Blockchain is about to transform marketing as we know it, and it will play an important role in this. The strongest disruption in every industry has yet to come from blockchain, which is a technology that is both cloud-enabled and will revolutionize the way marketers interact with their audiences. It may surprise you who benefits from blockchain in digital marketing.
In essence, blockchain allows two parties to transact between themselves without requiring a third party to verify that the transaction was made legitimate. However, blockchain could be a huge benefit to marketing. Blockchain has been used mostly for finance and crypto-currencies, but it could also be used in marketing.
In contrast to artificial intelligence and analytics, which may benefit business more than consumers, blockchain may level the playing field by giving consumers back control over their data. Blockchain is going to change digital marketing forever, starting now, in the following ways.
Blockchain brings the value of data back to consumers, which is one of the most exciting things about it. The ability to access customer data has been extremely useful for many companies up until now. For make a simple purchase in store or online, anyone wants our phone number, email address, address, and firstborn’s name. It’s true that using a mobile app can help companies market directly to consumers. Nevertheless, it is quite intrusive in many ways, because companies make money off of clients’ personal data, and often even sell it.
By removing the ability for organizations to just pull customer data without offering them to compensate for it, blockchain is changing digital marketing. Users are interacting with online advertising differently thanks to the Brave browser, for example. As opposed to being bombarded with ads, Brave users opt-in and are rewarded for engaging with specific ads with Basic Attention Tokens (BATs). In this case, advertising is viewed as a way to increase their value, rather than just as a means of trading space for advertising sales.
The blockchain-based Blockstack technology offers an alternative to centralized apps, protecting the digital rights of users. Previously, the consumer provided their personal data to use certain applications, and the data remained on the application’s server, entirely out of the consumer’s hands. The data you enter on Blockstack remains yours. When the user is finished with the app, the key returns to them. Digital marketing has never been simpler and more revolutionary than this. Data-grabbers can stop grabbing data at random.
As a marketer, I would say this concept isn’t that appealing. It feels a lot like starting over by waiting for your customers to provide you with the information you seek. Digital marketing may not be pleased with these findings, but I believe consumer protection is a necessary step forward.
Transparent yet non moderated financial system!
People always hope, fingers crossed, that they are buying what is advertised to them, whether they shop on eBay, Craigslist, or Whole Foods. Do you know if the item is organic? Does it really exist? Does it really grow or is made in an environment that is fair-trade / fair-pay? Did children work in sweatshops to produce this product? The blockchain has given consumers access to these answers, as well as many other questions.
Using blockchain technology, companies are able to verify exactly where components were manufactured or grown, or what kinds of soil they grew in, or how much workers earn. In an era when consumers are increasingly concerned with not just the quality of goods they purchase, but also the trustworthiness of the companies that created them, this issue is important.
Precise Digital Marketing Implementable Strategies
In a bizarrely confusing field of online advertising, Unilever and IBM are on their way to clarifying things. A blockchain-based project creates a trusted and verified chain from the advertising dollar up to the end user. About 85 cents of every dollar spent on advertising were paid to the publisher in the past. The price has dropped to just 40 cents today, largely in part due to the fact that there are so many intermediaries. Thousands of dollars have been saved by Unilever through the project already. This could, on the other hand, put out of business many companies that have built their reputations by certifying ad metrics. The rapid evolution of blockchain technology will change the face of digital marketing in ways that could lead to the extinction of a whole generation of companies built on it.
As a matter of fact, the real value of blockchain is not solely in the new use cases that are being developed in digital marketing. We are interested in how these use cases will affect the existing systems being built for managing digital marketplaces. Digital marketing is changing increasingly rapidly and is expanding at an accelerating rate by the moment. Blockchain may be changing digital marketing in a profound, perhaps irreversible way.