We are living in a time of a digital revolution. Technologies such as Blockchain are changing the ways businesses function across the globe. For example, it is helping companies to come up with cost-effective marketing strategies.
But the first thing that comes to mind when you hear Blockchain is cryptocurrency. So, you must be thinking, what does it have to do with digital marketing? Well, Blockchain is only the technology behind cryptocurrency. Its uses range far beyond virtual money. For instance, financial markets, supply chain management, and even voting in an election can use Blockchain technology.
And yes, it is playing a vital role in transforming digital marketing. But before we dive into it, let us understand blockchain technology.
What is Blockchain?
Blockchain is a vast, decentralized distributed ledger or database. Therefore, we can store and manage anything that is of value. It is thus the new way to secure data.
IBM defines Blockchain as follows,
“Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.”
Furthermore, we can define ‘blocks’ as pieces of digital information or records, and ‘chains’ as public databases storing the information.
And we also know that businesses rely on information and data. So, Blockchain technology can help them in the most ideal and economical manner. It can track orders, accounts, production, payments and much more.
But in all this talk, how does digital marketing fall into it? Well, let us discuss right here.
How is Blockchain improving Digital Marketing?
As per a report, online advertising frauds cost companies around $19 billion annually. As a result, companies are looking for ways to reduce these costs. This is where Blockchain can help. Moreover, with the right digital marketing strategy (read our blog on Improving Digital Marketing Tactics), Blockchain is helping many business scale their digital presence.
Here are ways in which it is changing digital marketing:
Curbs Ad Frauds
One of the biggest issues brands and companies face worldwide is the lack of transparency in ad space. In addition, Ad fraud leads to marketers losing millions and billions of dollars each year.
Blockchain is incorruptible. Once the information is stored, no one can change it. It records every transaction. So it can help validate and analyse every consumer’s journey by verifying ad delivery. Thus the companies can be sure that a real person and not a bot saw the ad.
Assists in reaching the targeted audience
It is always a problem for companies to ensure the ad reaches the targeted audience.
With Blockchain, marketers will be able to track and monitor engagement. As a result, it will enable them to deploy their assets better. It thus helps in making the marketing strategy more effective.
Provides data security
Every few months, you hear stories of data breaches. Data security is thus a major challenge.
Blockchain can ensure data security. This is because firstly, its transaction ledger is public. Secondly, it encrypts every transaction and links it to the previous one. Once the chain is formed, it becomes impossible to alter it. Therefore, any changes, even if made, will be publicly noticed.
Helps build trust
Small businesses have to look for ways to stand out from their competitors, especially the big ones.
Blockchain can help them build trust quickly among the consumers. For instance, they can easily showcase every step of the supply chain. They can validate the sources from where their products are coming from.
Thus Blockchain technology has huge potential to transform the way businesses deploy their marketing strategies. It is only a matter of time that businesses and marketers across the globe leverage this technology. Then, they will be able to come up with better ad strategies.
We at Mevyn World believe in educating our customers about these recent trends in digital marketing.
But are you looking for ways to transform your business using effective digital marketing tools?
As attractive as it sounds, using digital marketing tools can be a challenging task. But if done in the right way, it can work wonders for your business.
Reach out to us at contact@meyvnworld.com to know more about digital marketing strategies and how we can help you.
