How Blockchain Is Affecting The Marketing And Advertising Industry
If you’ve been a CMO for the past five years, you remember those times when entrepreneurs looked at blockchain through hype-filled eyes. Some regarded it as an opportunity to make big bucks, while others were scared of the “Wild West” label that the media put on crypto markets due to their free regulation.
Ultimately, this kind of hype has largely died down. Yes, the global blockchain technology market is expected to climb to over $23.3 billion by 2023 (paywall), but I believe this is because businesses are shifting their gaze toward completely different purposes: redefining advertising and marketing processes, management, accounting and communications with users. In 2019, almost no one I know confuses blockchain with bitcoin, and this is the first and foremost of blockchain’s accomplishments with which we should begin.
When we look at global service industries, advertising stands out: Digital ad spending worldwide could reach a total of $427.26 billion by 2022. Still, it is an area affected by fraud and insufficient transparency. From that standpoint, we have yet to gain great efficiency.
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Source: www.forbes.com
