If you consider that blockchain technology is only related to financing, bitcoins, and fintech industries, you might go wrong. Indeed, there is a lot more to blockchain implementation than cryptocurrencies. It has tremendous capability to resolve the issues in other areas of industries, too. One such area is where it can promise a great transformation in digital marketing.
Currently, the advertising industry generates billions of dollars. So, companies gather information about their targeted consumers and make marketing strategies to expand their reach of consumers.
Basically, in the marketing and advertising space, blockchain implementation offers transparency, direct-to-consumer digital marketing, and smart contracts.
Digital marketing expenditures may reach $120 billion by 2021.
Yet, half of all ad traffic is made up of bots. But, businesses are investing huge money to reach potential consumers. It is a bad practice because studies reveal that bots have cost companies over $7 billion in 2016 alone. However, blockchain implementation will change all of that. It is due to the reason that the chain of blocks is transparent and encrypted. Thus, companies can save millions spent on ads every year. Specifically, they can be aware of the people seeing their ads are members of their targeted audience. In the coming times, companies can have the potential to target particular consumers straightaway.
Blockchain is a public ledger system that stores data in a distributed database. The best part of it is that everyone who uses blockchain can see and share all its data, thus, it remains transparent.
Now, let’s find out how digital marketing companies can utilize blockchain implementation to innovate digital marketing .
All data stored on the blockchain is permanent. No one can do modifications. Blockchain implementation is the best storage medium for digital currencies. Also, it provides a high level of security with distributed data. Implementing this technology means you will need to say goodbye to middlemen. BitClave is a blockchain company that 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 relationship is formed. Users have control over what they intend to release to advertisers while searching.
Blockchain technologies bring in transparency and with this property, userscan be assure that companies cannot make modifications to their data. Data is accurate on blockchain. This public ledger system offers transparency for every product’s move through the supply chain.
With blockchain, it is easy to find out where the product has come, who has maintained and handled it, and more things about it.
It puts immense power into the hands of the customer and enhances the customer experience too.
Using smart contracts allows for the exchange of money securely. You can transfer money or anything, all without any conflict with transparency. It will take out the need for lawyers from it. These smart contracts (Cross-promotional B2B contracts) refer to computer programmed contracts based on blockchain technology. They verify and execute 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 instance, in the case when a blogger has not published any article or social media post about a brand, the smart contract will not release the blogger’s payment.
Indeed, blockchain implementation has tremendous power to make the digital marketing industry efficient.