How would you feel if you learned that the sensitive personal information you shared with your favourite ecommerce brand has been leaked?
Unfortunately, nowadays data breaches because of third-party security vulnerabilities, situations like the one above has become a widespread problem in the digital environment.
With consumer trust at the risk of crumbling, there’s hope on the horizon in the form of a technology that enables smooth transactions without the involvement of any third-party intermediaries.
Yes, blockchain has the potential to allow direct and secure data exchanges between consumers and brands like never imagined before.
A Look into the Data
To better grasp the rapid rate of evolution of this technology, take a look at these recent. statistics:
• The blockchain market is predicted to hit more than $23.3 billion by 2023 and $176 billion by 2025.
• Total digital advertising spending is predicted to reach $455.30 billion this year alone.
• The interest in “blockchain advertising” is steadily on the rise, according to Google trends.
(Source: Search Engine Watch)
Brands Leading the Way in Blockchain Use
The list of corporations adopting blockchain-powered ad platforms is growing.
Technology giants like IBM Corporation, Amazon Web Services, Microsoft Corporation, Oracle Corporation and Infosys Limited have heavily invested in the technology, making it a very competitive marketplace.
Even large enterprises like Kellogg, Kimberly-Clark, Pfizer, Unilever, McDonald’s, Nestlé, and Virgin Media have recently made strides to join blockchain pilots in a bid to improve their online ad transparency.
Finally, auto giant Toyota already uses blockchain technology to eliminate fraud from their digital advertising campaigns.
Source: Crypto Gazette
3 Important Ways Blockchain will Transform Digital Marketing
If you’re still on the fence about investing in blockchain technology, perhaps these three reasons will change your mind:
1. Giving Power Back to the People
One of the most exciting things about blockchain is that it returns the value of data back into the consumers’ hands.
It’s common practice these days for companies to benefit from collecting data from their customers. Think about it: every brand from Netflix to Walmart asks for our personal details like phone number, email address, address before we can even make a simple purchase online.
Thanks to new technologies, for example Blockstack, the use of blockchain to protect every customer’s digital rights is growing in popularity. How it works is, it becomes a key that unlocks certain applications, but returns to the user as soon as they’re done using it, ensuring their data stays secure.
Source: Smart Insights
2. Hello, Authenticity and Transparency!
In the past, people blindly shopped across recognizable brands like Amazon, Spencer’s or Big Basket in the hopes that they were buying the authentic items being marketed to them.
Details regarding the origin, production ethics and even the hygiene of the products we purchased, remained mostly unknown to us.
With the entry of blockchain, consumers can now finally get the answers to the questions they had. With the decentralized power of blockchain, brands will be able to let customers know exactly where a particular item was made or grown and even how much the workers get paid for their work.
This is a huge development, especially now that we’re in an era of increased consumer consciousness and informed choices. This increased level of transparency will go a long way in consumers trusting one brand over another.
Source: Food Navigator)
3. Goodbye, Fake Actors
Our online environment is saturated by too many fake actors, for example, fake followers, fake likes, and even fake products. This is the biggest reason why as consumers, we have such a hard time putting our trust in advertisers. The same applies vice versa.
Because of blockchain’s fundamental characteristic of transparency, brands can now track and verify that their advertisements reach the intended audience. Without any third-party involvement, blockchain can also help identify and block sites with click fraud or bots.
Towards the Future
Yes, blockchain technology is still in its infancy. But there are still many ways marketers can prepare their brand for blockchain marketing in the near future.
For example, by reevaluating your current marketing efforts and focusing on factors like efficiency and trust, marketers stand to benefit from the vastly improved digital advertising platform of the future.
Till then, it’s important to stay up-to-date with the latest trends in blockchain so you can recognize opportunities and applications that relate to your own brand.
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