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How Is Blockchain Going to Revolutionize Digital Marketing?

How Is Blockchain Going to Revolutionize Digital Marketing?
Reshma Mandal
January 12, 2018

The marketing industry today is dynamic. It has to adapt the shifting focus of customers and new technologies. But now there is a new change that is making waves and shaking up digital marketing that is called Blockchain technology. It's not only applicable to finance; this technology is going to disrupt every industry out there that deals with data transactions.You are going to see the changes filtering over in next few years. The blockchain is the next big technical disruption that you can see. So let's first discuss what blockchain is?

What is Blockchain?

The blockchain is a digital ledger that allows people to record secure data that is both decentralized and verifiable. The data on a blockchain is incorruptible, so if it's corrupted, then the entire network is needed to make changes. You don't have to wait for making changes to the document before anyone finished editing the document. It can be maintained by multiple people simultaneously without the data to be stored in a single location making the data public and verifiable.

Blockchain has proved its efficiency and reliability in the global network of value exchange. It can generate value for its users with its outstanding security features with no single point of failure.

The above video by zlotolow is the explanation of blockchain by professor Shai Rubin in an easy way. The below image will show how blockchain works?

How blockchain works?

How Marketers benefits from blockchain?

Marketers can deliver real and authentic value to their customers with blockchain technology. Blockchain signifies transparency, accountability, and brand safety and that's the reason marketers include this technology in their strategies. Blockchain technology provides an unprecedented level of security and transparency to all the data transaction. As the data is decentralized, customers can now have their data at any time they want and can get more visibility of their data, i.e., where their data is being used.

How Is Blockchain Going to Revolutionize Digital Marketing?

Before discussing it lets watch a video by Eazl that explains how blockchain is going to revolutionize the world’s data?

Here are few ways in which blockchain can transform the digital marketing.

Establish Trust with all your Ad Buys

It's always impossible to tell stats of online advertising is accurate or not. Are you counting true customers when you are counting clicks to your sites, or followers on Facebook and Instagram? Or you are counting bots who artificially pump up ad stats so that their distributors can charge higher rates? It's very tough to tell in reality. But blockchain is going to change everything as the chain is encrypted and transparent. Companies now can determine whether the people who are viewing their ads are among their target audiences or not so, can save in millions per year. Companies can benefit from campaign auditing and cryptographically secure impression tracking and can make sure that they get the advertisements that they pay for.

The End of Middleman

No middleman needed

With the help of blockchain technology, companies can directly pay to their targeted audience for viewing their ads skipping the ad-buy process. Publishers who remove the middleman can increase their CPM from $1 to $5. Blockchains do better than that. Blockchain can reinvent any transaction that requires an intermediary.

Before the blockchain technology, the buy-sell process required an intermediary, a broker or a bank who can house your financial data at their computers. Blockchain replaces the central system with a decentralized ledger of chain records. Each record in the blockchain is connected to one before and one after. So, no records can either be deleted or can be altered.

Better Audience Target

Better audience target

Blockchain has the potential to trace and manage transactions and thus is meant to be highly disrupting in the advertising field and target audience better than any other technology. Advertisers get information about the customers from various sources. Once source can give you information about their age, another can give information about their salary and so on with others. But using blockchain advertisers can build a customer's profile directly from the customer. This allows greater ability to market as per customers needs and spend advertising on only those customers who are willing to buy any product. As in advertising blockchain can provide much-needed clarity and focused audience targeting as needed.

Cross-promotional B2B Contracts

Smart contacts that operate on blockchain can help you exchange money, shares anything in a transparent and conflict-free manner thus letting you avoid any additional players like lawyers. These contracts result in more efficient B2B cross-promotional marketing eliminating influencers and bloggers who use platforms like Instagram, Facebook, and Youtube to promote brand products and services.

Digital marketing is fruitful with influencers and bloggers but is challenging since each participant is determining their own cost, and no third party is there who can regulate the terms of the agreement. But smart contracts ensure that the payments are made after the terms are met by enforcing obligations automatically from all the parties involved.

Digital marketing today should rely on the most secure and advanced backbone. Blockchain technology allows a new class of service with smart contracts.

Improving Transparency

Blockchain is improving the transparency

Blockchain technology is transparent and can show the customers whom they are selling their data. Companies that use blockchain technology to store their data are assured that the information will not be leaked or tampered out as it cannot be changed or copied. Buyers can easily check the place the product came from, who has handled it, whether they are purchasing from an online auction or somewhere else. This gave the customer a tremendous power to enhance their experience. Consumers want their data to be safe and secure, and the transparent nature of the blockchain technology allows the consumers to feel safe as the company cannot manipulate their data.

The digital transformation is all about the customer's experience. It empowers customers to make their own decisions for which marketers they wish to hear from and choose.

Case Studies

Day by day industries are finding new ways to include the blockchain technology and its benefits. And there are new startups too. Below are the case studies across multiple industries.

Peer-to-Peer Payments and Lending

Blockchain can enable cheaper cross-border remittances by eliminating intermediaries.

Abra
Using blockchain technology, Abra built the first global, peer-to-peer, digital cash transfer app. Abra gained the benefit for secure money transfers and payments while protecting the value of deposits in local currency.

Bitbond
Bitbond is a global peer-to-peer lending platforms for Bitcoins. People can borrow Bitcoins or earn interest on Bitcoins on Bitbond international marketplace.

BTCJam
BTCJam provides a peer-to-peer lending service where people can connect to borrow and lend using Bitcoin. It’s allowed for all the people around the world.

Plutus
Plutus is a true peer-to-peer exchange network on the blockchain.

Internet of Things (IoT)

There are many important implications for the Internet of Things and the development of Smart Systems. By recording a ledger of data exchanges between it and other devices, blockchain can provide a way to track the unique history of individual devices, human users, and web services. Here are the interesting startups in this field.

Filament
Filament is building a decentralized IoT stack to ensure devices to communicate securely and transact value. Amazon and SpaceX use Filament build sensors called 'Taps.'

Chimera-inc
Chimera has connected the IoT to real-time analytics performed on the edge node. It’s a hub connecting the home network to the electrical device and clouds around it.
Decentralized Markets

It’s always beneficial for any two people to connect with each other without depending on any institution. Decentralized markets are going to kill e-commerce in that way.

OpenBazaar
OpenBazaar is a decentralized marketplace for instantly trading goods and services with anyone using Bitcoin.

Slock.it
By enabling anyone to rent, share or sell their property without any middleman, Slock.it has disrupted the billion dollar disrupters. Proof of Authorship and Ownership

Proof of existence can be used to express the authorship of any document like paper, photos, audio or video recording. This simple method allows anyone to store their any document into the blockchain and proved its existence at the time when a particular block was mined.

Blocktech
Blocktech is an open-source standard that allows users to publish and distribute original content themselves like from music to videos to feature films, 3d printable inventions, books, recipes, etc.

Proof of Existence
It securely stores an online distributed proof of existence for any document. It’s an online service that verifies the existence of computer files in the bitcoin technology
.
Clipperz
Its a place where you can share your works by knowing the truth that authorship and copyright are secured. It is a tool for protecting and managing intellectual property on the blockchain.

Digital product selling is easy now through Clipperz.

Stampery
Stampery leverages the blockchain technology for ensuring the integrity, existence, and attribution of communications, data, and processes important for your organization. They are the leaders in blockchain-based data certification.

Blockai
Its a proof of ownership certificate which can help you prove your ownership. It used the blockchain technology to protect your copyrights.

Here is a video of case studies of blockchain technology that have shown the use of the technology in the business solutions.

The above video by Tim Lea will explain how the blockchain is being used in real time and how the use cases have shown growing proofs and concepts.

Conclusion

Digital marketing companies are now beginning to develop real cases for blockchain in their day to day business activities, and those who are already aware of the technology are sooner the one to get greater benefits. The blockchain is the ultimate democratization tool, and everyone is going to realize at some point that an open system is always beneficial and can create large opportunities. Be a fast mover and adapt the features that are going to benefit you.

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