Currently, as it stands, blockchain is probably considered as the best technology underpinning bitcoin. However, some marketers anticipate its possibi
Currently, as it stands, blockchain is probably considered as the best technology underpinning bitcoin. However, some marketers anticipate its possibilities far beyond finance.
Blockchain, typically a large ledger of transactions is a shared and an open kind of database which functions in a network format which is decentralized. If you didn’t know, this implies that large amounts of data can be added and transmitted through it, without their security being compromised. To be more precise, no individual can either manipulate or destroy the blockchain.
Over the last few years, blockchain has proven to be a useful tool across all departments of finance. It has been used for currency transfers, safe and secure data applications and has also been used to track objects such as tuna, so as to examine if it was fished ethically. However, its potential for marketing applications is beginning to show.
First, a caveat: According to experts, it will take at least five years for blockchain to be used in the advertisement sector. Currently, there is little activity happening in this particular field, since only Bit Teaser, which is a Danish-based advertisement network uses it in ad revenue collection in bitcoin instead of cash.
Dave Morgan agrees that indeed, blockchain is a highly decentralized ledger. If you are unfamiliar with Dave, he is the C.E.O of Simulmedia, whose investor, Square Union Ventures, announced a significant investment in blockchain recently. Based on this factor, it is ideal for issues that are easy to solve on an individual basis, but difficult to compute altogether.
According to Gomes Phil, an SVP of Digital at Edelman, marketers should start by asking themselves this kind of question: What do you imagine you can do, if you, together with your stakeholders could work or operate from one stable source of truth? That is if you were aware that the type of information you were seeing was real?
So what are the various ways executives think the media sector could benefit from blockchain? Find out below.
Verification of Ad-delivery
Apparently, trust in the advertisement sector is very low. Blockchain could prove useful in this area, since it can be used to detect if ads were going to the intended place, as well as identifying whether they are being delivered, and this is according to experts. For instance, the problem with ad deliveries and auditing is that performing it centrally, that is, with a figure of Deloitte type involved can be costly.
An auditing that is decentralized is affordable and can be practical. Ad deliveries could be taken by a particular brand, then released into the blockchain’s mining devices, which could potentially scrub and analyze them for scams. So footprints that are simple, such as the non-live browser possibly seeing an advertisement, can aid a brand to determine if indeed the ad delivery was successful. Morgan laments that this could be a way of ensuring massive change. The most exciting and essential part is that potential frauds can be identified and blacklisted earlier enough.
In October, at Shanghai Fashion Show, fashion label Babyghost, incorporation with VeChain, which is a platform for blockchain, enabled clients to verify a group of handbag selections. We can evidently see that this verified authenticity. Additionally, in this scenario clients could scan the tags with the help of their smartphones, so as to find the origin of the product, as well other related vital information.
Imagine that every garment currently goes from being one of the many to one of its kind. It can communicate literally with our customers in the same manner we love speaking with them through social media, and this is according to the founder of Babyghost, who told FashNerd. He points out that VeChain has helped Babyghost to bring digital experiences to their clients. Additionally, customers have been able to create a personalized bond with their products.
The primary idea here is that blockchain can be used to advertise a product in a more authentic manner, which doesn’t come off really as marketing.
Managing consumer data
Morgan said that in a period where privacy is a huge concern, the blockchain offers marketers a decent way to anonymize substantial amounts of information. This implies that you can see the data on a network level, even though you cannot attribute it to any individual, and you can utilize it in your brand building. Most brands are currently looking for direct connections to clients and are intending to eliminate intermediaries when it comes to information. The blockchain would certainly be an approach of maintaining transaction data in a highly decentralized manner, making it massive and secure. Apparently, blockchain anticipates that we are going to experience a future of publicness.
Corporate social responsibility
According to Gomes, in public relations, corporate social responsibility is often discussed in a narrow communications context, as a company can say it will do something and almost anyone can believe it. However, blockchain promises to incorporate accountability with corporate social responsibility. If you didn’t know, blockchain is already being utilized, for instance, to prove product authenticity. Regarding brands, it can go a notch higher: Use that information in marketing.
Moreover, Gomes lamented that he is certain about using blockchain in creating contracts wich brands can sign in the case of corporate social responsibility initiatives or digitalized assurances such as sustainable practices. Without a doubt, blockchain deems that promise both accountable and public.