The word ‘blockchain’ which surged in the financial market with the launch of the first cryptocurrency coin Bitcoin a few years back created a lot of noise in the domain. While some tried to dive into its experimental pedagogy, others failed to accept it as a revolutionary mechanism. However, with the passage of time, this Distributed Ledger Technology managed to establish itself strongly in the market space. Today, new-age technology finds its presence in almost all industries that one can think of.
Shining as one of the most prominent spheres where blockchain technology has grounded its foot firmly is the world of digital marketing. As blockchain is studded with principles of high-grade security, immutability, decentralization, transparency, and a dozen other attributes, it makes itself a perfect choice for the digital marketing space. Blockchain marketing has given a tough competition to the traditional marketing sphere as it has everything which makes it the need of the hour.
What Makes Blockchain Marketing A Revolutionary Trend?
Well, the answer to this question is quite simple. Some of the prominent reasons why blockchain marketing is the new big thing in the concerned niche are explained below. You can have a look:
- Blockchain Adoption Exempts Middlemen Involvement
In the present time, the digital marketing space requires middlemen as a link between advertisers and customers. For instance, in the case of Search Engine Marketing, there is a high probability that a website will choose to display Google banner ads on their site owing to the trust the site has on Google’s brand name. Google manages the transactions processing well with an intention that the website owner gets substantial returns for the clicks on the advertiser’s ad. It charges a certain amount from the profit thus generated.
Now, in the case of an SEM backed via blockchain, a website owner need not go through the Google Display Network to look for advertisers. This is owing to the fact that only validated and verified users will be given a place on the network. The advertiser will be aware that he/she is paying for genuine clicks while the site owner will also be ensured that the amount they are being given is fair. It will end the role-play of the middlemen, Google, along with an increase in the profit margin and decrease in variable costs.
- Blockchain Ensures Trust And Transparency
Maintaining transparency in all its forms is one of the best features which blockchain technology embodies for its users. Advertising is all about trust, as customers are skeptical about everything when it comes to the digital space. Blockchain technology fosters transparency like no other medium as it gives them a sneak-peek into the production as well as supply chain pedagogy followed by the producer. As a part of a case study, Walmart partnered with tech giant IBM to make its supply chain process more open and transparent. This helped the firm to strengthen its customer base by building trust.
- Blockchain Renders Public Accountability
Corporate Social Responsibility is one of the most crucial initiatives which an entity needs to undertake while being a responsible public figure. The attributes such as transparency and immutable documentation of the blockchain network make it a perfect companion for the firms who want to give in their share to the society. The use of smart contracts that are easily accessible to one and all makes it work as a platform that is accountable to the public for its actions.
- Owners Get Paid By The Advertisers
Blockchain bestows the users with a fair chance to take full control of their information so that they never have to feel like a victim. Services like uPort, MetaMask, and Keybase allow users to enjoy full control of their identity and trading history. The blockchain pedagogy allows customers to charge a fee for their contact information and response from the advertisers.
Amanda Gutterman, CMO of ConsenSys, recently stated in a radio show interview that customers could charge money whenever a brand reaches out to them for subscription purposes. These payments can be made in cryptocurrencies like Bitcoin. This will benefit the customers as they will be able to get returns for a time they have spent on the advertiser’s content.
- Blockchain Supports Brand Imaging
The modern era is all about technology and innovative solutions. By the adoption of blockchain technology for digital transactions, one can keep themselves a notch higher in comparison to their competitors. An entity that prefers to explore new-age technology always garners attention from masses for its out-of-the-box thinking.
Notable Companies Employing Blockchain Technology For Marketing Purposes
- Brave And The Basic Attention Token
The Brave Browser takes pride in being an efficient ad-blocking software that is able to halt the operations of trackers and intrusive ads. It allows users to could ads that work in accordance with the user’s privacy. The browser is set to bring its Basic Attention Token (BAT), which will channelize the digital marketing framework without the involvement of middlemen.
- Babyghost and VeChain
VeChain, the firm that provides authentication using blockchain technology, teamed up with fashion brand Babyghost to provide abridge between the digital and the fashion world during the Shanghai Fashion Week. The collaboration allowed the customers to check the genuineness of a product by scanning the tag.
- Blockchain Marketing Ninja
This amazing platform offers advanced marketing strategies and Blockchain services to the blockchain startups as well as the established players with a view to optimize their ICO requirements. By identifying the drawbacks of an ICO, the solution gives the necessary advice at unbelievably affordable prices. Blockchain Marketing Ninja has worked with numerous blockchain brokers and is expert in dealing with issues concerning SEO, Reputation Management, PPC Management, Social Media Marketing, Digital Branding, Website Development, Video Development, Graphic Design, and Content Development, etc.
BitClave is established as a marketing technology firm that operates on the blockchain network. The platform aims to eliminate middlemen from the digital marketing system by introducing smart contracts. The users have full control over their data and information.
As blockchain technology is finally getting its true acknowledgment, its utilization in the digital marketing sector is truly remarkable not just for the customers but also for the customers. The inevitable excellence of this decentralized technology is bound to bring more and more lucrative changes in the marketing arena in the coming future, which will surely be a watch for blockchain enthusiasts all around the world.