Blockchain is a rapidly developing technology that has the potential to change everything. What does this mean for digital marketers? In order to understand what blockchain means for digital marketing, we spoke with MA Team Agency from Chicago.
What is blockchain?
As you probably know blockchain was introduced to the world via Bitcoin in 2009.
Blockchain is a decentralized database that stores information in ledgers distributed across multiple locations. This creates an unchangeable and verifiable record of everything stored within it.
It’s important to note that blockchain isn’t just Bitcoin, as the technology has many potential applications outside cryptocurrency such as file storage or even voting systems.
Can it improve the marketing industry?
As you know digital marketing is one of those areas where we can see numerous benefits from using blockchain.
For example, it can bring us less spammy ads, zero click fraud, and 100% transparency in advertising expenditure. The control over the ad spend will be transferred to advertisers and publishers directly without intermediaries increasing the efficiency dramatically. Blockchain technology ensures that people are not charged for anything they didn’t mean to purchase or view based on smart contracts. One of the companies trying to solve this is AdBank.
What about data privacy? We all know how much targeted advertisement can affect user experience sometimes… No one likes being spammed with irrelevant content, which is why blockchain presents a solution through its decentralized nature as it makes databases immutable by design thus ensuring no third parties have access to personal information once it’s recorded onto the ledger – giving users full ownership of their own data again!
Advertisers could also enjoy increased conversions as a result of the improved targeting capabilities due to more precise information being recorded on the blockchain, and along with socially responsible activities such as AdBank’s own platform which will help prevent ads from reaching minors; it’s clear that this is something everyone can benefit from.
Even ad fraud could be eliminated thanks to smart contract technology ensuring all advertising spending needs are met before they’re executed meaning advertisers don’t need to worry about their money going into an account but not displaying ads (a common problem today for many brands).
But what about data security?
With blockchain, we can create a data ecosystem where the users have complete control over who they allow to access their information and for what purpose.
For example, if you were on Facebook or Linkedin, anyone with your permission could see some of your posts, but only those that give them permission can also view all of it – giving full ownership back to the user as well as making sure each individual is able to set out their own terms about how they want companies to use their personal information.
This means that everyone from brands to customers will be better protected against hackers because blockchain technology makes it incredibly difficult (and expensive) for someone trying to steal any sort of big data; which in turn creates an improved level of trust between consumers and businesses alike.
And of course payments
After all, every business exists to make money, with blockchain you can offer alternative payments that are secure and much faster than traditional means.
Taking away the need for expensive middlemen in the process, blockchain allows for improved efficiency in transactions which can really help smaller businesses to grow quickly.
And because these payments are all handled by smart contracts you don’t have to worry about any delays or disputes either; meaning greater control of your money at all times.
By using blockchain technology companies will be able to provide a better customer experience across the board – whether this is providing greater transparency when it comes to supply chains, more efficient payment systems, or even just offering rewards through loyalty schemes. If implemented correctly, there’s no reason why every company out there shouldn’t use some form of blockchain within their digital marketing strategies.
But do I need blockchain?
To be completely honest, no! BUT, even blockchain isn’t necessary for your business today it’s the fastest-growing technology in the world’s history. Even the internet has slower growth rates than blockchain. Sooner or later, every company will need to embrace this extremely powerful technology – so it might as well be sooner!
It’s about time that marketers start looking at how they can use the power of blockchain within their digital marketing strategies in order to provide a better customer experience throughout the entire process and also increase their own revenues in the long run.