Blockchain is authenticated and protected blocks of data, on a distributed ledger, operating within a peer-to-peer network.
How will this change the business of marketing:
- Everything will be accounted for – All marketing spend, marketing activity and marketing results.
- Verification of all media – Brought versus delivered versus viewed
- Constant optimisation of media – Completely removing the risk of wear-out or underexposure.
- Data transparency to partners, customers and consumers
- Payments – made to agencies, customers and consumers, and can be created based on activity and or the provision of information.
- Verification of real people – Influencers, Followers, Likes, Contacts, etc.
- Crowdfunding capabilities – Through initial coin offerings
- Agency transparency – when more than one agency is working on the same account – all parties have real-time access to one central place.
- Reduce fraud, spam, hacks
- Storage alternative to the cloud.
The key takeout: You don’t need blockchain to think blockchain. Blockchain technology will bring clearer results based on integrated data. However, from today, you can think about the steps in the ‘blockchain’ for each marketing activity. Even if you cannot attain the results today, creating the journey/funnel, will help you to start getting your head around how blockchain can change your business. And not just in a marketing sense.