The fascination behind the blockchain is in its application. This technology has introduced immense opportunities for dozens of businesses. From on demand services, to insurance companies and Marketing departments.
Blockchain is transforming digital marketing, and this phase of growth is expected to ignite thousands of businesses. At its core, one would probably wonder, between AI, Analytics and Blockchan, what is going to drive the next generation of sales.
A survey of Advertiser Perceptions revealed that just 11 percent of the surveyed marketing professionals used the blockchain to carry out a transaction. It is clear that most marketing departments have not yet been matched with the implications of the blockchain. However, under this sinister technological curve of ever-developing innovation, there is an 85 percent opportunity to disrupt the advertising industry.
Artificial Intelligence and Analytics have given businesses the upper hand when managing backend data. This data are as important as they form the basis of the raw material in every marketing campaign. However, the blockchain has entered space and will bridge the gap between customers and their data. In reality, blockchain is a prosthesis that will allow consumers to get value from their data.
Big names from Facebook, Walmart and Amazon leverage user data to make their ad targeting even easier. This has made these companies lots of money, despite being invasive into the personal details of their consumers. And to some rare extremes, even selling the personal information to other marketing or research departments.
Method Media Intelligence undertook a study to determine whether blockchain could minimize marketing fraud. The study found that blockchain was in fact ineffective in the fight against advertising fraud. Here is Why?
Latency is the greatest problem with the large-scale adoption of blockchain. Advertising and marketing agencies handle massive day-to-day transactions. Nevertheless, the blockchain is limited in the number of transactions it can hold; in real-time.
Therefore, the study established Machine Learning as the single most effective means to dealing with ad fraud. Nevertheless, blockchain would be a nice step towards ad validation. Well let us take a look at how blockchain will change the digital marketing landscape.
Data Collection will Change
The US Congress may have wished users of facebooks to remain with their personal data. Yet, while many would run to connect Facebook with the Cambridge Analytica scandal, I think that this issue far exceeds Facebook’s limits.
For instance, anyone using the internet has to go through ISP and Web browser gatekeepers. Therefore, these companies can easily learn and scrap personal user information. Blockchain is a potential solution to this problem. Take Blockcstack, for example. A platform built as a next-generation Internet for decentralized applications on the top of the blockchain. Blockstack ensures that personal data stays with the customer instead of remaining with server operators.
Digital Display Advertising
Internet display advertisements are plagued with lots of flaws. Also, the process of running display advertisements is complicated, expensive and most of the inventory is run by Facebook and Google. Moreover, sales teams have noted how intrusive and annoying display ads have become to users.
A project that has attempted to fix digital display advertising is the Brave blockchain browser. The browser, with its Basic Attention Token (BAT) is helping fix how users interact with display advertisements. Meanwhile, the idea behind Brave is to enable advertisers, publishers and users to gain from the value chain of online attention. This is how Brave and BAT work:
Marketers buy advertising space using BAT
Viewers who view ads are rewarded with BAT
The publisher receives compensation from both advertisers and consumers
Increase Collaboration in Content Creation and Editing
Decentralizing the marketing process will help boost collaboration on content creation processes. For instance, marketers could work on a project remotely, and identify where edits have been made and who has made them. Task collaboration platforms such as Google docs, Asana and Trello might have taken care of this, but their looms the problem of centrality and tracking.
End Note
Blockchain is certainly going to revolutionize how publishers, advertisers, and consumers understand marketing campaigns. With the applications of technology far and wide in several industries. There is no height blockchain that couldn’t climb.