Blockchain and Digital Marketing – How are these two related? Let’s read about it.
What is blockchain digital marketing?
We are all aware of the fact as to how in the name of digital marketing, our data is left in the air. Our private data is being exposed to external agencies and are we worried? No, not as much as we should be. Recently, even Facebook had to face the brunt for exposing user details out to the public. Hence, your data is not safe even with these reputed giants. So, how would you like it if you were to enjoy the digital world with all your data protected? Wouldn’t you want to see such a kind of change? Well, I definitely would!
In order to deal with such situations and such insecurities, there’s a new concept introduced along with Blockchain. With blockchain, you yourself will be armed to protect your data.
Let’s read further about this probable feature and future of digital marketing.
What exactly is Blockchain?
Blockchain is a source of financial exchange, where transactions are done on a transparent digital level. This allows an enhancement of transparency in the transactions. The blockchain is not trusted by many, because of lack of awareness of the same, but if a proper awareness is created, one would be glad to go with this mode of transaction. The transactions are more transparent and the data can’t be modified, once it is registered in the database.
You can further read about the blockchain here.
What does blockchain have to do with the Digital Marketing?
From all the exposures of personal data out in the public and some firms going to the extent of sharing customers’ personal data with other firms, there’s a dire need for the protection of customer data. Some might be pretty careful about their data, but the same data can be spammed through multiple mediums. Important information can easily be stolen, if proper measures are not taken.
There are two reasons behind using the Blockchain:
- The fact that it decentralizes the medium between two parties and allows a smooth and secure transition of payments.
- Every payment or transaction made, is always documented and saved. It gives you a clear idea of what transaction has been made and when.
Let’s take an instance from our daily experiences.
In SEM (Search Engine Marketing), Google acts as a middleman between the advertiser and the website. When the advertiser sees the Google logo, he/she gains a sense of trust and starts to invest. Here, Google takes a cut out of the profit. If blockchain comes into the picture, the advertiser doesn’t have to pay Google anything. He/she can consult the website directly without any middlemen and perform his/her transactions through blockchain.
Do we need this change?
Yes, this is the need of the hour – with so much of data being exposed and Google taking advantage of all the profits. Now, the consumers’ details can’t easily be taken out. The concerned website needs to take appropriate permissions. The consumers can even charge the websites for keeping their personal information.
Would you like to leave even a few bucks that rightfully belongs to you? I think, you shouldn’t. This charge will not only benefit you, but will also lead to large firms stepping back from having consumer information. Now, the websites can’t just take your personal information, but they will have to ask for it.
Having blockchain for the digital marketing purposes would go a long way in enhancing the transparency. The users can have a good understanding of all the transactions. These transactions can’t be modified in the database as discussed earlier. This is what exactly most of the firms have been craving for. So, who would deny a profitable and secure transaction system?
How will it impact the current trend?
The current trend as we all know, is run by the search engine giant, Google. Google allows access of all the advertisements to its trusted partners. The advertisers would pay Google and it would, in return, pay the website users for posting their respective advertisements. These advertisements are then portrayed to the viewing audience. The relevancy in this scenario is lesser than what the Blockchain has to offer. The users’ likes would be considered in a wide range and the relevant advertisements would be posted, even though these advertisements might not be completely relevant to the viewers. This decreases the efficiency for which the ads are shown.
However, the case is completely different in the case of Blockchain. In this, you’re not forced to watch any other advertisement that’s displayed. You’ll be taken to a certain platform and from there, multiple options will be displayed. These options can be chosen. You’re not forced to do anything. Here, you will be choosing the ads based on your preference and relevance; the ad will be portrayed to you. For this, you’ll also be paid a certain amount.
What are the measures taken for it?
The Blockchain powered software, BAT, concentrate on taking this ahead. BAT, an abbreviation of Basic Attention Token, is said to be developing a platform, where users or viewers can choose what to see.
Let me take you through the process of how it functions. As a first step, the users are taken to the platform of BAT.
- Here, the user can navigate through different advertisements that he/she wants to see.
- For the particular advertisement chosen, there’d be a certain amount of money that the viewer would be paid.
This is how the whole process would take place and here, both the websites and the users would tend to benefit. During these times, where even Facebook can’t be trusted, it might be a good option to get over Google’s way of advertising and tread on newer paths.