Blockchain Technology Holds the Future of Digital Marketing
The Blockchain is an extremely new technology and is the method in which data is stored and shared. Blockchain technology in digital marketing offers security, transparency, and accessibility to financial and data exchange. It improves the efficiency of marketing to consumers through digital and helps businesses avoid having to invest huge amounts of money on digital marketing campaigns. With this new technology, consumers can have their data and sell it directly to marketers and advertisers.
Data is the main driver of market activity nowadays. Blockchain technology is a possibility to provide control over data to owners who are focusing on digital advertisements. It’s forming an exchange of data between brands and consumers. The monitoring of users’ activities is of high quality, which results in higher confidence and usability of consumer data. Let’s take a look at some of the most prominent aspects regarding how Blockchain could prove to be beneficial for digital marketing.
Blockchain and Digital Marketing
1. Enhancing the effectiveness of marketing as well as Digital Advertising Campaigns
With Blockchain it is possible to connect merchants with marketers to provide transparency in data interaction, clicks, and transparency which prevent fraud and gets rid of the middleman. The information from digital advertising campaigns may be incomplete and therefore improvement is difficult. Monitoring marketing campaigns in real-time is possible by using Blockchain to obtain reliable data.
Some of the top brands, including Unilever have been utilizing Blockchain to boost the efficiency of digital advertising. Blockchain technology is now in full-scale production and will introduce a Blockchain advertising system later in 2020, working with IBM.
2. Fraud Prevention
A Blockchain network permits the recording of authenticated digital outlets and to test confirmed advertising methods against the registry to prevent fraud. These measures can be securely shared with only authorized stakeholders. Some areas are susceptible to fraud, such as digital marketing bots, click farms and ghost sites where fraud is possible.
The involvement of a third party may increase the chance of data breaches, cybersecurity and human mistakes. Brands like Toyota have been implementing Blockchain applications to digital marketing to reduce fraud in their digital marketing campaigns. They have seen a 21% increase in website user traffic.
3. Building Credibility and Trust Credibility
Businesses like the fact that Blockchain is because it can securely verify, store and transfer data between various parties, and eventually gain trust. Blockchain has been demonstrated to aid to build trust over the last few years.
It isn’t easy for small companies to establish themselves in the marketplace given the number of players already in the market. With Blockchain the business owners will be able to demonstrate where their products come from and demonstrate the supply chain a willingness for consumers to purchase from them.
4. Promoting Transparency
When it comes to online advertising it is difficult to determine if the statistics are true with the number of clicks on the site or followers on Instagram. Bots that boost the ad’s stats intentionally give inaccurate results. The research has revealed that bots have caused companies over $7 billion in damages in the year 2016. However, Blockchain is the solution. With Blockchain the chain is secure and secured due to the digital ledger technology.
The integrity of transparency is unbreakable for each product that moves across the entire supply chain. Businesses can save thousands of dollars in advertising expenses by knowing that who is viewing their advertisements are their intended group of customers. Businesses can rest assured that they’re getting the ads worth the money they are paying for.
5. Strengthens Content Monetization
Content is among the most crucial elements of a company in the field of marketing. Well-crafted content is essential to promote the products or services. Blockchain lets bloggers, consumers and streamers who produce regular content be rewarded directly instead of using third-party content platforms.
In providing space for advertisers, social media giants earn millions when people watch them when going to a website. A lot of platforms are removing third party services by rewarding users directly using cryptocurrency micropayments to create content. For instance, platforms for sharing content like Steemit and PodMiners have been implementing Blockchain solutions and earning benefits in the form of Steem tokens and other incentives.
Benefits of Blockchain In Digital Marketing
As we mentioned previously blockchain technology was not invented quickly in the field of marketing solely because of its security features. It may indeed be one of the main motives, but there’s more to this particular piece of technology that is not just protecting consumer data.
Below are a few advantages of blockchain technology being used in the field of Digital Marketing.
Be it online ads or trade, the blockchain is acknowledged to offer more transparency for individuals as well as companies users. In other types of networks, advertisers aren’t sure whether their advertisements are reaching the correct audience and at the amount presented by these sites, Blockchain makes it easier for them to keep track of the impact of their advertisements. Because of its transparent structure, it permits anyone to observe the whole network of activities taking place across the chain.
advertising a company’s service or product through online marketing channels such as Facebook Ads and Google Ads can be costly for businesses, especially smaller as well as medium-sized ones. In the absence of intermediaries and placing ads directly on the blockchain, it’s more affordable for companies. In addition, it allows the company to calculate a precise return on investment.
Alternative Payment Gateways
With the blockchain’s existence, new payment options are available to entrepreneurs. They no longer have to fret about fake cheques or fickle debtors. Cryptocurrency, such as Bitcoin is a great option to replace cheques in these situations and, even if are new to the field one of the top crypto trading robots available on the market could help you make this simple.
Digital marketing fraud could occur anywhere including click farms, ghost websites or even through automated bots. By using blockchain technology in conjunction together with traditional auditing and marketing tools, you will be able to have websites marked as infiltrating by bots or involved in click fraud. Once this digital interference has been eliminated, you’ll have an enlightened view of the quality of service is being offered for what you pay.
A marketing campaign that is tailored to all people in a particular region or with an age is how ads are displayed on traditional networks. However, blockchains can help by bringing the target of your audience to a higher degree of precision by using advanced filtering options. After you’ve established the guidelines the advertisement is visible only to those that meet those criteria and therefore reaches those who are truly interested in your service or product. Additionally, it improves its quality for your customers and leads.
Customized Delivery of Ads
Being exposed to the same commercial repeatedly can de-sensitize the viewer to its message, whether it’s regarding a business transaction such as the purchase of a particular product or a noble act such as donating to a cause. Because on traditional channels monitoring the spread of ads is not feasible and often reduces the effectiveness of efforts. Blockchain technology, however, lets marketers not only keep track of the ads but also modify the patterns of circulation of their advertisements.
Automated and Validation
Elimination of middlemen has greatly affected the running of advertising campaigns, in addition to cutting down or even eliminating the need to verify guidelines compliance. In addition, automation makes the process of posting ads easier and less complicated, thereby increasing its effectiveness of it.
It’s pretty impressive, isn’t it? It’s enough to make you want to begin working with Blockchain without delay. But, as with every other technology Blockchain also has its pros.
Drawbacks Of Blockchain In Digital Marketing
As we said, everything has positives and negatives. There are benefits and drawbacks. The same is true for Blockchain.
Below are the main Disadvantages of Blockchain Technology.
Control over the Data Traffic
Although it is an unrealized scenario but the fact that any business or group of businesses with a majority of nodes can at any time manage data traffic remains true. It is often called the ‘ 51 per cent attack and is often linked to cryptocurrency chains such as Bitcoin.
Large Investments required
Changes usually come with costs and when you have to replace the technology used frequently in the company with a completely new system like Blockchain it is significant and the amount of investment needed is usually higher than what was anticipated. It is the Hyperledger feature offered by Linux Foundation is one of the top frameworks available at the present time and they’re not at a bargain price.
Excessive Energy Consumption
While we are aware that everything needs the energy to run or work, However, what we tend to overlook is the amount of energy required. Blockchains are an extremely powerful tool that consumes a lot of power. A chain-like one. Bitcoin is the only one that consumes more power than the entire nation of Switzerland over the same period of time.
Astonishing Statistics Astonishing Statistics
According to a report, expenditure on Blockchain solutions will rise between 1.5 billion last year to 15.9 billion in 2023. Nearly every industry would like to benefit from Blockchain technology. Financial services alone have revealed more than 60% of the value of Blockchain globally in 2018.
Global Blockchain Solutions spending 2017-2024
2024 will see global expenditure on Blockchain solutions exceed 4.3 billion dollars. This is an astounding amount and is nearly 60% more than what was spent in the year before. The trend will continue forward, it is predicted that the global Blockchain solutions will be worth more than fourteen billion U.S. dollars by 2024 each year.
Big Market Participants in Blockchain Marketing
Very few businesses make use of Blockchain for marketing and are making the most of it available as follows:
BitClave is a company that provides marketing technology. It makes use of Blockchain to eliminate the middleman through smart contracts, instead of paying large sums to intermediaries such as Google or Facebook.
The smart contract allows them to control the transfer of money to two different parties. Consumers control their personal data, not the advertiser. They are able to sell the information to companies or opt for other advertising methods.
2. Orion Coin
Orion Coin is the next generation multi-tiered loyalty and marketing system. It utilizes rewards and loyalty programs in order to boost the retention rates of its clients. It utilizes Blockchain to offer companies and their customer’s loyalty points referred to as “ORC”. The more businesses adopt Orion Coin the more important ORC will be.
With an endless quantity of ORC, the users would be driven to accumulate the coins. Orion Coin also manages the value intrinsic to each “point”. Customers are able to trade ORC in exchange for cash and use it to purchase the items they wish to purchase.
3. Brave Browser
Brave is a Brave browser application that is utilized to block trackers and annoying advertisements. It is incorporating it with the Basic Attention Token (BAT) to help bring the digital marketing model back to its basic model of advertisers, users and publishers, with no need for an intermediary aid. Brave will track your browsing habits anonymously on websites that you are interested in. Through Blockchain it acts by the publishers receive tokens each time users browse advertisements. Users are then able to give back the tokens they received to the publishers.
There are a few businesses that have used Blockchain to conduct their marketing that is secure and secure. All of these data and the businesses that are using Blockchain marketing offer insight into the future direction for marketing.
Blockchain is the Future of Business
In the near future, Blockchain will help small companies compete with larger corporations through lowering costs and increasing the transparency and trust of customers.
Gartner declares that Blockchain is second only to machine learning and artificial intelligence being among the technologies that will be disruptive in the next few years. Blockchain has helped in every industry where it is used, from manufacturing to agriculture insurance, banking and many others.
With Blockchain marketing, your business will greatly benefit. You’ll know who you’re aiming to reach, and you won’t waste money!
Are you interested in becoming a Blockchain expert? And you’re not sure where to start? Come to Brisk Logic and start building the Blockchain from the ground up, as well as smart contracts and chain codes. Check out IIIT-B and Brisk Logic‘s Advanced Certificate programme in Blockchain Technology if you’re interested in becoming a blockchain developer and building smart contracts and chain codes. If you want to learn more about digital marketing, check out the Advanced Certificate in Digital Marketing & Communication.