5 Ways Blockchain Will Advance Digital Marketing
Digital marketing has transformed in the past decade, specifically due to Artificial Intelligence (AI) and analytics. However, digital marketing is yet to undergo one of its biggest revamps, all thanks to blockchain technology.
Although blockchain is typically associated with cryptocurrency such as Bitcoin, it has wide-ranging applications. At its centre, blockchain enables transactions between two parties, without third-party authentication, and makes a public record of the exchange. While blockchain has mostly been used for cryptocurrencies and financial purposes, the fundamental technology will impact all areas of business, inclusive of digital marketing.
Because blockchain runs on a decentralised system, it has the ability to provide equal opportunity to the consumer, giving them back the power of their data. Here are a few ways blockchain is revolutionising digital marketing for the better.
Increased security
For those who buy and sell online, data security is a massive concern. Frequently, security breaches happen, and when they do, people are left wondering if their financial information or identity have been compromised.
With blockchain, however, each transaction is publicly visible and verified, keeping the involved parties anonymous. This not only frees up the time you would’ve spent reconfirming your identity, but it also gives you the anonymity and security required to be a modern buyer and seller online.
Reimbursed data to consumers
Up until recently, companies have greatly benefitted by pulling data from their customers. Nowadays, customers can’t complete a purchase without offering up their email address, phone number, address, etc., to the brand they’re buying from. Although it can be beneficial for the consumer to have their data collected because companies can better personalise their marketing to them, it is still a highly invasive practice. Not only does it mean that companies are making money by taking the personal information they gather from people, but they’re sometimes even selling customer data without their consent.
Blockchain is reshaping digital marketing by making companies reimburse customers for the value of their data. In terms of user protection, this is a huge opportunity to actually centre digital marketing on the needs and wants of the consumer, while keeping their wishes regarding their data privacy top of mind.
Heightened transparency and authentication
With blockchain technology, consumers can actually trace back to the origins of what they’re purchasing. Is the item really organic? Is it really grown or produced in a fair-trade environment? Is it really authentic? Blockchain can answer all of your product questions and many more.
Blockchain enables companies to verify exactly where an item was grown or manufactured, how much the workers were paid, or even what soil was used to grow it. This paves the way for a transformational shift in company transparency and product authentication; especially now that consumers care more about the integrity of the company rather than the product they’re purchasing from them.
Ads made easy
It’s the goal of any business to have the ads they buy living on high-quality websites that are actually targeted to the audience they’re interested in. To achieve this, though, companies have to pay a considerable fee to an enterprise that has the power, and reputation, of let’s say…Google.
With blockchain, marketers can skip the ad networks completely. Blockchain creates a trusted and verified chain from the ad dollar to the end-user, meaning companies won’t require a third party like Google to build trust.
Better payment options
Blockchain presents the potential widespread adoption of Bitcoin and other cryptocurrencies. Although cryptocurrencies aren’t the mainstream yet, it doesn’t mean that they aren’t on track to be.
Blockchain makes all things regarding payment transparent and valid. This way, retailers won’t have to spend time worrying about bad credit cards, forged checks, or other payment issues. Not only do retailers benefit, however, the consumers also benefit because with more secure payments they can save time and money on banking fees related to chargebacks and fraud.
