The rise of Bitcoin has made blockchain technology a trending topic.
However, this was not always viewed in the most favorable light. When cryptocurrencies surfaced, they were mainly used for bad transactions on the dark web.
Fortunately, sentiment and usage have changed. More people are seeing the value of investing in Bitcoin, and companies are excited about the idea of using its technology in the business world.
This technology can do more than buy and sell cryptocurrencies. It has the potential to have an impact on our work, even if you do not intend to accept cryptocurrency as a payment method.
Here’s what you need to know about its impact on the digital marketing industry.
What is Blockchain technology?
Let’s start with the basics.
Blockchain technology is a new way to secure your data.
The ‘blocks’ are pieces of digital information or records, and the ‘chains’ are public databases containing the information.
You can use blocks to store information, such as:
- financial transactions
- medical data
- provide information
- confidential customer data
Here a block of information is created and then stored in a chain:
- A transaction takes place, e.g. Someone buys $ 100 from Bitcoin.
- The transaction is verified and saved as a block.
- The block gets a unique identification code called ‘hash’.
- The blocks of information are bound together and secured by cryptographic principles called chains.
How does Blockchain work for data security?
Blockchain is a possible solution to give customers peace of mind about their data.
Every few months you hear news reports about businesses experiencing customer data leaks.
Credit card information, passwords, physical addresses and more are exposed on the dark web, making people vulnerable to cybercrime such as:
- identify theft
- phishing schemes
- online harassment
- cyber stalking
After all, data is valuable.
Every time we search on Google, you buy an article on Amazon or double-tap an item Instagram post, this information is tracked because it is valuable.
The high level of security that this technology provides enables businesses to set up a secure data network to record and store consumer data.
However, you can not delete this data. Once it is recorded in the chain, it is there forever.
While this means you will not be able to choose what data is recorded, blockchain can allow users to decide what data they want to share and with whom.
Why use Blockchain in data security marketing?
Marketers can leverage blockchain by giving customers transparency and data protection while fighting fraud and building brand recognition. These are qualities that people might be looking for so that they can feel safe doing business with a business.
Here are some benefits of using this technology for data security marketing.
Blockchain provides greater transparency and accountability
The biggest advantage is its transparency. The transaction ledger is open to public viewing, which adds a level of accountability.
This ensures that businesses act responsibly and with integrity when using consumer data.
No matter how big your company is, it is not always easy to gain trust. People are naturally skeptical about the information online, especially in the era of deep falsification.
As a result, transparency has a major impact on consumers’ purchasing decisions.
Blockchain improves security, encryption and validation
Each time blockchain creates a new transaction, it is encrypted and linked to the previous transaction.
Once formed, it is impossible to change.
The unchanging and incorruptible nature of Blockchain makes it incredibly secure to use, protects information from being falsified and reduces the risk of hacks.
Marketers can also use smart contracts for extra trust, transparency and security. It automates the workflow by activating the next action when the conditions are met.
How can Blockchain change the marketing industry for data security?
This new technology is possibly on track to disrupt digital marketing, including how we collect data and interaction with customers.
Here are some ways technology can change everything from keyword tracking to creating more data-driven campaigns.
Improved keyword query
Over the past few years, finding keywords has become easier.
With tools like Ubersuggest, it’s easy to see how you are performing on search. What if you could combine it with this new technology?
Marketers can use the technology to track keyword positions on all devices anywhere. With blockchain, you have the right numbers to use for more data-driven and accurate campaigns.
Decentralized social media
Data breach and Facebook’s involvement in the 2016 US elections causes social media users to become more aware of how their data can be used against it.
In response, there is a growing market for decentralized social media networks. These sites allow users to share, connect and discover content without supervision.
What does this mean for marketers?
As websites using this technology become popular, it will force us to stop relying on easy data collection and look for new ways to generate leads.
Generate better clues
Like most marketers, you probably get information from different sources and run your campaign based on what you found.
The only problem? The data is not always accurate.
With blockchain, marketers can go directly to the consumer for data collection. You can encourage people to access their information.
For example, if you want someone to subscribe to your newsletter, you can pay the reader a small amount each time he reads an email.
While this would probably have a higher cost upfront, a customer has a much stronger advantage if they are willing to hand over their data. Using this type of method can attract your sales funnel and give you more qualified clues that are ready to cherish.
Eliminating Click Fraud in Online Advertising
One of the biggest problems in the digital marketing space is click fraud.
This is when a person or a computer program clicks on advertisements that pretend to be a legitimate user. Site owners often use this tactic to increase their advertising revenue.
By using blockchain, you can make sure that your ad impressions and clicks are authentic.
adChain is a company working to address this issue. The adChain register use a smart blockchain contract for authentic engagement.
According to their results, it can increase transparency and reduce fraud with digital advertising online.
Transparency for customers
If you use blockchain technology, you know customers who have access to their data and how they obtained it.
This can stop ominous companies from selling cold lead marketing data and help customers control the spam that fills their mailboxes.
For marketers, less time can be wasted on clues that do not care about your business. You have a pool of real people with the problem solving your product or service.
Examples of Blockchain companies
Here’s how some businesses are already using this new (ish) technology.
Spring Laboratories use blockchain to verify identities and reduce financial sector fraud. It helps institutions to securely control and benefit from sharing information without leaking sensitive data.
Coinbase is one of the largest companies in the world using blockchain technology. The digital portfolio enables users to buy and sell cryptocurrencies such as Bitcoin and Litecoin. According to a Axios report, when Coinbase sold shares on the public market, it was valued at $ 100 billion.
Mythical Games create blockchain-based games where players can earn money by selling digital ownership of items. Using the technology, Mythical Games can verify the scarcity of an item and set a record of ownership.
Dok.ai is an app that blockschain and machine learning technology. It works through all your medical data from pharmacies, doctor visits, hospitals, etc. Combine in a safe place. It gives patients the ability to manage their medical data and provides predictive insights into the risks of future illnesses or diseases.
Questions about Blockchain in marketing
It’s a new technology that secures data for financial transactions, medical data and even marketing.
Blockchain data uses cryptography to protect data, and make it more secure.
It gives your audience more control over their data, increases transparency and is more secure.
Blockchain has the potential to increase data security, improve query demand, decentralize social media, improve lead quality, and eliminate click fraud.
Blockchain is much more than just technology for processing cryptocurrency payments.
How do you think blockchain will the world of digital marketing change?
See how my agency can manage Massive Amount of traffic to your site
- SEO – Unlocks massive amounts of SEO traffic. See actual results.
- Content Marketing – our team creates epic content that is shared, gets links and attracts traffic.
- Paid media – effective paid strategies with clear ROI.