Our generation is experiencing a phenomenal advancement in the modern technology. Dark ages of pigeons and letters no longer exist. Computers, smartphones, tablets, iPads and many other gizmos have become the biggest part of our life. Be it on a personal, professional or social front, we are connected 24/7, 365 days with our related circle. Our work has become more productive, effective and accurate along with the enhanced communication skills.
Adding to the list of latest technological progressions is Blockchain. It is the brainchild of Satoshi Nakamoto, who has designed the backbone of new age internet. Canadian businessman, William Mougayar righteously quotes, “The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.”
In the tech community, blockchain can be described as a decentralized, distributed ledger which can document multiple number of transactions, scattered among an array of networks. The information on the blockchain database is not stored at a single location, rather they are dispersed on a chain of blocks, accessible to a large group of the population and easily verifiable. Blockchain cannot be controlled by a single system, nor has a room to point the failure. Since its inception in 2008, Bitcoin Blockchain has been functioning without any errors. The following are blockchain’s significant features.
- Durable and robust
- Incorruptible and transparent
- Miner of Bitcoins
- Decentralized technology
- Unbreakable, over the top security
In the beginning, Bitcoin was termed as the raison d’etre of blockchain. However, the digital community has now identified that the exchange of cyroptocurrencies is one of its many advantages. Digital Marketing is one such area, where businessmen, brands and manufacturers can explore the advantages bestowed by blockchain technology. In today’s digital age, gaining and retaining the consumers’ attention is the top priority. Commercializing a brand needs to be effective, long lasting and appealing. The message should put forward in such a way that it establishes a direct connection with the end user. Below mentioned are some of Blockchain’s applications in digital marketing.
- Smart Contract: It is a computer code entered on a blockchain that makes the transactions of money, shares, property, content agreements, licenses possible. When stipulated conditions are met, the smart contract begins to function automatically in a series of cascade. There is no interference of a third party, space for failure or censorship. Blockchain operated smart contract provides transparency between companies and its consumers.
- Target Audience: Marketing a product or promoting a brand depends on its target audience. During the pre-blockchain era, it was difficult to reach out to every strata of consumers. However, with the advancement and modernization of web services, it becomes quite easy to gain attention of these far fetched audiences. In short, digital marketing becomes simpler through the usage of blockchain technology.
- Advertisements: Tech giant companies like Google, Microsoft and Facebook have a data collection platform that piles up information based on ones internet searches, likes and dislikes. Lately, this has been a major issue involving breach of privacy. However, use of blockchain technology allows the marketers to advertise their brand as well as furnish the necessary information under legal binding. The core aim is to reimburse the users for utilizing their personal information about preferences and requirements, in exchange for advertisers to use this supplied data for their marketing campaigns and research.
- Digital Currency: Since, matters of money can make or break people, it becomes a tedious task to handle company’s finances, salary payments of employees, conversion of currencies from foreign clients, etc. Blockchain specializes in cryptocurrencies where digital transactions are a child’s play. No hustle or extra energy is needed. The advanced technology provides an easy platform for smooth financial exchanges, big or small, without error. Online marketing agencies and companies can also adopt the same application in their transactions.
- Quality presentation: New age companies have lately started hiring SEOs and digital marketing managers who can present the product to the best of its abilities at a faster pace in front of the large consumer base. This way, a product can reach the mass audience and become an instant hit. Effective, trendy and attractive presentations is the call from the 21st century users.
- Data Management: Controversies involving social media giant, Facebook has generated an uproar regarding security of personal data and privacy policies. However, blockchain technology evolution in the coming years will enable the common man to sell their data generated via online activities in exchange of electronic currencies like Bitcoin. Digital marketers can then legally collect this generated data for the users and later on advertise their own products based on the information.
Mrs. Anuja Mulmule (Content Writer)