As per the knowledge of general people, cryptocurrency and blockchain are both interconnected. Also, it is believed that Blockchain technology has use case is limited to the cryptocurrency technology, but they are missing out on many details.
Nowadays, most industries are getting the benefits of it the Bitcoin Consistency. Blockchain technology can verify transactions for all the parties involved and also, and it can act as a permanent public record-keeping exchange.
So, it has a lot of impact on businesses and every other industry globally. It can work as a disruptive technology in the business organization, especially for the digital marketing department.
So, it is pretty clear that the implementation of blockchain in the digital marketing department of a company is going to deliver huge benefits, but to what extent?
It has been seen that the blockchain is already being implemented in healthcare and other industries and is giving extraordinary advantages to them. It is revolutionizing the industries like healthcare, supply chain management, manufacturing and many more. So, is it legit to implement the blockchain in marketing and advertising services? Well, it is, yes.
The blockchain is all about the internet, and it has the power to influence people. This is what digital marketing requires. We have to reach out to people to sell our goods and services and make money in digital marketing. It can be done in the best manner with this new tech.
There are certain ways the blockchain will benefit the marketing department, discussed below.
1. Can improve security
One of the most imperial characteristics of Blockchain technology is its security standards. Whenever you are willing to send any information over the internet, you are always worried about data security. Well, no longer.
The information can be exchanged over the internet with high security using Blockchain technology. If it is your identity or financial information, you would not want to compromise it, and that is always possible to keep it safe with the blockchain.
Blockchain is used for advertisements, and the verification and visibility to the public will be higher. It will make people anonymous at the same time and offer them transparency about the business organization.
2. Ads without middlemen
There is a lot of involvement of middlemen when it comes to advertisements. Every multinational organization must promote its goods and services, which is done through middlemen’s involvement.
The higher number of middlemen decreases the quality of advertisement you are making. In addition, some kind of manipulation of the data in the path also increases the company’s cost. These things will eliminate the company’s quality work, further decreasing people’s trust in the company itself.
3. High-quality customer information
It is mentioned that there is the involvement of intermediaries when it comes to an advertisement from the companies. Different advertisement companies are involved in the process that degrades the quality of data obtained by the ultimate receiver.
The data is manipulated, and hence, the quality goes down. It sometimes proves to be a waste of money to advertise the quality services from the company. Also, the accuracy of information is decreased, leading to false targeting of customers for the company.
So, with the blockchain, intermediaries will be removed from the process of advertisement and hence, the company will be able to get quality data.
4. The advantage for small companies
It is quite difficult for small business organizations to provide goods and services to the customers when multinational players are working as your competition.
Also, it is very noble of a customer to differentiate goods and services by comparing different companies. When a company is reputed and working at a large level, it certainly has good quality of services for the customers, which is a general understanding.
The small companies use blockchain for advertisements; it will build the trust factor for both parties. The companies will be able to prove that the product they are offering or better than other companies by delivering genuine information to the consumers. It will allow the company to express general information about itself to the customers.
Also, the customers will get to know about the quality it can offer you. The intermediaries will be eliminated, which will build the trust factor and allow the company to stand above its competitors.
- The Pros and Cons of the Mass Introduction of Blockchain Technology to Society
- Top 5 Loopholes of the Blockchain Technology You Should Know
- Why Blockchain Technology Is Important For Business Growth
- The Influence of Smart Contracts on Businesses
- The Internet of Things and Blockchain
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I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father. Founder and Editor-In-Chief of Ideas Plus Business Magazine, online business resources for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured on the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.