Blockchain Semantics Insights
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Blockchain for MarketingBy Divya Singh | Aug. 10, 2018, 3:01 p.m. GMT
Hey marketers! Did you know blockchain has a little something for you too?!
Bitcoin and Blockchain are two words which we hear about every day. But do you know the impact it will have on the life of marketers? the blockchain technology is a blessing for all the industries dealing with multiple parties and requires data reliability. The speed at which blockchain is evolving, it will soon begin supporting ad delivery verifications and smart contracts that will help in handling customer data with more transparency, while improving the authenticity of products.
Blockchain to help with security and transparency of data
The debacle of Facebook’s customer data is common knowledge. It has gone a long way in making us all wary about sharing our personal data on anywhere on the internet, just in case there may be any instance of inappropriate use. While we live in a world that is so connected that we are always susceptible to digital invasions and blockchain may just be the solution we are so desperately looking for. The answer is – ENCRYPTION.
All data can be stored in encrypted forms in chunks on the network and use a digital signature (private keys) to access the data. This not only makes the data safe but also ensures that it cannot be tampered with and in complete control of your hands. How does this benefit marketers, you say? Well, good data is very important for marketing strategies and targeting. The data received from customers is more reliable and authentic. It is also universally more usable than data received from other unreliable sources.
Blockchain to use ad verification
It's almost next to impossible to confirm whether all the relevant ads are placed in the right places, even though the cost for auditing these ads is quite high. However, blockchain based protocols will make it infinitely more easier to track if the clicks are genuine or not. When the campaigns are encrypted, campaign auditing becomes more transparent.
Blockchain for affiliate marketing
Currently, we use a medium for affiliate marketing and Google and Facebook have made a lot of money by working as middlemen between advertisers and publishers, to confirm that the websites and their traffic are authentic. With Blockchain on board, we no longer require third parties to ensure the authenticity of a website.
Companies who have successfully implemented blockchain
Steemit: A self-described "blockchain-based social media platform" has seen this level of notoriety in just its first few months of operation. To date, it has polarized blockchain experts while winning scores of newcomers to the technology.
OrionCoin: is tackling the world of loyalty and reward programs.It uses blockchain to supply companies and their customers with loyalty points called “ORC.” There’s a finite number of ORC produced, which means that the more companies adopt OrionCoin, the more valuable ORC will become. Since there isn’t an infinite supply of ORC, consumers are more motivated to accumulate them.
BitClave: BitClave’s premise is that businesses need to pay high fees to middlemen like Google and Facebook. Instead, they eliminate this role using smart contracts, a program that automatically controls the transfer of currencies between two parties. In BitClave’s case, consumers have full control over their own data, without being forced to hand it over to an advertiser. They can choose to sell this data to businesses and opt into different advertising services.