Many believe that bitcoin is a fad at best and a dangerous bubble at worst. However, most agree that what’s really fascinating about the cryptocurrency is the technology behind it -blockchain.
The blockchain is essentially a public ledger of transactions and information that can be edited (but not copied) by all of its users. Think of it like a Google Drive document that is hosted by millions of computers at one time, making it completely decentralized and meaning that the transactions or values it records are always easily verifiable.
It’s still early days, but if the technology becomes more widely adopted, it could transform marketing—and even the internet itself.
How can blockchain be used by marketers?
Blockchain has countless applications for marketers, including the potential to remove the middleman from transactions.
Let’s use digital ad placement as an example. At the moment, if a marketer wants to place ads on a website, most do so use Google because the search giant is trustworthy, well-known and reliable.
Google uses its algorithms to select a website to show your ad and pays the owner of the site accordingly.
The blockchain provides an opportunity to directly connect advertisers looking for space with websites offering it instead of going through Google. Sites could be verified as trustworthy by other users of the blockchain, then marketers could connect with them directly to complete a transaction, create a contract and make payment. The advertiser would then be able to see the clicks they’re receiving, the transaction would be recorded and verified, and the website owner would be paid directly.
Google offers a useful service but cutting them out means lower costs and a more transparent arrangement when buying ad space.
Provide transparency and build trust
That’s not all though. The blockchain can also be used to provide a more transparent insight into a company’s workings to build trust with consumers.
This can be done by recording the supply chain in the blockchain, allowing users to see exactly where your products are really coming from. This was recently successfully attempted by Walmart to show the origins of their food products.
We’ve discussed just two potential uses for blockchain technology in marketing and PR, but there are thousands more. As technology develops and becomes widely adopted, smart marketers should consider ways that they can use it to streamline and improve their offerings. If nothing else, businesses adopting this technology early will certainly be viewed as forward-thinking and innovative.
Get in touch with the team here at Pounce Marketing to talk about how this exciting new technology can help your business.
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