Unpredictable Transformation in Digital Marketing Industry
Marketing is a tricky business.
We’re supposed to look for new means always to capture the audience and to withhold our clients. There are always two types of people in marketing, some companies rely on models posing advertisement, and others create blogs and engaging content, whether it’s the liking towards your job or to be in good deeds with your boss marketers are constantly in need of fighting to get an edge.
For those who are unaware, Blockchain is that edge.
In the recent times, you must have heard a lot about blockchain technology and its benefits like its transparency, security, and speed. Many financial sectors celebrate this new technology for highly secured reasons but what about something more practical
Can blockchain change the marketing customs?
Yes, this concept and idea can help marketers to reach the customers in a way that has never been done before. By leveraging this blockchain technology marketing departments can never be the same old-fashioned.
A brief explanation on the blockchain
The blockchain is a decentralized distributed ledger where the transaction is multiplied and dispersed among the neural networks. The users can be individual computers or multiple servers around the world; these are secured since they are encrypted therefore they use cryptocurrency transactions.
Anything that you can conceive of as a supply chain, blockchain can vastly improve its efficiency – it doesn’t matter if it’s people, numbers, data, money.” – Ginni Rometty, CEO of IBM
With the talk about transactions and currencies, you might have concluded that there is no way this technology can be used in marketing then you must read the following ways where blockchain can revolutionize the marketing world.
The open source most visited website is Wikipedia that runs entirely from user-edits and donations. The users are free to change the information which causes duplication in the content, what if this can be fixed or avoided?
With the use of blockchain technology, marketers will have the ability to see when an edit was made, by whom, where and when, the document will be decentralized which means no single user has full ownership. By leveraging blockchain, you will experience a positive change in the way we collaborate and in the areas of content marketing.
You will be able to figure out who, when and what your colleague made that gross joke about you, isn’t that interesting!
Smart contracts are “code that can keep track of the terms of agreements and automate the steps towards each term’s fulfillment.”
In the digital space, marketers benefit significantly from this blockchain application regarding ad enforcement. Smart contracts can break down the terms of an agreement between the company and the publisher. Once the impressions are met the contract fulfillment is confirmed, and the payment is released. Smart contracts are also used in the purchase of the license and the copyrights from the creators.
Recently Kodak is working with blockchain based service company so whenever a company uses the image the photographer gets paid, which is an excellent opening to the marketing department.
Validate the pay
Pay-outs for the freelancers or another firm can be time-consuming, unsafe especially in the marketing sector it may be confusing who gets what for why? Payments are always sensitive, by using blockchain payments could be sent across the world without including or paying for any third parties. This helps many companies to send and receive global payments quick and secured at a low cost.
The blockchain is not just for processing cryptocurrencies its beyond that any asset in any area can be tracked, encrypted and exchanged. Blockchain has a vast potential in the field of marketing with this technology it’s easy to revolutionize the way we consume, understand and deploy marketing campaigns. With the leaps and bounds in this technology, its made easy for us to go anywhere and explore anything.
Digital Marketing24 May 2023 | Rachel