With all the latest technologies emerging in the market, Blockchain is the next significant technical disruption that one can see. Blockchain is not only limited to finance but will disrupt all the industries which deal with the data transactions. Digital marketing is one such area that is expected to get a boost from the use of Blockchain development. Keep reading to know-how.
Digital marketing has gone through many technical revolutions in the past decade. This is because the marketing industry today is dynamic, and it is about to go through another revolution. There is a change that is making waves and shaking up digital marketing, and this technology is Blockchain.
And while most of us associate digital marketing to artificial intelligence and analytics, Blockchain may be the most disruptive technology to hit the marketers in every industry. We know that most of the uses of Blockchain have been around finance and cryptocurrencies, but the underlying technology could be massive for marketing.
As per the latest survey conducted by Statista, 77% of the respondents believe that Blockchain will likely impact the marketing sector.
As compared to AI and ML, Blockchain is a relatively new technology, but it is already changing the world around us. While AI and analytics have benefited businesses more than customers, Blockchain may level the playing field by giving the power of data back to consumers themselves. You just need to choose the right blockchain development company.
So before we begin with the effects of digital marketing on digital marketing and its aspects, let us discuss briefly what exactly is Blockchain.
What is Blockchain?
Well, ever wondered, if this technology is so sophisticated, then why is the name so simple?
This is because, at its very basic level, Blockchain is just a “chain” of “blocks” but not in the traditional sense of these words.
The word “block” refers to the information stored and “chain” refers to the public database in which it is stored. Simply put, Blockchain is not centralized at a point or by one company. Instead, it is stored at multiple interconnected locations by various organizations.
The Blockchain is a decentralized digital ledger which was anonymously created by Satoshi Nakamoto to record and process data of bitcoin. But now this technology is growing and making a mark in different industries such as digital marketing. Blockchain keeps the record of transactions that take place on the P2P networks.
The list of records continuously grows, and then these records are stored securely in numerous decentralized systems that are interconnected. Since the Blockchain does not have any centralized point, it does not have a single point of vulnerability and hence, is less vulnerable.
Blockchain Impact on Digital Marketing.
Blockchain is now growing in digital marketing and is forming direct exchange between the consumers and companies like never before.
Let us discuss all the impact of Blockchain on digital marketing.
Impact of blockchain 1: Establish trust with all your ad buys
It is always impossible to tell if the stats of online advertisement are real or not. Are you sure that you are counting genuine customers when you are counting clicks to your site or followers on your social media profile?
Or are you being fooled by bots who artificially pump up and stats so that their distributors can charge you a higher rate?
Well, you will have to accept that majority of the time your ad campaign distributors have been fooling you with fake numbers of likes and stats. But don’t worry. They won’t be able to do this anymore.
As the chain is encrypted and transparent, Blockchain is going to change almost everything. Companies will be able to recognize whether the people who are watching their advertisements are among their target audience or not. This will ultimately help them save millions every year.
Companies will also be able to take benefit from campaign auditing and cryptographically secure impression tracking, and this way, they will be able to make sure that they are getting the audience for which they are paying.
Impact of blockchain 2: Keyword tracking will be easy
Are you a digital marketer? Then keyword tracking must be a troublesome thing for you.
Search engine algorithms change now and then making it more challenging for marketers. For many digital marketers, the lack of proper software for tracking keywords has been a problem. This problem occurs due to the tracking of keywords within different devices and deciphering a national versus a local search.
Besides this, the SERP (search engine result page) results appear to be too complex to understand leaving the marketers making assumptions while creating reports.
Who is their saviour? Well, its Blockchain
Use of Blockchain is expected to change the experience by allowing marketers to obtain real numbers when tracking keywords. The technology will be able to track keywords across different devices in different locations allowing the marketers to use the data and information they collect to create better campaigns that are data-driven and more accurate.
Impact of blockchain 3: Cross-promotional B2B contracts
Ever thought of self-verifying, self-executing agreements that can function autonomously?
Well, at the core of blockchain technologies, smart contracts are one such self-verifying, self-executing agreements that can function autonomously.
These smart contracts can help you exchange money, share anything in a transparent and conflict-free manner, thus letting you avoid any additional expense, such as that of a lawyer.
These contracts result in more efficient B2B cross-promotional marketing eliminating the influencers or bloggers who use social media platforms like Facebook and Instagram to promote brand products and services.
We can’t deny that digital marketing is fruitful with the involvement of influencers and bloggers, but at the same time, it is challenging since each participant is determining their own cost, and no third party is there who can regulate their terms of the agreement.
But smart contracts ensure that the payments are made after the terms and conditions of the agreement are met by enforcing obligations automatically from all the involved parties. Digital marketing today must rely on the most secure backbone. Blockchain provides them with all the required facilities. If you need a personalized smart contract generating software, you can hire blockchain developers in India for your business.
Smart contracts address the core of Contract Lifecycle Management or the CLM solutions, automating the contract lifecycle to improve compliance, mitigate risk; thus, increasing efficiency across the enterprise.
Impact of Blockchain 4: Improving transparency
Blockchain technology, as we know, is a transparent technology. Here the customer can see to whom they are selling their data. Companies who invest in blockchain technology for storing data, will not have to worry about the data leakage or tampering as data stored in the Blockchain cannot be changed or copied.
When you are using blockchain technology for storing data, your buyers can quickly check the details about the product they bought from you. They can see from where it came, who handled it, whether you purchased the product from some other party and all such minute details.
We, as consumers, want our data to be safe and secure. This is why data transparency will ensure us that our data is in the safe hands and companies won’t be able to manipulate it.
The digital transformation is all about more fabulous customer experience. Blockchain empowers customers to make their own decisions of which marketer they want to hear from and which advertisement they want to watch.
Impact of Blockchain 5: Change in digital advertisement
Yes, you heard it right. The digital advertising industry will go upside down after the introduction of Blockchain.
Consumers always have this one complaint that their digital world is full of ads. And they get irritated because most of the ads are irrelevant. The main reason behind is the lack of knowledge of the company about their potential customers and target audience.
Since the company or their marketing team has no idea about the taste of their audience, they keep on popping numerous ads on the users’ screen with a hope that one might catch their interest.
Well, in some cases it works. While in most of the cases, it doesn’t.
You must be wondering what Blockchain will do for digital advertisement?
Blockchain-based are introducing apps such as BAT or Basic Attention Token. This will bring changes to the interaction between advertisers, users, and publishers.
The steps involved in this app are:
- It will be up to the user to decide the type of ads they want to see. Instead of dealing with an unwanted, unnecessary number of ads, they will be able to view only those ads that are of their interest.
- If a user sees an ad, then they will be paid with a certain amount.
- As consumers receive a commission from BAT, the publishers are also paid, but the amount they will receive is more significant than what consumers will receive. Obviously!
The world of digital signage will also see a drastic change after the introduction of Blockchain in the digital advertisement.
Wondering what digital signage is? Well, in simple words, the digital installation for the display of multimedia or content that we see nowadays on almost every bus stop or subway.
Did you know? VODXS is a company which is already using Blockchain to process their work. The company deals with digital display faucet systems. This means instead of a mirror; there is a digital display that plays ads. The blockchain mechanism is used here, which makes sure whether the person is watching the ad or not.
Impact of Blockchain 6: Better leads for marketers
Today, marketers need to collect data from many different sources and compile it before they run an ad campaign based on that data. Most of the campaigns tend to run based on incorrect data which is full of inconsistencies.
With Blockchain and customers choosing which ad they want to view, marketers will be able to get to the source of data fully aware of their genuine customers. This helps marketers gain better leads.
Summing Up
We cannot deny the fact that whenever there is a digital revolution, the marketing industry is the one which gets affected the most. So to prepare for another revolution, the digital marketing companies are now experimenting and beginning to develop real cases for Blockchain in their day to day business activities.
The marketers or marketing agencies must keenly observe the effects mentioned above of Blockchain on digital marketing. Sooner or later, the businesses will need to engage with experienced blockchain development companies in India to see what opportunities this new technology has for them. Only an expert will be able to guide you with an expert solution.
If you have any other query or suggestion, feel free to comment below. Cheers!
