No doubt, one of the greatest headliners in our world this century is the blockchain technology. Closely allied to the blockchain are bitcoin and other cryptocurrencies. Truly, many are yet to accept cryptocurrency; but, no person can deny that blockchain technology has come to stay.
Initially, the emphasis of the blockchain has been its impact in the financial and banking sector. However, many have begun to explore its endless possibilities in other sectors. The marketing sector is also a beneficiary of the blockchain technology.
Marketing today is faced with so much hassle that weary marketers. Moreover, digital marketing has suffered much abuse at the hands of internet fraudsters. This may be traced to the fact that many such platforms are centralized.
Good news is that the blockchain technology – its basic property of decentralization – has made things easier in digital marketing. Many absurdities can be addressed by the blockchain in the nearest future. In fact, many have been addressed by some already existing blockchain apps.
Blockchain apps have surfaced in nearly all sectors of life. They are now in the arts and entertainment, health, technology, educational, information, security, and other aspects of life. Therefore, their influences are waiting to be announced.
Although, the greatest limitation cryptocurrency has faced is its price volatility. For example, the ripple coin rate shows how XRP has suffered volatility from about $0.45 last month to $0.35 now. Nevertheless, blockchain is revolutionizing the marketing industry in ways shown below.
1. Data Security
If you have been current with news, you would have learned of many data scandals from major social media platforms. This has become a growing concern for persons and organizations alike.
Imagine how awful it can be to learn that people buy and sell your data for monetary gains. It is even obvious that “less secure” data implies “more proneness” to fraud. For this reason, we must, therefore, shift to a more personal data friendly ecosystem.
Fortunately, the blockchain technology does not only provide data security but has it as an innate property. With the blockchain technology, you can carry out activities on the internet without fear of your information being leaked.
Conventional internet access tracks our identity and, consequently, is able to trace all we do. So, if you visit the internet to perform transactions, or read something, be sure there’s a third eye watching.
While apps like Blockstack provides options to Internet anonymity, adoption is still low and unheralded in many parts of the globe. There are still other platforms that aim at making internet anonymity a success. Some of these blockchain based platforms ensure that the use of apps is also entirely data-secure. Blockchain investors keep developing such apps that are abreast of the current world development stage.
Many crypto exchange platforms also offer a lot of data security to investors. You can perform your transactions without any traceability of who you are actually. All these are possible with the blockchain technology.
Imagine how much simplicity this will bring to the marketing industry. As marketers or website owners, you would have limited information about who visits you or not. However, you would be able to identify interested or prospective customers.
Don’t you think it is better to have those who are interested in what you offer than a ton of indecisive visitors? Well, blockchain would help both marketers and consumers maintain their focus through data security.
2. Ad Problems
If you are a frequent internet user, you must have been frustrated at times with unnecessary ads flooding the website. These ads usually constitute distraction and reduce your browsing efficiency (from the perspective of the consumer).
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Many websites allow these ads in exchange for money, not being concerned about how it affects you. Although, some have stumbled on some fortune through ads they viewed. These, however, does not give many the browsing experiences that they desire.
From the advertiser’s perspective, it is undeniable that marketers and advertisers gain a lot from the ads they display. But, it really costs them a lot to put up an ad. They have to liaise with a 3rd party – mostly Facebook and Google – who charge them a lot for that.
Sometimes, the ad-sponsoring companies do not channel the right ads to the right people. Therefore, it counts to loss on the part of the advertisers who pay much and see little results. Thank goodness for the blockchain technology, this can/has been remedied.
With blockchain technology, one would not need 3rd parties to be able to direct their ads to targeted persons. Since blockchain is decentralized, it will be a relationship directly between ads and users.
An example of a blockchain platform that helps with this is the Brave blockchain browser. The name of the token it uses is called the BAT (Basic Attention Token). This platform aims to simplify user-ads interaction and break the monopoly existing in ads services.
With the Brave browser, advertisers can buy ads using BAT tokens. Then Brave browser publishes these ads for users who choose specific ads to view. This really is an awesome experience for users and marketers alike.
Furthermore, the users get compensated with BAT for every ad they decide to use. “What about the publishers?” They earn the most! They take a larger percentage of what an advertiser pays. Anyway, this will be a great leap for marketers, customers, and publishers.
3. Quality Assurance
We are at a stage in this world where criminals are no longer afraid of showcasing their fraudulent merchandise online. Thus, many times, we are faced with a hard decision as to whether a good or service is original or not.
This is no longer a problem with blockchain since it has the ability to track goods and services. Blockchain can trace the source of a particular commodity. Therefore, it will become easy to identify if it is original or not; and we wouldn’t fall into a trap.
4. Decentralized Marketing
Imagine a time when people can perform transactions without a third party interfering in any way. This will even find good use in the arts and entertainment industry since it is bastardized by piracy.
Picture an artist whose album is pirated such that he enjoys little or no profit of his labor. Many have resorted to Spotify, Tidal, etc, but these ones pay them a little fraction for their streamed music. Therefore, it is not a complete solution to their problems, but a better option.
With new DApps, this can be forgotten. Some blockchain platforms aim at creating a direct relationship between artists and their fans. They do this by helping the artistes create tokens through IAOs (Initial Artiste Offerings).
Artists can now use this platform to sell out their tokens to investors. Then they give those who have their tokens opportunities to get their tracks, watch them live, etc. Truly, this looks like a more organized way of making profits as an artist.
Conclusion
Blockchain has come to stay in our society – not a needless stay of course. With blockchain technology well integrated into marketing and other sectors of a nation’s economy, things will fall in place. The truth is –while crypto has its pitfalls, it is surely the pathway to the future.
