How Blockchain will Transform Marketing in 2019
April 04, 2019
In 2018, around 95% of companies invested in blockchain tech projects. This year businesses are understanding what blockchain can do for them and are adopting it. Blockchain enables transactions between two parties without the need for verification from a third-party. It basically depends on the consent from the entire community. It is very difficult to override the blockchain, as it would require a massive processing power of Google. Blockchain is the primary technology of cryptocurrencies. It powers numerous services and tools for the post GDPR businesses.
The technology is here to stay. It is secure and stable. This year we can start seeing how blockchain is being used in marketing.
It is very important for marketers to identify ownership of data and product, as it enables them to specifically target their customers and reduce unnecessary efforts related to it. For instance, a near-field communications (NFC) device is put on a product and is connected to an app that enables a brand to push messages to the owner of the product. The owner is connected on the blockchain through the product. An opted in- product owner can be invited to special events, with the product acting as a ticket or receive special discounts on other products of the same brand. Such targeting can also be used with specific locations too. Blockchain enabled targeting is a huge asset for marketers, as they can now target consumers offline as well as online.
Safeguard Personal Data
These days consumers are very concerned about the security and use of their data. The data on the blockchain is definitely public. There is no third-party involvement at all. Individuals are in control of their personal information, with the help of proper encryption. They are aware that the information given is definitely personalized, accurate and up to date. Some blockchain projects are focused on empowering individuals to easily own, verify and monetize their personal data.
Blockchain technology is capable of addressing the basic fault lines in advertising and marketing, that is, clarity in ad fraud and supply chain. Last year, many advertisers lost billions to fraud. Therefore, to combat that big tech companies are considering blockchain for solutions. They are making efforts to build transparency by creating a simple financial settlement for buying digital media. Some companies are also looking at how blockchain can be used in the buying process itself, possibly by enabling parties to directly trade using their own cryptocurrency. This would be highly beneficial for marketers, as it would enhance customer experience and brand relevance.
Authentication and Source
Blockchain is highly beneficial for brand marketers, as they are able to solve some major obstacles like source and authentication. Consumers appreciate this transparency. As mentioned before, NFC devices can be used to store information regarding the product in detail, right from the manufacturer (as well as the people involved in the manufacturing process) to the supplier. The exact source of each and every part of the product is also given in detail.
Learn about the 5 Success Factors of a Multichannel Marketing Strategy. || TA Digital Innovation lab is producing connected devices that enhance our client’s multi-channel experience.
In the Future
Those businesses with strong design, authentic products and well qualified technical team will successfully hit the market. Businesses that adopt blockchain technology will surely rise to the top, as they assure their consumers with quality and efficacy. Blockchain technology is rapidly maturing, and this year could mark the start of real adoption in marketing and the business world at large.
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