Why the Future of Blockchain in Digital Marketing is Important for Business Success
Just when you thought you had a grip on digital marketing along comes blockchain to shake things up! Here is a quick, short, and simple explanation: It is a digital ledger or record that ensures secure, transparent, and tamper-proof transactions. Clearly, blockchain has vast promise and myriad uses. In fact, it’s a tool that could revolutionize how digital marketing operates. So, what is the future of blockchain, and what does digital marketing have to do with it?
If you want to know, you’ve come to the right place. Through this article, we explore how blockchain is changing the face of digital marketing and discuss some of the potential implications for businesses.
An Introduction to Blockchain
A Distributed Ledger Technology (DLT), blockchain is used to record data across multiple computers in an immutable, transparent, and secure way. It verifies individual transactions with a consensus process to create cryptographically secured digital ledgers. This ensures trustworthiness and transparency, reducing the risk of fraud or manipulation.
When it comes to digital marketing, blockchain can help in numerous ways. For instance, it can optimize the way we track customer interactions, increase targeting accuracy, and even manage online advertising campaigns.
Furthermore, blockchain offers better traceability, transparency, and accountability than existing methods such as cookies or beacons. This means marketers can glean more accurate insights into their customers’ behavior. As a result, this will allow them to better understand their audience and create targeted campaigns tailored to their needs.
Also Read: Who is a Blockchain Engineer? Salary, Skills & Career
What is the Future of Blockchain in Digital Marketing?
Leveraging blockchain technology in digital marketing activities and initiatives comes with a host of benefits. Let’s look at some of them here:
1# Strengthens Content Monetization
Blockchain technology has the potential to help content makers store, manage, and track their intellectual property securely. You can automate royalty payments using smart contracts. Revenue is distributed directly to content creators and other online influencers. This ensures fair remuneration and strengthens relationships between brands, publishers, and content creators. In addition, blockchain technology can enable the secure transfer of digital assets such as music rights or artwork. This could lead to more creative collaborations in the future as well as better monetization opportunities for digital marketers.
2# Improving Digital Advertising Campaigns
Ad fraud, low Return on Investments (ROI), and lack of visibility into the customer journey are all problems that plague digital advertising. However, with blockchain technology, many of these issues can be addressed. You can use it to optimize ad targeting accuracy, ensure greater transparency in the buying process, and eliminate third-party fees. Another significant benefit is that AI-enabled data analysis allows marketers to create smarter campaigns informed by customer insights in real time. This will result in improved ROI and an overall better customer experience.
In addition, blockchain can track user behavior throughout their online journey and provide more accurate insights into campaign performance. For example, marketers could analyze data such as how many people viewed their ad, clicked on it, or even made a purchase as a result of seeing it. This would allow them to make more informed decisions about their strategies and improve the success of their campaigns.
3# Boosting Transparency
With blockchain, marketers can ensure transparency throughout the process by recording all payments or negotiations as distributed ledgers.
This will give customers more control over their online experience while helping to engender trust in digital marketing activities. Moreover, increased transparency means better remuneration to both influencers and content creators.
4# Fraud Prevention
Ad fraud has become a major problem for digital marketers, costing them billions of dollars every year. The use of blockchain technology, therefore, can help to address this issue as it allows for secure and verifiable transactions that are difficult to tamper with.
Digital advertising, bots, click farms, and ghost websites are all potential sources of fraudulent activity. Most importantly, the involvement of third-party intermediaries can obscure the source of fraudulent activity, making it difficult to detect. The solution to this problem is ready and available in the form of blockchain technology, which records each transaction as an immutable ledger secured through cryptography. This makes it almost impossible to manipulate or hide suspicious activity, helping to prevent ad fraud and other malicious activities.
What are Smart Contracts?
Smart contracts are self-executing digital agreements that guarantee the fulfillment of a contract. This can be used to automate payments between parties, allowing for faster, more secure transactions. It also eliminates the need for third-party intermediaries and reduces transaction costs significantly.
When it comes to smart contracts in digital marketing, the potential is vast. From automated royalty payments to subscription services, smart contracts provide transparency and security throughout the process, ensuring everyone is fairly compensated for their work.
Practical Applications
Blockchain technology has the potential to revolutionize digital marketing, but it’s still in its early stages. Digital advertising and asset tracking already leverage this technology. There are many more practical applications for it.
For example, blockchain-based loyalty programs can provide customers with more control over their rewards. This could lead to better customer experiences, greater engagement from users, and improved user retention for marketers. Another example is the use of blockchain to verify user identities. This could be used for ad targeting and authentication purposes, providing marketers with more accurate insights into their audience and better protection against fraud.
Notable Market Leaders in Blockchain Marketing
1. Brave Browser
This software utilizes the Basic Attention Token (BAT) to create an efficient marketing model for users, advertisers, and publishers. Ad
blockers are no longer necessary as Brave automatically prevents intrusive advertisements on your browser while allowing you to anonymously track sites of interest. Blockchain technology simplifies this process further by enabling publishers to receive tokens when users view ads; the user then redistributes these tokens back to the publisher.
2. OrionCoin
This multilevel loyalty and marketing platform uses blockchain to award companies and their customers with the coveted “ORC” loyalty points. As more entities join in on this fantastic system, ORC will become increasingly valuable, giving its users an unrivaled advantage when it comes to customer retention.
3. BitClave
BitClave is a marketing technology company that utilizes blockchain and smart contract technology to remove costly intermediaries like Google or Facebook from the equation. As a result, users are able to control their data transactions between two parties. Rather than allowing advertisers exclusive access to consumer information, individuals can now choose whether they’d prefer to sell their personal data or use different advertising services—all while having complete autonomy over these decisions.
Future-Proof Your Career with Emeritus
It’s clear that the future of blockchain in digital marketing is bright and full of promise. This is only the beginning. The more marketers use it, the more of a positive impact it will have. You can expect greater transparency and security in online transactions, provide customers with more control over their data, and reduce digital advertising costs. Clearly, the future of blockchain is bright when it comes to digital marketing. And we know how you can future-proof your marketing career. Just enroll in Emeritus’ digital marketing courses to stay ahead of the competition.
