How Blockchain Is Transforming Next Wave of Digital Marketing
The Blockchain is a relatively new technology that revolutionized the way digital data is stored and disseminated. In digital marketing, Blockchain ensures that monetary and data transactions are transparent, secure, and accessible. It can improve digital marketing for consumers while also allowing corporations to avoid spending large sums of money on digital advertising campaigns. Consumers can now own and sell their data directly to advertisers and marketers thanks to this new technology.
These days, data is what drives the market. Blockchain technology can give data owners back control over their data when it comes to digital advertising. It is establishing a direct data exchange between brands and consumers. The surveillance used to track user activity is of high quality, resulting in increased consumer trust and data usefulness. Let’s look at some of the most important ways that Blockchain can help with digital marketing.
What is the use of Blockchain in Digital Marketing?
1. Boosts Transparency
It’s impossible to determine if the statistics for site clicks or Instagram followers are true with online advertising. Even bots that are employed to inflate ad numbers artificially produce inaccurate results. According to research, bots alone caused more than $7 billion in damage to businesses in 2016. However, because of the digital ledger technology used by Blockchain, the chain is transparent and encrypted.
Every product that moves through the supply chain must be transparent. Organizations may save millions of dollars on advertising by ensuring that the individuals who see their ads are their intended audience. Companies may rest confident that they are getting the advertising value for their money.
2. Preventing Fraud
A Blockchain network allows users to register certified digital outlets and verify certified advertising tactics against the registry for fraud prevention. Only those who have been granted access to these measures will be able to see them. Digital advertising, bots, click farms, and ghost websites are all possible areas where fraud can occur.
Including a third party can raise the risk of data breaches, cybersecurity, and human error. Toyota and other major corporations have used Blockchain technologies in digital marketing to reduce fraud in their digital advertising efforts. The number of visitors to their website has increased by 21% on average.
3. Improve Marketing and Digital Advertising Campaign
It is feasible to connect merchants and marketers using Blockchain, allowing for data transparency, clicks, interactions, preventing fraud, and eliminating intermediaries. Data from digital advertising initiatives can be imprecise at times, making improvement difficult. With Blockchain, it is possible to track marketing activities in real-time and acquire reliable information.
Top brands like Unilever are effectively using Blockchain to improve the efficiency of digital advertising. The technology will be fully operational by 2020, and IBM will launch a Blockchain advertising solution.
4. Helps in Building Trust and Credibility
Businesses love Blockchain because it can securely verify, store, and communicate data across multiple parties, eventually earning confidence. In recent years, Blockchain has been shown to aid in the development of trust.
When there are already players in the market, it can be challenging for small enterprises to build a name. Business owners will prove where their products come from and illustrate the supply chain, fostering customer willingness to buy from them, thanks to Blockchain.
Interesting Facts to substantiate the digital marketing revolution
According to research, investment in Blockchain solutions would increase from 1.5 billion in 2016 to 15.9 billion in 2023. Almost every industry is interested in using Blockchain technology. In 2018, the banking industry alone accounted for nearly 60% of the global market value of Blockchain.
Market Players of Blockchain Marketing
OrionCoin is a multi-tiered loyalty and marketing platform for the next generation. It employs loyalty and incentive programs to encourage clients to stay with them. It uses Blockchain to deliver “ORC” loyalty points to businesses and their customers. The more businesses that accept OrionCoin, the more valuable ORC becomes.
Consumers would always be motivated to collect ORC if there was a limitless supply. OrionCoin likewise handles the inherent value of each “point.” Customers can exchange ORC for cash, which they can then spend on whatever they desire.
BitClave is a corporation that specializes in marketing technology. Instead of paying large sums to intermediaries like Google and Facebook, it uses Blockchain to cut out the middleman and use smart contracts to eliminate the intermediary.
They can control the money transfer between two parties thanks to the smart contract. Instead of the marketer, consumers have ultimate control over their data. They can either sell that information to businesses or use it to choose from various advertising services.
3. Brave Browser
Trackers and invasive advertisements are blocked with the Brave browser software. It has been adopting the Basic Attention Token (BAT) to return the digital marketing paradigm to its basic foundation of consumers, advertisers, and publishers without the involvement of a middleman. Brave can anonymously track your favorite websites.
When people view advertising, the publishers receive tokens, which is how Blockchain works. After that, users can return the tokens to the publishers.