Marketing is continually changing and affected by technology and consumerism. This time, it’s blockchain that’s impacting the trend.
What is blockchain?
Blockchain is a chain of blocks, in the most literal sense. It’s made up of digital pieces of information that are divided into three parts.
- It stores information about the transactions including the date, time, and the dollar amount of a person’s recent purchases sites like from Amazon.
- It stores information on the person participating in the transactions. It stores a digital signature or a username.
- It stores the information that differentiated one from the other block. Each block stores a code called “hash” thus allows identification.
Blockchain happens when four requirements are satisfied. There must be a transaction, the transaction must be verified, the transaction must be stored in a block, and lastly, the block must be given a hash.
Blockchain allows transactions between two parties without the need for third-party verification. As of late, blockchain technology is used mostly for cryptocurrency and finance but its grasp is also slowly creeping into the digital marketing territory.
Data back to its consumers
With the third-party taken out from the transaction process, companies can no longer pull out your data for their target advertising. While it does help users to see related products and make the search easier, it’s still unsettling when you think of how these companies take out your data and use or sell them for their benefit.
Blockchain impedes the companies’ ability to take out data unless their data are being reimbursed. Brave browser is a new search engine that promotes a new way to do advertising. Users have the free reign of the ads they view and interact and whenever they interact with an ad, they get Basic Attention Tokens (BATs).
Blockchain also protects user digital data and ensures that it stays with you via a network for a decentralized app. When you provide your data to applications, your data stays with that application’s server. With blockchain, your data remains with you the moment the application is through with it. Companies won’t be able to use your data to be analyzed and used for other ways you didn’t give them permission to.
Applications of Blockchain
There’s a number of practical applications for blockchain technology. It can be integrated into bank use, cryptocurrency, healthcare, property records, smart contracts, supply chain use, voting, and more.
Blockchain is still a fairly young industry and its application is still being explored further. Marketers and brands can take advantage of the efficiency and accuracy that come with blockchain.