Ways That Blockchain Tech Transforms Digital Marketing and Advertising
What is blockchain technology? It’s a shared distributed ledger tech wherein every transaction is signed digitally, to ensure integrity and authenticity, and poised to make huge waves in a range of business use scenarios.
How does blockchain technology work? When a new transaction or an edit to existing transaction comes to a blockchain implementation, a majority of the nodes within blockchain implementation should execute algorithms for evaluating and verifying the history of an individual blockchain block that’s proposed. If a majority of the nodes come to a consensus that the signature and history is valid, the new transactions block is accepted to the ledger and a new block added to the chain of transactions. If the majority does not concede to adding or modifying of the ledger entry, then it’s denied and not added to the chain.
The distributed consensus model lets blockchain run as a distributed ledger without requiring central, unifying authority stating what transactions are valid & important, which ones are not.
DIGITAL REVOLUTIONS IN THE WORLD TODAY
The digital revolutions these days could no longer be ignored at any rate. To be more specific, it’s something that has changed the entire story in one go. In the tech industry, there’s plenty of lingoes thrown around and more often than otherwise, it’s easy for clients to be overwhelmed.
eTatvaSoft is one of the most recognized e-commerce, web and mobile app development company that believes in carving its own way, rather than just drifting along. The company has a team of dynamic experts obsessed with quality. Whatever the requirement may be, the service provider ensures that each and every one of the deliverable is top-notch and one-of-a-kind.
One fine example of the services that the software development company is the blockchain technology. The tech supports Bitcoin and could lead to future financial disruption. People may have heard about the tech, most likely financial in nature, such as cryptocurrency, decentralized ledgers, smart contracts and more. Nevertheless, blockchain is disrupting more than the financial industry. Blockchain would transform digital marketing and ad as well. Disruptive as well as beneficial, it’s essential for advertising and marketing pros should keep a close eye on the growing peer-to-peer network.
BLOCKCHAIN IS HERE TO STAY
These are some statistics that clearly state that the technology is here to stay.
• Blockchain startups raised $290 million back in 2016
• The average investment in blockchain projects was $1 million last year
• Financial and tech firms invested about 1.4 billion in the technology
• The global blockchain market is estimated to be around $20 billion in 2024
How do the statistics above affect advertising and digital marketing? Consumers ultimately would gain control over their personal information and purchase data. The tech would enable consumers to take control of ads that they see and hopefully, provide advertisers a sophisticated, modern means of producing high-quality leads. Delivery, purchases, measurements and value of marketing and advertising efforts, all could be impacted because of blockchain-based protocols.
This could make consumer data expensive for marketers and advertisers, but could also lead to a better return on investment.
HOW THE BLOCKCHAIN TECH COULD TRANSFORM THE FUTURE OF DIGITAL MARKETING AND ADVERTISING
1. More Trusted Ad Buys
Online advertising currently could be tricky. Digital advertisers and marketers are aware that it could be almost impossible to acquire accurate data. People or bots hired to just click on ads all day could inflate statistics to boost rates. As a matter of fact, more than $7 billion was lost a couple of years ago, due to bots.
This makes it costly and challenging to have a clear picture of the ad buys. But blockchain could change all that. Security and transparency are at the core of the technology, with every transaction made, verified, secured and enforce on the chain. Since the chain serves better security & transparency, advertisers & marketers could identify target audience views immediately. This could save organizations millions every year.
2. Consumer profiles directly from customers
Blockchain could revolutionize the way that digital marketers and advertisers build consumer profiles. Rather than getting bits and pieces of consumer information from different sources, one could get all in one place, which is the blockchain.
How is it done? Since consumer blockchain transactions are decentralized, the traditional means of obtaining data of consumers would be pretty much impossible. This may seem unwelcome news for digital advertising and marketing. Not quite. Rather than getting data, one could pay consumers directly for their personal information and purchasing data. Potentially expensive, but consider how much ad spends is wasted on campaigns with data that is not so accurate. One of the greatest benefits of directly paying consumers is that they’re willing to serve up information on a silver platter they’re most likely already interested in the organization, service or product being marketed.
3. Cut the Ad Buy process
Usually, traditional digital marketing and advertising have a middleman wherein the ad buy process is performed. However, blockchain could cut out the middleman completely. With middleman ad buy processes out of the way, advertisers and marketers could directly reach target audiences, paying audiences to view their ads. The platform enables exchanging tokens between advertisers, publishers, and users on the Ethereum blockchain. Furthermore, advertisers could shell out tokens, based on users’ mental engagement, boosting ad ROI via creating a better consumer connection.
4. The blockchain is highly transparent
Online advertising and digital marketing come down to one thing, the confidence to purchase. This is what every advertiser and marketer aims for. It’s also a big reason why influencer marketing has a high return on investment. When consumers hear about a service or product from a trusted influencer, they would have very little reservations about making a purchase. In a sense, the technology serves up the same confidence to buy, not so much as a personable recommendation but as a ledger of data and history for a service or product.
eTatvaSoft is one of the companies to watch as Blockchain takes off. Being a digital ledger, it offers secure, fast, transparent and tamper proof recordings of transactions is set to disrupt almost every industry one could think of, which include banking, real estate, shipping, and healthcare among others.