We cannot deny how much marketing has changed a lot over the last few decades. When the internet came into the picture, online marketing became more common.
But that is not the end just yet. Digital marketing, as we all know today, is going through another massive revolution, all thanks to Blockchain technology.
While we often relate it with cryptocurrency such as Bitcoin, Blockchain technology has broader applications. Since it can verify information of any party, it impacts all businesses. That is why it is safe to say that Blockchain technology will transform the digital marketing landscape into something that used to be impossible to happen not long ago.
Before we go through how Blockchain technology improves digital marketing, let us first understand what exactly it is and why it is entering the digital marketing landscape.
What Is Blockchain?
The best way to describe Blockchain technology is that it is a series of digital records. They are also known as blocks, which are linked together without needing verification from a third party.
In simple terms, Blockchain technology is data storage. Apart from its constant growth of data, no one cannot alter the content it contains since it allows more anonymity and privacy.
Think of it this way. When receiving a payment from customers online, you would often rely on mediators like banks. They serve as a host to your private details, which may even lead to data leaks.
But with Blockchain technology, such a situation is not possible to happen. Since the identity of the Blockchain users always remains incognito, that means no one would know who you are.
Moreover, in Blockchain technology, there is decentralisation. It refers to transferring control and easing the decision making from an individual to a distributed network, which creates a trustless environment.
That means no one needs to trust anyone since all of them have the same copy of data storage. If someone tries corrupting the stored data in any way, they will get rejected by the majority of members of Blockchain technology.
Why Is Blockchain Entering The Digital Marketing Industry?
If you always keep up with the news, chances are you have read about data breaches caused by whistleblowers (digital ad vendors) now and then. That is not surprising since we are constantly under surveillance with secret cookies that we unconsciously permit to monitor our online activities.
According to the Statista Research Department, the costs of digital marketing ad fraud worldwide would increase significantly for the next couple of years. By 2023, they believe it would reach up to $100 billion.
These are the reasons why Blockchain technology is entering the digital marketing industry since it guarantees the liability of serving advertisement campaigns and paying for actual human interaction rather than robots.
In other words, it gives every digital marketing agency and expert the safer alternative to transparency. And for consumers, that is a good thing since they can shop without worries.
If you look at the statistics, the adoption rate of Blockchain technology to marketing increases year after year. For the past five years, here is what Blockchain marketing looks like on Google Trends.
To further convince you that Blockchain technology is changing digital marketing, read the advantages you can gain from it. Here are just a few of them below.
1. Improve Data Security To Avoid Fraud
As mentioned above, data security has always been an issue, and the digital marketing industry is no exception. With tons of data gathered, kept and used, there is always a risk of being stolen or misused.
As a consumer, the data breach is a big NO-NO since it can compromise your identity and your financial information. That is why it is hard to trust a brand that cannot keep personal data safe.
However, with Blockchain technology, you can rest assured that all transactions made online are verifiable and safe since every data is unchangeable. Also, if you incorporate Blockchain technology into your website, it can help you detect fraud.
2. Eliminates the Middlemen When Buying Or Selling Ads
As a business owner, buying ads on high-quality websites has been one of the priorities of most businesses to promote their digital marketing campaigns to increase their reach. This process entails paying a hefty charge to a reputable third-party ads outlet, where you will post your content to help build trust among consumers.
With Blockchain technology, you can avoid that process. Know that any users will get vetted automatically, eliminating the requirement for a third-party ads outlet to establish trust. Companies that place ads and websites that have space available can work together to create a seamless experience.
3. Allows You to Accept Alternate Payment
Another advantage of Blockchain technology in digital marketing is that it opens your business into international markets. It can happen with the help of cryptocurrency, the most famous usage of Blockchain technology.
If you incorporate the use of online bitcoin wallets when buying products or services from your business, you can execute payment across borders without additional fees or currency exchange. With this, it will motivate your potential customers to buy more of what they need or wants.
4. Reduced Ad Spending
Besides eliminating the middlemen, business owners can also lower their ad spending with the help of Blockchain technology. According to VentureBeat, Unilever and IBM partnered to create tools that can cut wasteful ad spending. It says that because of this innovation, Unilever is estimated to save millions of dollars from their ad spending alone.
Due to that, it is now possible for businesses to allocate their excess funds for other things like revamping their website to improve user experience. And that is how Blockchain technology is affecting digital marketing, and it will continue to disrupt the landscape or industry irreversibly.
5. Increased Transparency And Authentication
Consumers used to rely on ecommerce shops like eBay or Amazon to buy products that were marketed directly to them based on their online behaviour data. The problem, however, is that it left consumers no other choice but to hope that the product details provided were correct. They hope not to be in an expectation vs reality kind of situation that will get them disappointed with their purchases.
To put it another way, as a consumer, can you independently and quickly verify claims listed on the product description? With Blockchain technology, you can. It enables consumers to trace all product information, from the manufacturing location to how much the staff who made the said product paid for their job.
In other words, with Blockchain technology, your consumers would not have to doubt if your digital marketing campaign is giving them the right information they need about the products you offer online.
Blockchain technology benefits businesses, especially in their digital marketing efforts. That is why it is safe to say that Blockchain technology is the future of the digital marketing landscape, not only in Singapore but also in the rest of the world.
For more updates about digital marketing, do check out our blog. As an award winning digital marketing agency, OOm is always up to date with the latest trends and happenings.
Contact our digital marketing agency at 6391-0930 if you have any questions in mind about digital marketing.