Blockchain technology is a major breakthrough that will impact many different businesses. One area that it may have a strong impact is in blockchain marketing, which could change digital marketing in many ways, including how advertisements are displayed, the transparency of businesses and giving people more control over their data.
The idea of blockchain marketing is in its infancy. However, those in the digital marketing world are watching its development closely. While initially associated with bitcoin and other cryptocurrency, blockchain has the possibility of revolutionizing how companies approach digital marketing.
Blockchain is Not Bitcoin or Cryptocurrency
The first thing anyone learning about blockchain should understand is that it is not Bitcoin or cryptocurrency. It is often associated with cryptocurrency in media reports. However, blockchain is simply the technology that allowed for the use of cryptocurrency.
Blockchain technology creates a digital record that is completely secure and accessed only by those with permission to use the system. Once an item is entered into the digital ledger created by blockchain, it cannot be altered. The information is accessible from computers that are linked in a peer-to-peer network.
The following are some of the ways blockchain marketing could impact digital marketing.
Display Advertisements
Online advertising is almost completely controlled by Google and Facebook because they are trusted networks. They also can prove annoying for users, blocking text and draining the battery life on mobile devices.
However, blockchain-enabled browsers such as Brave allows users to interact with advertisements in a different way. Their system allows advertisers to pick ads in certain categories. Users of the browser can opt-in to see advertisements and pick the categories they want to see.
There’s also money involved. According to HubSpot, “Anyone who volunteers to get ads is paid a portion of the advertiser’s spend…for the value of their attention.”
Data Collection
As things stand, a person’s data can be bought and sold on the Internet. Blockchain could change that situation. Blockstack, a blockchain-enabled network, allows users to control their data better.
For example, when they use an app on the network, their personal data remains with them rather than getting placed on servers owned by the application. There is no running log of sites they visit or what they looked at and purchased.
Transparency
Because everything on the blockchain is verified and documented, it opens up many marketing possibilities. For example, more people than ever want to know about where and how products are made. A blockchain-enabled system could provide that information, and it would carry greater weight because it is all verified information, and everything is transparent.
These are three ways blockchain marketing could impact the digital marketing industry. It’s still too early to tell how blockchain will play out, but the early signs are that it could substantially change the industry.
