In business, the usage of Blockchain Technology has expanded vastly. The technology is used in logistic, manufacturing, in facial recognition services and games. Even if some projects can’t offer anything afresh, they can still manage to use Blockchain for practical benefits. While marketing and blockchain don’t go hand in hand, some startups still get some of the advantages of the technology.
Blockchain technology consists of a list of information and data that is added and stored on the devices of all members using the network. This means that every transaction, information about a service or a product that the chain contains need confirmation from all the members. This wards off the chance of falsification or data breach and protect any external interferences.
There are many advantages of blockchain that can be applied in the marketing industry. For instance, the removal of intermediaries. According to the sources, the majority of the advertising revenue is handled by Google and Facebook. While these companies don’t falsify anything and deceive their customers, working with them can cost fortunes. Hence blockchain can act as an easier yet cheaper alternative. Due to its transparency, the customer will be able to monitor the budget utilization and make sure that the advertising is set right as agreed upon. The client does not require to spend the money which is another plus.
Another advantage is, the ability to work with smart contracts. The ERC-20 is built on Ethereum and offers the ability to use a new type of agreement in transactions called smart contracts. At the time of the contract creation, it will indicate the requirements and conditions of the task performed. This creates a safe haven for both the client and the contractor and shields from any fraudulent activities.
However, as blockchain isn’t a fairly common technology, most markets won’t understand the concept of the blockchain. Also, the audience size can be a con too as the number of users of a blockchain startup might not be enough for a larger ad campaign.
If the con is kept aside, it’s highly likely that blockchain will greatly impact the marketing industry in the future.