The utility of blockchain in the digital world is increasing. Despite being new in this digital era, it is rapidly growing in popularity as one of the most efficient ways to store digital information and not have to worry about any unlawful access from hackers. This rapid distribution technique removes third-party sources to allow immediate transactions between two parties.
Blockchain is being used in every possible aspect of technology for digital businesses. It is being seen as a real solution to some of today’s marketing problems. Marketing experts say that “Blockchain is creating new ways of doing business across industries, particularly where greater trust and transparency is required.”
What Is Blockchain?
To put it simply, blockchain is a distributed ledger, a system where data and information can be recorded. It is impossible to change or hack the information stored in blockchain, which makes it so efficient in this digital age where we are bombarded with hackers and their shameful attempts to access our private information.
Blockchain can be used to compile sales and payment data as well. Every cryptocurrency transaction can be found on the blockchain.
How Will Blockchain Change Digital Marketing?
Blockchain will revolutionize digital marketing as it gives customers a better sense of ownership. For too long now we have become victims to huge social media platforms using our data, without authorization, to try and manipulate our social feeds and present ads that are of no interest and more often than not, just spam. Thanks to Blockchain, marketing strategies will be far more efficient as publishers will be able to target only customers that have presented some sort of interest in their goods or services.
Ads will also become cheaper, with 3rd parties being removed, also known as the middleman. For marketing companies this is good news as they can then use more strategies with their budget, to try and reach an even wider audience. Middlemen can make ad tracking very difficult and they can be a pain to rely on. Now, companies will get accurate ad data and then only have to rely on themselves. A perfect example of this is Unilever and IBM, who have admitted to being confused by their ad spend, as only £0.30 of every £1 from their advertising budget actually made its way to the publisher. Since their switch in strategy and removal of unnecessary parties, they have now saved millions of pounds!
Blockchain will help to make this data a lot more accurate and reliable. This is just the beginning as well, there are many more uses of Blockchain within the digital marketing industry.
The Power is in The Consumer’s Hands
Another aspect of Blockchain within the marketing space that is becoming the new norm is consumers being rewarded for their attention. A new marketing strategy that is being led by more and more companies is all about rewarding the consumer and not being able to pull data from them, without reimbursement. Fracas Digital are leading the way with such innovative techniques and applying them to marketing Blockchain and NFT projects.
Certain browsers will allow viewers to opt-in to viewing ads. By doing this, they will receive what is known as BATs (Basic Attention Token) after interacting with an ad. This not only benefits the customers but also companies, who are being guaranteed the attention of potential sales, rather than aimless ads being pointed at the wrong audience, saving them time and money. The only downside to this from a company point of view is they have to rely on customers providing them this information and opting into these schemes, which we know is not easy with the general opinions of advertisements. But it is a step in the right direction to ensure consumer protection.
If you’d like to hear more about NFT Marketing please get in touch with Fracas Digital.