In the concurrent scenario of the digital advertising industry, people are under the obligation of the marketer. Generally, they have little or no control over their data. When they access the web, their data is gathered and stored for further use. This lack of control is leading toward widespread concerns about digital marketing security. People are increasingly finding it hard to keep the information safe and limited that they share on the web. The private information freely in access to businesses is becoming a matter of concern for the general population active on the internet.
On the other hand, for marketers, the concerns are mounting as well.
Blockchain technology contains the potential to turn the current digital advertising landscape on its head. It can act as an inadvertent regulator for this industry.
Currently, the digital advertising model requires a central middleman, such as trusted media sites like Facebook and Google, to facilitate the buying and selling of advertisements. Blockchain can break this model and provide a much better way. It can allow an advertiser to buy and sell from the users directly. Brave uses its 'Basic Attention Token' (BAT) to enable advertisers to pay for viewing their ad to the user directly.
The amount is calculated by monitoring the 'mental effort' of a user. Thus, forming less advertising spend for a brand and creating a better experience for their users.
There's another app that's revolutionizing the advertising landscape.
Blockstack, an open source project that enables users to access the website while safeguarding their security and privacy.
The service runs on the blockchain, which enables it to provide users with read/write permission to their data. The information then gets encrypted on the personal device, eliminating the need to have a middleman. Consequently, Blockstack users can access the content they wish to see, without receiving the unwanted targeted advertising. Thus, giving back the power to the consumer.
By removing the identity details of a consumer from the purchasing funnel, the privacy information will no longer be freely available to marketers searching for lead generation.
Also Read: How Blockchain Implementation Transforms Digital Marketing
Increased consumer access and control to data doesn't necessarily mean that it will reduce customers. Instead, users will have the power to decide when to whom, for how much time their information should be available. Then, people will be available to trade their information. It will help them yielding greater autonomy of information. But the benefits don't limit to the customer only. Marketers will be able to take advantage of this model. Although the number of leads could be lower, the quality leads will undoubtedly increase.
Already, companies have grasped this idea. Snovio, the first blockchain-based lead generation service, allows customers to trade personal information by exchanging SNOV tokens.
The exchange platform provides users with increased authority and control over the use of their data, along with creating a big dataset of up-to-date, quality leads.
The database is developed using the model of crowdsourcing data gathering. So, its growth wholly depends on the users who wish to contribute. To attract more users, providing financial incentives will work as an inclination factor.
The enter of Blockchain in Digital Advertising is ready to flip the standard of digital advertising models to cause a paradigm shift in power from the marketers to the consumer.
The Bottom Line: Blockchain In Digital Advertising
In a few years, it will become significant that Blockchain is here to stay. Whether or not marketers will adopt it globally is no longer a question of if, but when. The current advertising market's infatuation with blockchain technology signifies that this process has already started.
In a nutshell, the early adoption of blockchain in digital advertising is going to play a crucial role in the success of any future marketing strategy.
If you want to understand and know more about Blockchain, here’s a list.
1: Implement Blockchain Technology Into Your Business Without Spending A Fortune
2: Hybrid Blockchain: Bringing the Best of Both Public and Private Blockchains
3: How Blockchain Helps Transform the Supply Chain and Logistics Industry
4: 4 Uses for Blockchain the Automotive Industry is Using Today
5: A Comprehensive List of Best Blockchain Platforms To Watch Out in 2018