If you consider that blockchain technology is only related to finance, bitcoins and fintech industries then you might go wrong. There is a lot more to blockchain implementation than the cryptocurrencies. It has tremendous capability resolve the issues the solve problems in other areas of industries, too. One such area where it can promise a great transformation is digital marketing.
At the present times, advertising industry generates billions of dollars. So, companies gather information about their targeted consumers and make marketing strategies to expand their reach of consumers.
In marketing and advertising space, Blockchain implementation offers transparency, direct-to-consumer digital marketing, and smart contracts.
Digital marketing expenditures are expected to reach $120 billion by 2021.
Yet, half of all ad traffic is made up of by bots. And, businesses are investing huge money to reach potential consumers. It is a bad practice because research revealed that bots cost companies over $7 billion in damage in 2016 alone. But blockchain implementation will change all of that. In spite of it, there is no assurance about those ads that it will scale up their sales. Due to the reason that the chain of blocks is transparent and encrypted. Thus, companies can save millions spent on ads every year if they are aware of the people seeing their ads are members of their targeted audience.However, it is appealing that this custom will no longer prevail in the coming times as companies have the power to target particular consumers straightaway.
The blockchain is a public ledger system that stores data in a distributed database. The best part of it is everyone that uses blockchain can see and share all its data and that is the reason it remains transparent. Let’s find out how digital marketing companies can make use of these technological advancements in the innovation of effective marketing.
No Middlemen is there
All data or anything that is stored on blockchain is permanent. No modifications can be done. Blockchain implementation is the best storage medium for digital currencies. Also, it provides a high level of security with distributed data on the blockchain. Implementing this technology will damage the digital advertising industry and you will need to say goodbye to middlemen. BitClave is a blockchain company which gives priority to search-data privacy that provides users full control over their data.
In its search engine, Ethereum blockchain technology is used that knocks out the need for ad service people. It ends the work of middlemen for all transactions. Direct consumer to business relation is there. Users have control over what they intend to release to advertisers while doing a search.
Blockchain technologies bring in transparency and with this property, users are assured that companies cannot make modifications to their data. Data is accurate on the blockchain. This public ledger system offers transparency for every product’s move through the supply chain.
With blockchain, it is easy to find out from where the product has come, who has maintained and handled it, and more things about the product.
This puts immense power into the hands of the customer and enhances the customer experience too.
Using smart cards allows for exchange money. You can transfer money or anything all without any conflict with transparency. It will take out the need of lawyers from it. These smart contracts (Cross-promotional B2B contracts) are computer programmed contracts based on blockchain technology that verifies and executes the terms of an unalterable contract that can only be replaced by a brand new contract.
Smart contracts are capable of imposing automatically obligations from all parties associated, to make sure that payments are made simply after the terms are met. For example, In the case when a blogger has not published an article or social media post about a brand, the smart contract will not release the blogger’s payment.
In essence, Blockchain implementation has tremendous power to make digital marketing industry efficient.