Over the past decade, nothing has been bigger than the use of granular data. That said, the problem with data is that it needs to be reliable and verifiable. The latter may be resolved by the arrival of blockchain technology, a form of digital recordkeeping.
In this episode of The Marketing Remix, “What is Blockchain? How This New Technology Will Impact Your Marketing Efforts,” Ron Hadler, Senior Director of Marketing Technology, Tyler Trent, Senior SEO Specialist, and Reid Carr, CEO of Red Door Interactive, discuss how blockchains are affecting various forms of marketing, and how brands can potentially leverage the technology going forward.
For more details about what we discuss in this episode, continue reading below.
What is the blockchain?
According to Wikipedia, a blockchain is a continuously growing list of records, called “blocks,” that are linked and secured using cryptography. Essentially, the blockchain is an immutable digital ledger. While blockchains and cryptocurrency are related, it is important to note that they are not the same. Cryptocurrency is essentially trading blockchains for money, whereas blockchains can be used to exchange anything of value.
Impacts on Marketing
While are really at the beginning of understanding the technology and what exactly blockchains will be able to do, here are some of the benefits blockchains could provide:
Data will be better. Because data can be collected from thousands of different sources, it will become decentralized, and in turn provide marketers with greater accuracy. Marketers will be able to track keyword rankings globally over a variety of locations, users, and device types.
Decentralized data will allow marketers to cut out the middle man. Instead of having to go through third-party vendors, marketers will be able to buy ad space directly from websites.
Micro-currencies will allow consumers to be rewarded for their attention. They can get compensated for every ad they see.
Power will shift to the consumer. The users model of advertising will reverse as consumers learn to leverage their data.
How to leverage blockchains for your brand
With blockchains, brands will be able to track and show consumers where their products are coming from, increasing transparency and ultimately creating more trusted value.
Marketers will be able to spend more time measuring actual performance rather than collecting and sorting through data, allowing companies to focus efforts on content creation and placement.
Blockchains will allow brands to vet and authenticate every contact with consumers.
By helping to improve privacy, allowing for better information collection, cutting out the middle man, and opening the door for consumers to be compensated for the data they are providing, blockchains will have a big impact on the future of marketing.
Further Reading on the Topic:
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