How Blockchain Technology will Impact Marketing?
Bitcoin is the new bug that has bitten the entire world. Everybody is going bonkers over it. So many people are actually considering investing in it. Some banks have even started accepting it as a formal method of payment. What does something like Bitcoin run on? A technology called blockchain powers Bitcoin.
But what is it? It is an enormous digital ledger. Every Bitcoin transaction that takes place is shared on a decentralized network. Blockchain keeps track of every transaction. Every transaction is stored as a block of data. With every transaction, block after block is added, and thus the name. It helps store an extremely large amount data effectively and much to everyone’s surprise, securely. In fact, the way this technology works, no one can destroy the blockchain or alter it.
How Does It Work?
Basically, what happens is that every part of the peer-to-peer network verifies every transaction.
In fact, blockchain’s application shows potential, especially for marketing. In fact, blockchain is already being used by certain advertisers to collect ad revenue. In marketing, we always come across problems that are easy to solve. But these are problems that are hard to compute. Blockchain technology might help us eradicate this issue.
Advertisement Delivery Verification
The idea of using blockchain for advertisement delivery verification sounds extremely attractive. And, this is not even the future. There’s already an ad network that does this. BitTeaser allows users to display and track all click-throughs in blockchain in real time. Now, marketers will know exactly where their ad has been placed on the internet. It gives you a stick with which you can actually measure human engagement with your ads.
It can actually help re-establish trust in advertising once more. There are so many websites on the internet. No wonder that it has become increasingly difficult to see if your ad is in the right place. With blockchain, a marketer can take the ads and release them to its mining machines. Maybe this will one day help brands sell ads without any middleman involved.
Establishing Public Trust
Blockchain technology can help brands create an emotional connect with their audience. Take for example Corporate Social Responsibility, a brand says that it will do something for society, and hopefully, does it. With blockchain technology, a company is accountable for its promise.
Many brands are already using this technology to allow their customers to check the authenticity of their products. Then helping brands to deliver on their digital promises should be next. It will help your brand to connect better with your target audience. Plus, you will be able to generate a positive buzz around your actions.
Blockchain technology can help marketers store large amounts of confidential customer data, safely. It helps to cover all the data with a shroud of anonymity and protect it. What makes it so secure is the fact that you can detect data breaches before it affects you. Moreover, as a marketer, you can use blockchain to manage digital consent.
Personalized content has become a norm for marketers these days. So, it is extremely important that we treat the data with respect. You have no other alternative but to rely on personal data. In this age of big data, blockchain might prove to be the only technology that can keep so much data secure.
The Way Forward
Blockchain technology can allow us, marketers, to reach out to our audience in a more authentic way. That is something that we should understand before anything else. While it still has drawbacks, but if it suits the needs of a large number of marketers, it might just become more popular than it is now.
Marketers should be curious about this technology as it has the potential to improve performance and productivity in companies. Early adoption of this technology might make a huge difference in the long run, but right now all we can do is wait and watch.