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Blockchain Technology: Disrupter in Marketing and Advertising
Blockchain has made a huge interruption over the past few years. It is considered as the most innovative technology since the birth of the internet. People assured the concept of blockchain to bitcoin only however, it is much extra than that.
"The blockchain is an straight digital record of economic transaction that can be programmed to record not a just financial deal but practically everything of value".
The benefits of blockchain technology:
- Lower cost due to the elimination of intermediate.
- Faster process than centrally controlled ledger.
- Incredible to lose data stored on a blockchain.
- Full transparency of transactions.
- Sender and recipient can access the data sent across the blockchain.
With the interruption of blockchain across countless of business segments, it is also transforming the digital marketing and advertising. How will it disturb digital marketing and advertising? The answer is, consumers will gain governor over their personal info and purchase data. Blockchain will give license to consumers to take governance of the ads they view and offer advertisers a current and elegant means of producing good quality of leads. Therefore, every business should apply the modern blockchain technology.
Prevention of ad fraud:
The mainstream of marketers is behind money and revenue due to cheats. However, blockchain is going to address the problem because it is transparent and encrypted, which allows companies to analyse whether the people viewing their ads are their target audience or not. It would eventually lead to saving millions of dollars each year. In simple words, companies can guarantee that they can achieve what they spent for.
Cross-Promotional B2B Deals:
Smart contracts permit you to exchange money that holds value in a free and transparent style. It removes the intermediaries involved, meaning that you and the end contractors can deal face to face without the existence of the third party. The contracts are primarily measured by blockchain technology that cuts, confirms and fulfils the terms of the absolute contract. The contract can be swapped only by a new contract.
Smart Contract, on the other hand, can mechanically impose constraint from all parties involved in order to make sure that the payments are made only after the completion of terms. A social media vender does not post about a product, smart contract will never release the payment to the vender. Every contractual target has to be fulfilled in order to proceed with the process to take place. In fact, blockchain enables an innovative capability with the help of smart contract expertise that cares businesses to emphasis on commerce and defend themselves.
One place for consumer information:
Blockchain technology can prove to be helpful for digital marketers and advertisers in building consumer profiles. Without peeping into information about consumers from various sources, everything can be accessed from one place i.e. blockchain. The question arises how it would be possible since consumer blockchain transactions are not centralized, it would be impossible to extract consumer data.
The answer is that instead of receiving dispersed data, agencies can pay consumers for purchasing their private data and information. It might look expensive but think of how much money is misused on campaigns with erroneous data.
Another benefit is that by paying the consumer a heavy price, you can get the information without stressed. In this way, they will show extra curiosity in the products, services and the company.
Transparency throughout the customer journey:
Blockchain at many touchpoints can help in severely validating and verifying each part of customer's ride. Goods and services sold can show to be reliable for the customers by ensuring the supply chain and industrial processes transparent. For example, Walmart used blockchain technology based on IBM Watson to grow a digital path for how their products made in China ended up on the shelves in the United States. As a result, the consumers of Walmart presented a better faith.
The acceptance of blockchain is still in its early phase and more is yet to come in the future. However, one thing is for sure, blockchain technology will totally alter the business scenario specially in the arenas of marketing and advertising.