Blockchain is a fairly recent advent to the world of digital technology. Discovered only about 10 years ago by combining existing technology and applying it in a new, unorthodox way, this seemingly fancy word has taken the world by storm and seems to have extended itself to all essential and supplementary spheres related to technology. And now is a better time than ever to incorporate blockchain into the Indian industries. Why? There are many industries that could benefit from using blockchain. For example, the PNB scam could have been resolved with blockchain.
Blockchain works by a system where in the information is stored in a centralised location broken down into different block spread across the chain. Anyone can access it and its not held by a single entity. One of the best analogies describing how blockchain technology works is comparing a Microsoft Word document to a Google Doc. Anyone who understands Google Docs can understand blockchain.
How databases work today is that a person sends a copy of the file and waits until the recipient makes the required alterations. The obvious problem with this is the time constraint besides other factors like increased cost, reduced efficiency etc. Blockchain was created to solve this problem and it has certainly succeeded to a great extent in achieving the same.
But the question is, how can blockchain be used in digital marketing?
In the current digital marketing model, the people are completely under the oversight of the marketer. They have little to no control over their personal data. The information from the usage habits of online consumers is stored and made available to marketers and businesses for later use. Imagine the privacy concerns of people who have already witnessed widespread misuse of information and other cybercrimes such as data-theft, identity-theft, cyber-terrorism etc.
The concerns that face marketers are equally alarming with prominent heads of companies and high-level businessmen calling out marketing firms for their widespread misuse of information and inadequate measures taken to protect it in the first place. With such an escalating concern over digital marketing methods and practices, marketers have started looking for alternatives.
The current business model uses a mediator (such as Facebook or Google) between the consumer and the marketer. Blockchain can act as an involuntary regulator which can help in eliminating the middle-man. There are applications such as Brave and Blockstack which use blockchain technology to give more autonomy to consumers. With Blockstak, the purchaser can hide his identity from the seller, thus controlling how, when and how much of his personal info is used. Even though the consumer will have the higher advantage, marketers will definitely enjoy higher quality leads despite the decrease in number. This can lead to potentially insane conversion rates, reduce marketing expenses and also streamline the whole marketing process since the transaction takes place between just the marketer and the customer.
Here are a few ways through which blockchain is already transforming digital marketing:
- The “Tiny Human” song of British singer Imogen Heap released on Ujo Music, which is a Blockchain powered site. It lets the users not only buy the song but also the tempo, key, and stem of the track via the Cryptocurrency Ether
- NYIAX recently developed a Blockchain based Ad Exchange platform in partnership with NASDAQ.
- BitClave, a blockchain based start-up is an example of decentralized Search Engines that offer Blockchain based privacy to its users.
- Actualizing Blockchain technology is probably going to lessen the rate of Ad frauds and prompt advertisers to get the actual value for the investments. This could save millions for the ad industry.
Coming back to the PNB scam, here’s how blockchain could have resolved it. A key feature that can help prevent and detect fraud is the smart contract. Smart contract or blockchain contract or digital contract, in case of banking, is a program capable of digitally facilitating, verifying or enforcing the negotiation or performance of a contract. Blockchain and connected smart contracts, if integrated to the bank’s ecosystem can help keep track of all the information and any changes made will leave a paper trial for easy auditing. Hence, no transactions could be carried out illegally or secretively.
Adsyndicate are long-established experts in all areas of digital marketing, ambitiously fulfilled by ADCODE, our in-house digital marketing team. We are well versed in all forms and types of digital marketing, be it SEO, CRO, social media management or website management. And yes, we do possess the technical know-how to incorporate blockchain into your digital marketing strategy. We have certified experts completely dedicated to blockchain and its applications. A fact which very few marketing firms in the country can boast of. Let us help you achieve the extraordinary results our existing clients have.