Blockchain. You can’t avoid it, it’s all over LinkedIn, business publications and anywhere digital technology and trends are discussed.
Just in case you still aren’t really sure, blockchain (created in 2008) is a decentralised digital ledger that records its transactions publicly, allowing for complete and total (public) transparency. A simplified comparison for blockchain technology is to think of it as a shared spreadsheet that is managed simultaneously, across multitudes of computers and devices, with no central data storage.
It’s impossible to add, remove or amend any data without being it being detected by other users. And by enabling the digital information to be distributed but not copied, blockchain technology has essentially conceived the backbone of a brand-new type of internet.
Blockchain is not limited to financial transactions like Bitcoin and Cryptocurrency but can be applied to any transaction of value. In fact, there are many predictions that 2018 will be a huge year for blockchain, insisting that it will conclusively change and impact a wide range of existing industries.
Because a block is defined as a record of new transactions, this technology is easily applied to medical data, voting records, copyright protection, sexual consent (true story) and digital marketing. As the most invaluable brand currency, trust is always a key objective for marketers to cultivate and sustain – blockchain provides an agile and secure way to verify key information and establish consumer trust.
Aggregating new blockchain solutions along with stringent onboarding processes that verify the entity clicking on an ad, will significantly improve ROI by reducing fraudulent clicks. The confirmation that the data being written to the blockchain is not fraudulent, requires stringent authentication process ensuring that the data is valid prior to it being written to the blockchain. Hypothetically, the data would require a series of various points of verification bench marks that would complete the initial identification verification process.
Digital Marketers and Advertisers can utilise blockchain to geofence their data by creating a smart contract that exists on the blockchain itself. This contract might encompass information about where the data is allowed to be used, stored and rights associated to it. The beauty of this comes from allowing users to directly opt-in to selected options, with the data then being collected (and stored) based on the associated rules and regulations.
It’s up to the digital marketers and advertisers to proffer adequate value that customers will share their personal information about themselves, their interests and preferences.
The use of a public key, on the blockchain, will allow for individuals to be identified by digital marketers and advertisers. Working in favour for B2Bs, the key will track a potential sales prospect or partner when used with a unique business identifier. The benefit is derived by tracking someone’s behavior and how it is related to their B2B business.
Some other benefits associated to blockchain are:
- Increased consumer targeting
- Improved transparency and accountability
- Reduced number of verified influencers
- Solutions for measurement, invoice reconciliation and publisher/advertiser transactions
- Reduced privacy concerns
- Increased advertiser trust
- Boosted ROI
Even though it’s still in its infancy, blockchain is a disruptive technology that has shaken up online efficiencies, performance, security and transparency. There is no doubt about its potential to continue to be a force of change in Digital Marketing and Advertising and provide endless opportunities. That is once companies actually figure out how to utilise its power.
Interested in Blockchain for your project? Did you know Signifi Media have a development team that are more than happy to talk to you around your blockchain requirements?