Blockchain in Marketing

Marketing is the process of promoting a company’s or brand’s goods or services. The best marketing techniques allow us to spread a product from a small village to every corner of the globe. Yet, marketing has its own difficulties that are becoming more difficult in this digital era! We are all aware of how widespread blockchain development services and blockchain applications are! But how does marketing benefit from a distributed ledger like blockchain? We’ve got you covered, though!

What is Blockchain?

Blockchain is an unchangeable distributed ledger technology that stores all transactions in blocks connected in a chain format. This information is more robust because once stored on the blockchain, it cannot be changed at all (it is immutable). The main benefit of blockchain technology is the elimination of middlemen who must validate transactions. In essence, they are transparent because blockchain platforms are decentralized and everyone in the network has access to all the transactions.

Challenges Faced in Marketing in The Recent Years

• Ad Frauds: Ad fraud refers to any fraudulent or deceptive activity that is designed to artificially inflate the number of clicks, views, or engagements that an advertisement receives. Ad fraud can take many forms, including click fraud, impression fraud, and bot traffic.
• Click fraud occurs when a person or group of people repeatedly click on an ad in order to generate revenue for themselves or to deplete a competitor’s advertising budget. This type of fraud is often carried out by individuals or organizations using automated scripts.
• The Bot saga: Many marketing strategies are disrupted with bots that create fake impressions thus putting a dent in the marketing campaign analytics. For instance, CHEQ, a cybersecurity company specializing in ad fraud prevention, has published a number of statistics related to Twitter bots. According to CHEQ’s research, up to 15% of Twitter accounts are bots. This includes both good and bad bots — bots that are designed to perform helpful tasks (like weather updates or news alerts) as well as bots that are designed to manipulate conversations and spread misinformation. In 2020, CHEQ found that over 60% of Twitter accounts tweeting about COVID-19 were likely bots. These bots were responsible for spreading misinformation and conspiracy theories about the pandemic.

Overall, these statistics highlight the prevalence and impact of bots on Twitter, and the need for ongoing efforts to detect and prevent bot activity on the platform.

How Blockchain Can Help in Marketing

Blockchain technology has the potential to revolutionize digital marketing by increasing transparency, security, and efficiency in advertising and data management. Here are some ways in which blockchain can impact digital marketing:

• Enhanced Transparency: Blockchain provides a decentralized ledger that can be viewed and audited by all participants, creating a transparent environment where ad impressions and clicks can be tracked and verified. This can help combat ad fraud and increase trust between advertisers and publishers.
• Improved Security: Blockchain’s immutable nature makes it difficult to hack, alter, or corrupt data stored on the blockchain. By implementing blockchain-based solutions, digital marketers can secure their data against cyber attacks, data breaches, and other security threats.
• Efficient Payment Systems: Blockchain-based payment systems can eliminate intermediaries and reduce transaction fees, making it easier for advertisers and publishers to exchange value without relying on third-party payment processors.
• Data Privacy and Consent: Blockchain-based solutions can give users greater control over their data, allowing them to manage their privacy preferences and consent to using their data in exchange for rewards or incentives.
• Better Targeting: Blockchain can enable more precise and efficient targeting by providing marketers with verified data about consumer behavior, interests, and preferences.

Overall, blockchain technology has the potential to transform digital marketing by increasing transparency, security, efficiency, and user control over data. However, its adoption in the industry is still in its early stages, and it remains to be seen how quickly and extensively it will be implemented. So, if you are interested in blockchain-powered marketing, then get in touch with the best blockchain development company without further ado! Contact BSEtec for a free consultation and a free quotation for your blockchain project!