What is the role of Blockchain in Digital Marketing and Advertising?

Blockchain has now become the technology behind almost every new idea that’s coming into the market, that involves data storage, security and easy transaction between two parties.

Initially, Blockchain was just limited to the financial services industry, but gradually, researchers and business opportunists are trying to use it in ways no one had imagined before.

One such application of Blockchain is in the field of Digital Marketing and Advertising. Being both disruptive and beneficial, Blockchain will eventually become essential for advertising and marketing professionals which is why they need to keep a keen eye on it.

Let us get into a few facts before to understand why this technology is here to stay and is the future?

• The global blockchain market is estimated to be valued at $20 billion in 2024
• Financial and tech firms have already invested over 1.4 billion dollars in the blockchain
• Blockchain startups have raised over 290 million dollars in 2016 alone
• In 2017, the average investment in a Blockchain project was around a million

So, how exactly will this trending technology affect the world of digital marketing and advertising? To get a brief look, let us sum it up in these few points.

• Blockchain will let consumers manage and take control of the ads they see and at the same time give advertisers a modern and sophisticated way to produce high-quality leads
• Blockchain-based protocols will also affect the purchases, delivery, measurements and the overall value of advertising and marketing over digital platforms
• At present, online advertising is a very tricky business as its almost impossible to get the accurate date due to non-effective metrics like no. of clicks etc. With the help of transparency and security provided via such platforms, advertisers and marketers can quickly identify target audience views and get more trusted ad buys.
• Blockchain will let go of the middlemen that are a part of the traditional digital marketing process. This will let the marketers and advertisers reach their target audiences directly and thus, cut down the ad buy process.
• Blockchain will redefine the way marketers and advertisers create customers profile. Instead of getting varied data, the decentralised networks can help them pay directly to the consumers and get data easily rather than spending on ad campaigns that do not deliver accurate results. With the assurance of maintaining the securing of the consumer’s data, such platforms can help get consumers profile directly from the customers.
• Blockchain will help automate various processes that are involved in digital marketing and advertising which will significantly reduce the administration costs.
• The transparency and data management that is provided by this network can be used to create digitized contracts that the public can view, and use to hold companies accountable.

Conclusion

In the era of digital transformation that we live in, it is very important to keep pace with the technology. And, if the technology is as disruptive as this technology, it definitely needs a significant amount of attention to understand in what different ways can it affect your business.

Blockchain in the field if digital marketing and advertising is undoubtedly new, but is definitely here to stay and bring a change.

To know more about the same, keep reading our Blog.