Marketing has evolved significantly over the last few decades, but it is poised to undergo another imperative transformation, largely owing to the blockchain.
Currently, analytics and AI are primarily associated with digital marketing. However, in the near future, blockchain technology is going to become a powerful tool for marketers across the board.
What Is Blockchain?
A blockchain is a decentralized digital ledger. A decentralized digital ledger can be defined as a database that spans several nodes or computing devices.
Each authenticated transaction is often stored in units known as blocks. The transaction data, a timestamp, and the cryptographic hash of the previous block are all contained in these blocks.
Instead of depending on a centralized system, blockchain technology stores data across numerous locations using a peer-to-peer (P2P) network. These storage locations are dubbed as nodes, and they keep a copy of the data from the genesis block.
When a new record is added to the database, it is automatically updated across all nodes that share a network. The users often have to solve a math problem to verify their transactions, and once the block is confirmed, it is added to the current blockchain.
Why Should Blockchain be a Part of Marketing?
To understand why blockchain will revolutionize the marketing landscape, let’s take a look at the distinctive attributes of this inevitable advertising technique.
Transparency:
Lack of accountability and trust deficit is currently the biggest dilemmas of the advertisement industry.
Blockchain technology provides a pragmatic solution to all such issues by creating a transparent and trustworthy environment for all the stakeholders.
Immutability:
The immutability of records is another reason to integrate blockchain technology into current marketing techniques. The data contained in a block cannot be altered once it has been verified.
When someone attempts to modify a block in the blockchain, the contents and the hash of the previous blocks change considerably.
As a result, the entire blockchain can not get validated by any other node. It’s almost impossible to hack the blockchain by changing the entries at every node.
Fraud detection:
When running a marketing campaign, it becomes challenging to track down the phony impressions and the clicks you’re paying for.
Blockchain technology enables you to identify and flag sites with click fraud and bot infiltration, reducing non-human participation.
Pinpoint accuracy:
When running a marketing campaign, it becomes challenging to track down the phony impressions and the clicks you’re paying for.
Blockchain technology enables you to identify and flag sites with click fraud and bot infiltration, reducing non-human participation.
Data control:
Using data and observations is essential while creating a compelling marketing strategy. The blockchain makes it simple for the strategists to access the proper KPIs, resulting in more informed decisions.
Overhorizon Media and Blockchain Technology:
In terms of digital marketing trends in 2021, blockchain was at the top of the list. As a marketing agency, Overhorizon Media can help you integrate blockchain into your advertising strategies and provide blockchain solutions that precisely suit your brand.
The future of marketing belongs to blockchain technology; you can adopt it now or risk being left out.