What does blockchain offer to classic and digital marketing?
At the time, blockchain dramatically changed the playing field for the media market. Since it is not just another trend but a real innovation, blockchain is called to make business and marketing more accurate, secure, effective, cheap, and with fewer intermediates. We can deny these possibilities or use them to enhance and diversify our approach!
A word on blockchain benefits
Talking about features provided by the blockchain, the first thing to be mentioned is its transparency. Considering the absence of a single ledger within the blockchain, the risk of interference or any uncoordinated changes is nil.
Every person wants to live in a perfect world where there is no lie and all people trust each other, but let’s face the truth. Let’s believe Dr. House, who would say everybody lies. And here comes blockchain that copes with the lack of trust from partners.
The concept of transparency accompanies the security of all processes provided by the blockchain. But for the lack of properly provided data security, plenty of spoiled reputations and global scandals could have been evaded. Thanks to a decentralized ledger, the data is simultaneously stored by numerous users, thus minimizing any hacker’s attack. Security can be additionally increased with the help of data anonymity and permitted access.
Another innovative use of the blockchain is tokenization. Such words as NFT or ’non-fungible token’ have been in the public eye for a long time, and there’s a reason. I guess you experience no need for an explanation of this concept.
Though, I will still accentuate the fact that NFT managed to challenge the gray market by providing a guaranteed income from secondary sales to the content creators. And it’s only one of the ways to implement it, and we have hundreds of them!
Blockchain and marketing
Relying on various researches of the marketing market and backed up by my personal experience, I can outline several spheres benefiting from the blockchain, such as Programmatic, Data, Commerce, Decentralized Marketing, Social Marketing, and Content Marketing. They all depend on digital operations for transferring, checking and processing of information and, as the result, are vulnerable to manipulation.
More about each of the spheres
Programmatic. In this case, blockchain limits the activity of different bots, whose task is to implement personalities and artificially increase the number of views and clicks. All their actions will be recorded and stored in smart contracts, providing the administration with the possibility to prevent the repetition of similar types of behavior.
Data. Marketers can see the previous conduct in the blockchain ledger to identify the current subscription status and the areas in marketing and communicative processes problems with GDPR implementation may appear.
Social Marketing. With the help of smart contracts, fees can be placed under warranty up to the fulfillment of all negotiated obligations by influencers. After the termination of the project, all payments are made automatically; thus protecting the interests of both a client and a performer.
Commerce. Smart contracts can also make payments between advertisers and editors more structured and transparent. Financial transactions do not need to be postponed, and money can be transferred instantly based on real-time data.
Decentralized Marketing. Blockchain-based ad platforms allow marketers to directly pay and reward users for their participation in the advertisement or their data use.
Content Marketing. Ownership of the image or video can be easily tracked up to their initial source when marketers use content-making platforms based on blockchain. Creators can track the distribution of their assets and receive a fair use fee; the liquidation of ownership violation concerns.
I have offered only several local examples, and when talking about blockchain possibilities for the marketing industry, we can outline a lot of them. These options can add transparency, provide security and fulfillment of agreement by both sides, and many more. The potential is huge, we are only to grab a spoon.
Is it worth implementing blockchain in your marketing ecosystem?
Blockchain has become a fresh solution to old problems. Besides the thing mentioned above, it can easily increase the effectiveness of expenses and operations by illuminating the need for third parties’ participation in financial transactions, mailing, or other types of advertising.
Therefore, the answer to this question will definitely be Yes!
What do you think of it, and what other perspectives of the growing influence of the blockchain on marketing can you suppose?