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How Blockchain is Incorporated in Digital Marketing?

Blockchain – Majority of the people in the crowd only see the surface level of the term blockchain they have an understanding about buying and selling of cryptocurrencies, but blockchain has a far more extensive usage beyond the financial world. Blockchain technology can be incorporated in companies of all sizes. It can also make waves in the digital marketing world which we will cover up in depth.

The blockchain is more technical but its essential for storing and distributing digital information without being copied thereby it’s a significant peer-to-peer network.

Why blockchain is called a peer-to-peer network and what’s special about it?

The blockchain is a public ledger; it has blocks of identical information stored across its network in a chain like configuration thereby the histories stored in the blocks can be built upon, but not changed. Since the data is shared across the world in different blocks, it’s merely impossible to hack it. Thereby it becomes decentralized.

Being decentralized, Blockchain has no center and intermediary or central authority thereby the information is unchangeable and nobody owns the in charge of blockchain which makes it the ultimate solution for the peer-to-peer network.

Blockchain incorporated in digital marketing is quite interesting, and it has significant facts where blockchain can be used in depth;

Eliminating the center

Trust with transparency

Public accountability

Control over your information

Benefits of branding

Eliminating the center

The blockchain is a lot more than bitcoin and has already established its contribution in various fields. One of the significant, exciting industry that can make the optimal use of blockchain is digital marketing.

So how this works differently from the marketing, we know as far now?

“Eliminating the center”

Digital marketing to has “middleman” who controls the string between advertisers and users

Imagine SEM with blockchain

Website holders will not go through Google Display Network to find advertisers because each user will be validated and verified, they would know they pay for genuine clicks, and thereby there is no need for any other intermediary.

Trust with transparency

It’s always important and tough to gain consumer’s trust. People are always skeptical about the products they order like from where their products comes from and so on, with blockchain marketing you can provide the transparency consumers expect from you, because everything is verified and made record of therefore interpreting those details is not possible these products company can leave videos of making of the product and its detail which will again gain the trust of the crowd and increase the productivity and sales

Recently Walmart teamed with IBM to make their process more transparent with the use of blockchain digital tracing of their products retailer’s base, and manufacturing was portrayed which gained the trust of consumers in the market.

Public accountability

Corporate social responsibility (CSR) is another sector. The transparency and documenting ability of blockchain can be used to create the digitized contracts or smart contracts that can be viewed by public, and use to hold companies accountable.

Control over your information

Consumer identity concerns are increasing, and in future its necessary and essential to balance advertising with these concerns, blockchain allows consumers to charge for their attention and information. In the future, the marketer ends up paying the user to consume their advertising material. E.g., When a brand or group approaches a user to subscribe to a monthly newsletter the consumer can respond with a price for that information. So the price for reading the mail could be some amount. This payment all would be in micropayments paid via cryptocurrency like Bitcoin.

Benefits of branding

There are certain advantages in adopting a Bitcoin-friendly payment method and to use blockchain to formalize digital negotiations between companies: you’ll be seen as an advanced, forward-thinking organization.

As you embrace new emerging technology, you would be considered as an innovative and creative organization thereby establish your own identity in the market.

On to the future

While blockchain is more associated with cryptocurrencies that shouldn’t overshadow its practical use in digital marketing. Blockchain will acquire a lot of industries in the coming year and create new opportunities by removing the middlemen and allow free space to interact through smart contracts. Many Companies have already started to leverage blockchain technology to increase the transparency and to reduce the friction, marketers can leverage these tools to acquire more customers at a lower cost.

Companies are already leveraging blockchain technology to increase transparency and reduce friction, and marketers can leverage these tools to acquire more customers at a lower cost.

Check it out Our Previous Blog Post :- How Influencing is Blockchain Technology in Search Marketing?

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Digital Marketing

12 SEP 2018 | Rachel