People spend most of their time on social media websites and applications. with the rise of digital marketing, there is a noticeable increase in conversion rates and digital channels driving the highest ROIs. with the creation of blockchain technology in digital marketing, things are about to change again. it provides transparency, security, and accessibility to data flows. Here consumer and brands exchange their data directly.
In this blog, we are going to explore the importance of blockchain technology in digital marketing.
What is Blockchain?
As we have already discussed, Blockchain is essentially a decentralized un-hackable database, where everyone has a copy of the same database.
There’s no middleman, It is programmed to record not just financial transactions like bitcoin, virtually like ad delivered, contract signed, or a record at a hospital that was changed.
Any of these transactions will be recorded on the blockchain and everyone has access to or a copy of the same database essentially.
How Blockchain works:
1. person(A) wants to send a money
2. In online the transaction has been represented as a “block”
3. The block is broadcast to every party in the network
4. Those blocks in the network will approve the transaction is valid
5. The block then can be added to the chain which provides a transparent record of transactions
6. Likewise the money moves from person A to person B.
This means no single person owns them not controls them. The information being passed across these computers is fully automated and completely safe, every block is verified by thousands of computers.
Benefits of blockchain in marketing
- Data Security
- Small Businesses
- Fakeness and sustainability
1. Data Security
We hear a lot of stories like companies experiencing customer data leaks, customer information like physical addresses, passwords, credit card information, etc.
It is a huge issue for everyone who buys and sells online, With blockchain, every transaction is verified and publicly visible, and also the transaction is anonymous.
We all want ads that are targeted to the audience whose who are interested in our products. but we have to pay a major fee to companies like google which have the reputation that both companies and website owners looking for.
With blockchain google (middleman) is skipped and users can verify automatically and work together seamlessly.
Giving customers the charge of their information can seem like a bad thing but it also ensures advertisers rather than wasting money on uninterested customers only target those who are curious about your company and about your products.
4. Small Businesses
Consumers can trust smaller players. previously whom they were very off. With blockchain, small businesses can prove where the products are coming from and what’s the supply chain. this will help customers know exactly what it is your business is providing and it will help build trust
Blockchain accepts alternate payments which are more secure and businesses would not have to worry about things like forgery and fraud. And also transactions made are quick.
6. Fakeness and sustainability
The products that are fake and with fake likes and followers will be stopped. It will reduce fakeness and it helps to keep your image sustainable.
Blockchain is the future of businesses and marketing, and that’s not a bad thing. In Adhoc Softwares, we provide blockchain services that will help small businesses compete with larger companies and more like provide opportunities for smaller businesses and also Reduce costs increase transparency and trust with consumers. Blockchain will change the online business done by companies. Many Companies are building blockchain teams and many startups are raising a ton of money into space. Blockchain is here to stay and certainly impacts marketing.