Marketers are increasingly exploring ways to overcome programmatic ad challenges. One such beautiful technology that is showing massive potential is Blockchain.
Blockchain in a quick brief
Blockchain is a P2P technology that provides the ecosystem for cryptocurrencies like Bitcoin and Ethereum to survive and thrive. It is the backbone behind bitcoin that allows transactions to be transparent and permanent. It is a decentralised digital ledger that keeps track of the cryptocurrencies which can be viewed by anyone from anywhere in the world. Before finalising the record to be entered, the transaction is verified by a group of miners to authenticate its accuracy and credibility. This way, no one can alter the records, and no one can destroy it.
How Blockchain can add value to the digital marketing sector
Currently, the practical application of integrating Blockchain with marketing ad spends might be a little far off. A notable exception is a Danish firm Bit Teaser, which generates ad revenues in bitcoins instead of currency.
However, experts believe that integrating Blockchain within the programmatic ad ecosystem might solve a lot of the industry’s ongoing challenges. Interested to check out the ways in which Blockchain can add value? Then read on!
- Managing customer data
Today the issues around privacy concerns are at an all-time high. In order to sell well, a marketer needs to instil trust about the brand in the minds of the customers. Blockchain is an excellent way of helping them achieve this complex objective. This digital ledger can help in preserving the anonymity of large scale of data that cannot be attributed at an individual level.
- Better transparency
The Walmart-IBM Blockchain collaboration is a classic case in this context. Walmart utilised IBM’s Blockchain technology proficiencies to bring about a higher degree of transparency to the supply chain operations. By applying this technology, Walmart could easily trace the journey of their pork product supply – commencing from the retailer’s hub in China.
- Better CSR
Blockchain can help in the business to provide a transparent paperwork system when it comes to digitised contracts. This makes the company disclose its responsibility and accountability to the customers. Eventually, this leads to a better transparency between the brand and the customer, leading to a more robust and mutually beneficial programmatic ad relationship.
- Eliminating middlemen
Companies see that the presence of middlemen to improve their ad spend efficacy is eating into their revenues. So much so that almost 50% of the revenues are attached to the middlemen, which leaves a minimal margin for the business owner. Instead of relying on Google or Facebook to connect with the site owner, you can directly communicate with them. With Blockchain, the users, as well as, the click-through rates are real.
- Forward-thinking perception
Showing that you accept bitcoins for digital payments highlights your visionary approach to running your company. You will be perceived as an innovative company that doesn’t shy away from embracing technology for making customers’ lives better. This might lead to a great PR strategy bound to deliver results in terms of visibility boost.
With these benefits accruing by implementing Blockchain within digital marketing, it can bring about all the features of transparency, accuracy, and decentralisation – the very factors that have made Blockchain a resounding success globally.
