The growing relationship between blockchain & marketing
There’s no denying the use of blockchain is exploding across industries and businesses. As reported from Cointelegraph, this “distributed ledger technology (DLT) is used in logistics, manufacturing, games and facial recognition services.” But marketing? Why not! There’s more potential to this relationship than one might initially think.
Here are three reasons why blockchain will be a powerful force in marketing (potentially sooner than later):
Blockchain builds upon itself which streamlines information.
As a digital system that stores real-time added information – those chains of blocks – in a network that continues to build upon itself. Current technology, including Cookies, doesn’t have that capability. Already, companies such as IBM are embracing blockchain’s advantages to solve their lingering marketing problems.
Babs Rangaiah, who leads global marketing solutions for the Interactive Experience unit of IBM, said: “Blockchain is creating new ways of doing business across industries, particularly where greater trust and transparency is required. As it relates to media, we expect blockchain to be able to provide a single source of truth to any given media buy, eliminating the doubt and uncertainty that is common today.”
Blockchain is a budget $ saver
When targeting consumer audiences, Facebook and Google have been the go-to platforms. With the increase of controversy surrounding security and data privacy, blockchain is both an alternative and secure solution to directly reach audiences.
Because participants in this peer-to-peer model network all have their own encrypted digital signature, you directly reach who you’re targeting and control the message – bots not included. That’s like solving two birds with one budget dollar via cutting out the middleman.
Blockchain’s security
Blockchain is a decentralized system. That means network users verify each transaction – or block – which lowers the possibility that fraudulent activities will occur. Through using ‘smart contracts’ such as the ERC-20 protocol built on Ethereum this type of relationship is completely safe which protects both the client and the contractor – “ something the marketing industry has been missing for a very long time,” Cointelegraph reports.
Blockchain still has a ways to go in its development as a technology. Yet, its rate of development within cryptocurrency projects shows there has been and will continue to be quite a lot of movement with this tool in the near future. If you’re interested in learning more about blockchain, check out our article ‘What is Blockchain’.
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