Blockchain is very complex and technical, but essentially is a way for digital information to be distributed and not copied. When most people think of blockchain, they immediately jump to cryptocurrencies. But blockchain technology applies to industries beyond finance.
When blockchain and digital marketing are combined, these are just some of the major benefits that have been identified to-date:
- Removes the middlemen. Advertisers can go directly to the ad buy site with blockchain because each “user” is verified and validated. Ultimately, this leads to lower ad costs for advertisers and more opportunities for displayers.
- Allows new players to enter the space with smarter contracts. The removal of the middleman also opens up new opportunities for targeting and changes the traditional expectations set for advertisers, allowing smaller organizations to capture more of the market. (Down with the dominance of Google and Facebook as ad giants!)
- Increases transparency and builds trust with customers. Blockchain marketing provides more verification than ever, benefiting not only advertisers, but also the consumers themselves. The transparency and documentation of blockchain can be used to create digitized documentation of claims made by each company (“Made in the USA”, “Organic”, etc.).
- Gives consumers more control of their information. Marketers already have to earn consumers’ permission, but with blockchain, consumers can charge for their information and attention. (For example, the price of watching a video could be .005 cents via Bitcoin.)
As this is still a new concept, the benefits of blockchain marketing are still being identified. The one thing that is clear though is that blockchain will disrupt digital marketing as we know it today.
To learn more about blockchain and digital marketing, check out the following resources: