Blockchain is a technology that has blossomed at an incredible pace. When Bitcoin was launched, blockchain technology was limited to cryptocurrencies. Today, more industries are exploring the benefits of this technology. Marketing is one of the industries that is benefiting greatly from blockchain. This technology is solving some of the biggest problems the marketing industry has faced.
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Also, every business wants to establish a strong online presence in today’s competitive digital market. As such, companies want to make sure they are well prepared with their marketing strategies. This is where blockchain comes in handy as a technology that can change the marketing and advertising industry. Blockchains can be programmed in most programming languages, i.e. C/C++, Java, Python, Solidity, etc. If you want to learn these languages, you can find the best programming tutorials recommended by the community at Hackr.io. For example here are the best tutorials to learn Java. To learn more about blockchain, one can always refer to various online blockchain tutorials and get a good grasp of it. Read on to learn more about how blockchain can power marketing.
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Blockchain is similar to a database. Blockchain consists of several blocks that are linked together to form a chain. Each block contains information stored. The information stored in these blocks can be shared with willing users in a peer-to-peer (P2P) network.
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Blockchain is secured using cryptographic technologies to prevent unauthorized persons from manipulating the data. Data stored in blocks follows a set of consensus-based algorithms. This means that when data is stored in a mutually agreed upon manner, users are not allowed to edit, delete or add data to the blocks.
Whenever a transaction is made, be it contractual agreements or the exchange of information or money, the transaction is made as a block. The block must be validated by all users of the P2P network and upon validation, a permanent digital record is established. Once done, the block is added to the chain.
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The technology behind blockchain has made it completely auditable and transparent. It lacks a central point of command and also lacks a single point of failure or checkpoint. Thus, transactions made using this technology are completely secure and transparent.
Blockchain and the marketing industry
Blockchain technology has changed the marketing industry today. Here are some ways blockchain can boost your marketing strategies:
1. Targeting and engaging the right audience
When it comes to online advertising, most advertisers find it difficult to target the right consumers despite their behavioral data. Most marketers have a lot of consumer data and still pay exorbitant fees to middlemen involved in advertising. Despite all this, they are still unable to engage and target the right audience.
Blockchain is useful as an effective means of getting the right audience to see an ad. Blockchain creates a decentralized search engine where advertisers can easily reach their target audience. Through blockchain, advertisers can also compensate target customers using tokens when they provide their personal data to advertisers. Every time a person clicks on an ad they pay. People only see ads that show interest, thus targeting and engaging only the right audience.
2. Prevention of advertising fraud
Ad fraud is becoming an increasingly serious problem for marketers and advertisers. Paying for fake impressions and clicks is a common trend these days. Therefore, ad fraud distorts analytical data which affects marketing strategies and decisions.
Blockchain technology is introduced to advertising platforms to display clicks in real time. It also helps the marketer by renting advertising platforms and attracting quality traffic. In this way, clicks are authenticated, thus preventing ad fraud.
3. Creating Reward Systems and Loyalty Programs
Customers never forget when they feel special. Loyalty programs work well with sales because they make customers feel special. Blockchain can be used to create an unforgettable experience for customers. Gift cards can be attached to the blockchain, creating a secure platform for maintaining and issuing loyalty programs and gift cards.
If customers accumulate gift cards and cannot redeem or use them, they will have a negative brand experience. With blockchain, gift cards can be converted into digital wallets or coins, making it easier for customers to use or exchange them. Additionally, different gift cards and coupons can be combined and redeemed in one transaction. This concept can save marketers thousands of dollars in marketing strategies.
4. Crowdsourcing and Data Collection
Good data is very powerful for marketers. Despite having dozens of marketing tools and trying different marketing strategies, most marketers are unable to obtain accurate and quality customer data. Only the customers themselves can provide accurate data.
But how would a marketer get customers to share their data? This is where crowdsourcing and blockchain come in handy as a way to encourage customers to share their data. In return, they get some compensation, making it a win-win situation for both sides. Thus, the data obtained are very important and authentic.
5. Decentralizing Electronic Commerce
Blockchain is decentralizing how consumers buy things online. The technology can be used by merchants to create decentralized marketplaces where merchants can sell their products or services directly to consumers without the need to use expensive third-party platforms.
6. Influencer marketing
Consumers tend to believe what other consumers say about a brand rather than what a marketer asserts. Blockchain makes it possible to leverage influencer marketing. Through blockchain technology, marketers can authenticate the identity of influencers, validate their followers and obtain a guarantee of investment.
7. Eliminating the need for intermediaries
Marketing involves finance and that means dealing through banks. Blockchain technology comes with digital wallets and eliminates the need for transactions through banks. Blockchain ensures that transactions work smoothly and reduces the costs incurred by transactions through banks that act as intermediaries.
As competition grows in the digital world, marketers must look for innovative ways to boost their marketing strategies. Blockchain technology has proven to be a great tool that can drive marketing strategies. Although this technology is still new in the marketing world, it is already becoming a reliable alternative to other marketing tools such as Google banner ads and pay-per-click. Realizing its full potential can benefit markets by creating a transparent, authentic and secure customer experience.