The Blockchain is a relatively new technology and is the way digital information is stored and distributed technically. Blockchain in digital marketing provides transparency, security, and accessibility of monetary and data flows. It can improve digital marketing for the consumer, benefiting businesses not to spend humongous amounts of money on digital advertising campaigns. With this newly introduced technology, consumers can own and sell their data directly to advertisers and marketers.
Data drives the market these days. Blockchain technology has the potential to return data control to data owners targeting digital advertising. It is forming a direct data exchange between consumers and brands. The surveillance for tracking user activity is of high quality, resulting in greater trust and consumer data usability. Let’s have a look at some prominent points on how Blockchain can prove out to be beneficial in digital marketing.
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Blockchain in Digital Marketing
1. Improving Marketing and Digital Advertising Campaigns
With Blockchain, it is possible to link merchants with marketers providing data transparency, clicks, and interactions, preventing fraud, and eliminating the middleman. The data from digital advertising campaigns can sometimes be inaccurate, so improvement can be difficult. Monitoring marketing campaigns in real-time is achievable with Blockchain for obtaining trustworthy metrics.
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Top brands such as Unilever are applying Blockchain for improving digital advertising efficiency successfully. The technology will move to full production, and it will launch a Blockchain advertising solution later in 2020 with IBM.
2. Fraud Prevention
A Blockchain network authorizes to record authenticated digital outlets and test verified advertising measures against the registry for preventing fraud. These measurements can be securely shared with only permitted stakeholders. There are probable areas such as digital advertising, bots, click farms, and ghost websites where fraud can happen.
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Involving a third party can increase the risk of data breaches and cybersecurity as well as human error. Major brands such as Toyota have been applying Blockchain applications in digital marketing for reducing fraud in its digital advertising campaigns. They have witnessed a cumulative 21% improvement in website visitor traffic.
3. Establishing Trust and Credibility
Businesses prefer the reason Blockchain is because it can securely verify, store, and share data across several parties, gaining trust eventually. Blockchain has been really proven to be helping in building trust in the past few years.
It can be difficult for small businesses to make a mark in the market when there are already players existing in the industry. With Blockchain, business owners will be able to prove where their products are coming from and show the supply chain forging willingness among customers to buy from them.
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4. Boosting Transparency
With online advertising, it is impossible to know if the stats are accurate with the site clicks or Instagram followers. Even bots used to boost the ad stats artificially give incorrect results. Research has shown that bots alone have cost companies more than $7 billion in damage in 2016. But, with Blockchain, the chain is transparent and encrypted because of the digital ledger system.
The transparency is inviolable for every product moving through the supply chain. Organizations can save millions in ad spend by ascertaining the people viewing their ads are their targeted audience. Companies can be assured they are getting the advertising for what they are paying for.
5. Strengthens Content Monetization
Content is one of the most important components of a business when it comes to marketing. Solid content is necessary for promoting products and services. Blockchain allows consumers, bloggers, and streamers who create content regularly to get rewarded directly rather than the third party content platforms.
By providing a space to the advertisers, the social media giants make millions as the audiences observe them while visiting a website. Many platforms are eliminating third parties by rewarding users directly with crypto micropayments for content creation. For instance, content sharing platforms such as Steemit and PodMiners are applying Blockchain solutions and gaining rewards in the form of STEEM tokens and incentives.
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Some Astonishing Statistics
A report estimates that spending on Blockchain solutions is perceived to grow from 1.5 billion in 2016 to 15.9 billion by 2023. Nearly every industry wants to take advantage of Blockchain technology. The financial sector alone has shown over 60 percent of the market value of Blockchain worldwide in 2018.
Global Blockchain Solutions Spending 2017-2023
The year 2020 will witness worldwide spending on Blockchain solutions to outstretch 4.3 billion dollars. This is a tremendous figure and nearly 60 percent higher than the previous year. As the trend continues to move on, predictions say that global Blockchain solutions spend will reach over 14 billion U.S. dollars by 2023 yearly.
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Big Market Players of Blockchain Marketing
Few companies are making use of Blockchain for marketing purposes and are making most of it detailed as below:
BitClave is a marketing technology company. It employs Blockchain for eliminating the middleman using smart contracts rather than paying hefty amounts to intermediaries like Google and Facebook.
The smart contract lets them control the currency transfer between two parties. Consumers have complete control over their data instead of the advertiser. They can either sell that data to businesses or choose different advertising services.
OrionCoin is the next-gen multi-tiered loyalty and marketing platform. It uses loyalty and reward programs to increase the retention rate among its customers. It uses Blockchain to provide companies and their customers with loyalty points called “ORC”. The more companies adopting OrionCoin, the more valuable ORC will become.
With an infinite supply of ORC, consumers would always be motivated to collect them. OrionCoin also handles the intrinsic value of each “point”. Customers can trade ORC for cash, and they can spend on the purchases they want.
3. Brave Browser
The Brave browser software is used for blocking trackers and intrusive ads. It has been incorporating the Basic Attention Token (BAT) to bring the digital marketing model back to the simple framework of users, advertisers, and publishers without taking an intermediate aid. Brave can anonymously track the sites of your interest. With Blockchain, it works as the publishers receiving tokens when the users view ads. The users can then give back the tokens to the publishers.
These are some of the companies that have been using Blockchain for their marketing practices, making it private and reliable. All these statistics and the companies doing Blockchain marketing provide insights into the future of advertising.
Blockchain Is the Future of Business
In the coming years, Blockchain will help small businesses compete with larger enterprises by reducing costs and increasing transparency and trust with consumers.
Gartner says that Blockchain comes second to artificial intelligence and machine learning as one of the most disruptive technologies in the coming times. Blockchain has benefited almost every sector where it has been applied right from manufacturing to agriculture, banking, insurance, and many more.
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With Blockchain, your marketing will benefit considerably. You’ll target who you intend to, no wasted money!
Want to become a Blockchain expert and ponder where to start, come to upGrad, start creating a Blockchain from scratch, build smart contracts, and chain codes. If you’re interested to become a blockchain developer and build smart contracts and chain codes, checkout IIIT-B & upGrad’s Advanced certificate program in blockchain technology. If you want to get your hands-on digital marketing, check out Advanced Certificate in Digital Marketing & Communication.
What is Digital Marketing?
Digital marketing is the use of the Internet, social media, mobile devices, search engines, and other platforms to reach clients. Digital marketing is interactive and focuses on a particular segment of the customer base. Digital marketing is on the rise, which includes search result ads, email ads, sponsored tweets, and anything else that mixes marketing with customer feedback or a two-way relationship between the company and the customer. Internet marketing differs from digital marketing in that it occurs primarily online, whereas digital marketing can take place on mobile devices, in a video game, or via a smartphone app. In digital marketing, advertisers are generally referred to as sources, while participants of the targeted advertising are commonly referred to as receivers.
What is Blockchain?
A blockchain is a distributed database that is spread across nodes in a computer network. It is a type of digital database that stores data. Blockchains are well-known in cryptocurrency systems like Bitcoin for their crucial role in maintaining a secure and decentralized transaction record. The Blockchain's unique feature is that it retains data record integrity and security while promoting trust without a third party. A blockchain is a data-splitting technology that divides data into blocks, each containing data collection. When a block is complete, it is closed and joined to the previous block to form a data chain known as the Blockchain.
What are the other real-life use cases of Blockchain?
Apart from Digital Marketing, Blockchain is used in many other fields and sectors. Blockchain transactions are used because they can be finalized in seconds, whereas banks might take up to seven days to settle transactions. Because the technology makes it easier to monitor supply networks, it's also used in supply chain management. Blockchain helps to change the retail experience by becoming the go-to for loyalty incentives. It can be used to reinforce copyrights for digital material downloads, guaranteeing that the creator receives the proper portion of the content purchased. Users can vote digitally, and the Blockchain is transparent enough for authorities to see whether anything on the network has been tampered with.