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Blockchain Technology: Improving Digital Marketing for the best?

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Jayesh Kataria
Blockchain Technology: Improving Digital Marketing for the best?

While a lot many people are talking about the impact of AI and analytics in Digital Marketing, they seem to miss out that blockchain technology is about to bring an upheaval. It all started with crypto-currency and it was just the beginning. Blockchain has already made its inception in multiple industries, including marketing.

So, what is this blockchain? Let’s just clear this query from the view of a digital marketing expert in India.

Well, according to HubSpot, this is the most confusing technology growing out there.

Blockchain is the digital method of record-keeping economical transactions – also known as a ledger. What makes it different is its security protocols in each transaction.

When a transaction takes place, we keep a record – consider one record to be a ‘block’. So in simple words, blockchain is a ‘decentralized distributed ledger’ or a digital database of transactions. Each transaction is verified and stored in each of these blocks; it contains the transaction data, the timestamp, and a cryptographic hash of the sequential block.

The fun part of the blockchain is the transactions stored in these blocks cannot be altered other than the individual owners, or people who are given access. Thus, information once stored is critically stable and secure.  

So, how can digital marketing consultant use blockchain technology to improve marketing than we know it today?

Power to potential data owners

For the most credible of purposes, several consumers share their data to brands that use this information for targeted marketing; this improves brand sales. The respective consumer may receive helpful ads, but this overall process is intrusive in nature.

Imagine your information available openly on the internet being pulled out by companies, bought and sold for a huge profit. This is a complete loss of control over one's personal information.
Data breaching was a growing concern, still is, though diminished, thanks to blockchain again.
Blockchain technology transmits data ownership to respective individuals and blocks the company's abilities to pull out customer information. It gives the power to hold a digital wallet with all the essential information. And the ability to only share data with selected parties along with complete permission visibility.

Ever heard of Blockstack? It is a decentralized network that uses blockchain tech to protect digital data authority. Certain applications require data to give us complete access. That way, the data is stored in the application’s server, completely out of our control. In Blockstack, data acts as a swiping card; it opens the lock and returns the data to you without storing. Such a simple improvement, but such a revolutionary step in digital marketing.

Similarly, the Brave browser uses blockchain as well in terms of users and online ads interaction. Instead of being bombarded with online advertisements, users can view ads as per choice and receive cryptocurrency called BATs (Basic Attention Token). Yet again, simple but revolutionary step of building digital marketing campaign amid Covid 19.

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