advertising sector as well.
In this era of data, with blockchain, marketing and advertising industries can maintain data with utmost transparency, brand-safety and accountability.
Advertising organizations adopting blockchain technology are changing how online ads are purchased, delivered, measured, and valued.
5 Ways Blockchain Will Transform Marketing & Advertising
Here are 5 ways enlisted in which blockchain technology will transform marketing and advertising.
#1 – Online Ad Buying & Verification
In online advertising, the accuracy of stats is questionable. One doesn’t know whether the clicks coming on an ad are from true customers or the bots or hired clickers.
With blockchain technology for programmatic buying, an advertising company can easily find out if the people viewing their ads are the real target audience or not. This practice ensures that the advertising firm is charging only for genuine clicks.
Because the chain is transparent and encrypted, companies can make sure they get the advertising they pay for.
Another beneficial aspect of deploying blockchain by advertisers is ad verification. Proving extremely beneficial for marketers so far, blockchain provides a mechanism for brands to know where their ads have been placed. It offers the cost-effective alternative of decentralized ad auditing. It simply takes ad deliveries from an ad server and then releases them to the mining machines where they are analyzed for fraud. The frauds can then easily be identified and blacklisted in real time.
#2 – Demolition Of The Concept Of Middleman
With blockchain, say goodbye to middlemen.
The peer-to-peer nature of the blockchain eliminates the need for intermediaries and users interact directly with each other.
Blockchain allows the companies to pay their targeted audience directly to view their ads. Giving complete security to clients and contractors, a decentralized ad system on blockchain facilitates easy flow of money between the parties, skipping the ad buying process.
Not just companies and advertisers benefit from blockchain protocols, but artists and content creators also benefit enormously from automated royalty payments.
Competing for actual audience attention, the technology ensures smart spending and allows connecting with potential customers easily.
#3 – Targeting Audiences Better & Influencer Marketing
By resorting to blockchain technology, advertisers and marketers can build customer profile directly in one go using the information directly from the customer.
This helps them build a database of the target audience in the most efficient manner. The technology further allows the companies smartly advertise the product to those potential customers who are most likely to buy your product.
With the tremendous growth of digital media, influencers and influencer marketing plays a vital role in creating awareness for brands. Blockchain technology also helps with brand awareness. It helps in tracking the engagement criteria of an influencer contract (clicks, likes and views) ensuring the high level of accuracy and transparency.
#4 – Data Protection & Regulatory Compliance
Marketers can effectively leverage the blockchain technology to store large volumes of customer data securely. Being securely encrypted and decentralized, blockchain technology is a perfect alternative to traditional data storage methods.
Blockchain ensures the highest levels of privacy protection. It is focused on identity and protection of identity with regard to the data that’s associated with it.
In addition, regulatory compliance to GDPR that require marketers to take consent from their customers can also be managed through blockchain.
According to a new GDPR compliant usage model of blockchain, the customer permits the company to access a level of data for a limited time and limited use.
#5 – Improving Transparency
Blockchains can offer full transparency of the transactions carried out on the network. It is efficient in safeguarding the privacy of its users.
In an online business, blockchain’s digital ledger system facilitates tamper-proof transparency of every product’s move through the supply chain. The buyer can easily track every movement of the product. It enhances customer experience with utmost transparency.
Blockchain builds the brand and creates trust – what else a marketer or an advertising firm craves? Ensuring optimum support to the customer, the technology empowers customers with the facility to choose the markets they wish to hear from.
The concept of blockchain is here to stay. Over the period of time, blockchain will transform the marketing landscape with its associated and unexpected technologies.
Blockchain ensures enormous advantages for marketers in terms of security, transparency, efficiency, and performance. These are the steamy reasons why adoption of the technology is appraised globally.
Since there are many barriers to the above-listed ways, it will be years before we witness a substantial adoption of blockchain across various industries.
Do share your views and queries regarding the subject in the comment section below.