How Blockchain Technology Influences Digital Marketing

 Blockchain technology has the potential to impact many aspects of business and communication. But much of the discussion to date has focused on its impact on banking and financial transactions. While these two areas are significant, blockchain's impact may extend beyond currency and finance to affect marketers of all products and services.

 

1. Changing Data Collection

 

Anyone can connect to the internet, but they must first pass-through traditional gatekeepers such as ISPs and web browsers. These companies can learn almost everything we do online, from what we buy to what we read and who we talk to.

 

Blockchain technology could be a solution to this problem. Blockstack, a blockchain-based network that bills itself as "a new internet for decentralized apps," is a good case study for the data privacy issue. Because Blockstack's network is based on blockchain-verified signatures, your personal data stays with you rather than being stored on servers owned by your application. Using a website or an app is analogous to inserting a key into a lock: You keep a personal copy with you at all times, and when you're finished, you take it out of the lock. There is no ongoing record of who used the lock and when.

 

Blockstack is just one example of a blockchain technology solution; there are several other crypto projects aiming for a similar goal, most notably Skycoin, which its creators tout as the fuel for a new decentralized internet. Skywire, the peer-to-peer network powered by Skycoin miners, will serve as the foundation for messenger protocols, apps, and other common internet functions, with one major exception: all user data will be encrypted and protected.

 

2. Fixing Digital Display Advertising

 

While online display ads are effective for marketers, they have some serious flaws. They can be costly and difficult to understand and manage from the advertiser's perspective. Furthermore, the inventory is almost entirely controlled by two for-profit corporations: Facebook and Google. The following are well-documented user issues with digital advertising: Display ads are intrusive and annoying, and they can drain your phone's battery and waste bandwidth.

 

The Brave blockchain browser and its corresponding Basic Attention Token (BAT) are attempting to address all of these issues by altering how users interact with advertisements. By allowing users, publishers, and advertisers to trade on the value of online attention, Brave and BAT, which is powered by blockchain technology, hopes to break up the current monopoly on digital ads.

1.BAT is used by advertisers to purchase advertisements. These are typically private Brave browser tabs, but they can also be push notifications or landing pages. Brave's development team wants fewer but higher-quality ads in the ecosystem.

 

2. Users who choose to view advertisements are compensated with BAT. You have control over the types of advertisements you see. Not only does this provide advertisers from Digital Marketing Agency with more accurate consumer information, but it also helps users learn about the products and brands they want to hear from. Anyone who volunteers to receive advertisements is compensated in BAT for the value of their time.

 

3. Consumers and advertisers both compensate publishers. Publishers receive a larger share of ad spending than consumers under BAT's revenue-sharing program. They can also charge BAT for premium content access and subscriptions.

 

Hire blockchain developers from which marketers benefit from improved ad performance data and targeting, publishers benefit from increased revenue and control over the ads they display, and users benefit from fewer, higher-quality ads relevant to their interests - all without compromising their personal data, thanks to blockchain encryption. Most importantly, the worth of attention is returned to its owner. Consider purchasing a subscription to Harvard Business Review or The New Yorker simply by opting in to receive advertisements relevant to your interests.

 

This type of digital advertising utopia is still a long way from becoming a reality, but it may cause marketers to think more carefully about their target audience when creating ads. Companies seeking attention through prospectus will be forced to provide a valuable, or at least entertaining, ad experience, as users will no longer be required to receive them.

 

3. Security and Ownership of Digital Assets

 

Blockchain technology has the potential to be the next step in the evolution of the creative digital economy. Po.et, Tao, and Steem were all created with this goal in mind. Consider what it would be like if musicians, filmmakers, and photographers could sell their work to a large audience without having to pay a middleman like YouTube, Bandcamp, iTunes, or Shutterstock for exposure and security.

 

Final Thought

 

Because blockchain is so closely associated with finance, many people wonder how marketers would use this technology. Is blockchain technology useful in marketing? Yes, there is, as it turns out. Blockchain has the potential to alter how marketers collect and use data, address customers, and manage advertisements. Here's a look at how blockchain will affect digital marketing.