Blockchain is defined as a digital, decentralized technology that keeps a record of the transactions that take place on the peer-to-peer networks. The list of records continuously grows. These records are stored securely in numerous decentralized systems that are interconnected. As the blockchain doesn’t have a centralized point, it doesn’t have a single point of vulnerability, and hence is less vulnerable.
Now it is also growing in the digital marketing industry, adding a new revolution to the relationship between consumers and businesses. Blockchain aims to increase transparency in all sectors of a business as the information is stored digitally.
A decade or two into the future, a couple of things would change on the internet. The way we access information would equally vary as more and more people accept blockchain. This would simply mean that the internet we all know today will become decentralized. This was pretty much the same issues encountered at the onset of the digital marketing era which had a lot of creative prophets telling consumers and brands that no one was ever going to pick digital over traditional marketing.. Does this not remind you of the state of blockchain today?
At this moment, many digital marketing companies have helped some of their customers include BC technology into their product offerings as well as marketed initial offerings. BC technology is gradually being accepted globally as we look forward to a time it will become fully accepted. It’s acceptance will definitely open up the digital playing field by;
Increased transparency – Advertisers know very little about the use of ads by publishers and this has led to a lot of ad fraud and high expense. Blockchain on the other hand has a more transparent system and Advertisers can see who is viewing their ad and what market/demographic it’s sold to.
Zero Intermediaries – Imagine not having to rely on Social Media sites to market your products and services. Yes, it’s coming to that soon enough with BC. Initially, we would depend on social media sites for all of these but BC will take them out of the equation and have you advertising directly.
Better Cybersecurity – One major advantage of BC technology is that it promotes the concept of storing your personal data off the network making it impossible for a hacker to access your information as they would have to hack every user device on the network to enable them get your information.
While we wait for the blockchain-dominated era which could take another 2 to 4 years to fully catch on judging by the speed of innovation, my advice would be that every digital marketer starts learning all they can on the subject because it WILL come and at that point, half of the digital market will be washed away in it’s tide. Remember how some agencies you knew couldn’t switch gears from traditional to the digital marketing mindset ? Needless to say what happened to them. They lost clients and for some, they lost their entire business.
Article by Temple Obike
Founder of the Right-turn Business Group
Disclaimer: The views and angles explored in this article are those of the author and do not necessarily reflect the views of BrandEnvoy.)