Can Blockchain Change The Digital Marketing Industry?
With all the talk of Blockchain, Cryptocurrencies and NFTs, it is hard to know if there is a foreseeable future. However, with the shift towards sustainability and becoming more connected to the online world, it seems like blockchain technology is the way forward. As many companies are coming forward trying to adopt this technology. Companies such as IBM, Intel, UAE’s National Airlines and many more are coming forward to adopt this technology as they see the extent of blockchains technology and the marketing industry is also be affected if we enter.
Now you may have been hearing the word blockchain since the pandemic or even before that from early adopters. however, it is a shared decentralized ledger that records digital transactions and tracks digital assets in a business network. The main factor of Blockchain is that the data stored within cannot be changed or modified–set in stone if you like. This makes it applicable to industries and businesses. The nature of Blockchain is it is secure and transparent transactions that will change how businesses would operate online.
Enhance Data Security & Privacy
One way that Blockchain will impact the digital marketing industry is by enhancing data security & privacy. It is good to note that Blockchain technology is thought to be one of the most secure data protection technologies. Since the data is stored on a decentralized distributed network and is also encrypted, it is extremely difficult to hinder the data.
The way that Blockchain transactions work between the users is by using asymmetric encryption. Each user has a private key to access the encrypted data, and these private keys are a random sequence of numbers that are encoded, therefore protecting user identity and allowing users to control who has access to their data.
A company called BitClave is an open public decentralised system that is changing the way we see our data, Companies such as apple and Facebook hoard endless amounts of our private and personal details but BitClave is a system that allows users to choose where and what data is shared. As well as earning money for the data shared.
Reinforces Content Monetization
One of the most imperative components of a business marketing strategy is content! This is an understatement in the digital marketing world, but when it comes to bloggers, streamers and customers, this is a great way forward as now you can be rewarded for your content directly rather than through third-party content platforms. This is where the world of NFTs comes in. non-fungible tokens allow for both equitable and transparent rewards for content creators and more control for communities.
NFTs can be music, videos, art, games and more, and NFTs act as the digital rights to assets. So if a user purchased an NFT for a digital illustration, in the user’s purchase he will receive the token which will have the rights to the artwork or the information inside of it, as well as receiving a certificate of ownership which can be shown on the blockchain publicly.
There are many NFT creators from the age of 9 that have made hundreds of thousands from selling their content on platforms such as Opensea (the world’s largest NFT marketplace). One content creator that comes to mind is Trevor Jones. He sold the “most expensive open-edition NFT artwork” when it raked in $3.2 million. Trevor is a 52-year-old artist that went to college to learn more about art and this paid off for him as now he is living his dream of making money through his beautiful art.
So in theory a podcaster could sell an NFT that created access to exclusive shows. An author could sell an NFT for a book or audio/visual book. A YouTuber could sell a membership package. A writer could theoretically sell the rights to their articles – The cases for these can go on and on.
Ad Fraud
This is an important issue that is going on in the advertising world and someone does not speak on it enough! Because of bots and fraudsters, they have been an estimated loss of over $1 billion on Ads. These frauds and both accounts are allegedly affecting elections. Blockchain has the technology and range to regulate and verify when clicks and traffic are real accounts. Blockchain could even go as far as identifying real influencers that have a real fan base rather than ones with fake followers and likes.
There are many advantages of Blockchain technology not only in the marketing world but also in many industries. Companies do not want to be left behind and therefore they are rushing to join the wave. And as digital marketing experts for 20 years, we have seen multiple different trends, software and new technologies that have aided us in our marketing efforts and there is no one better to guide you with your digital campaigns.
Nearly not all sectors/industries will benefit from blockchain technology, but marketing is one that can become impacted and will change the way for us marketers. As we have 20 years of experience in marketing, we have gone through nearly every form of marketing channel, so we are aware of what works and what doesn’t.
If you would like to know the best marketing campaign, you can perform, contact us today!