One of the fastest growing technologies on the market today is blockchain. Though best known as the technology that underpins bitcoin, blockchain, when integrated properly, can be very useful in digital advertising. Let’s take a look at some of the ways that blockchain can be used, now and in the future.
What Is Blockchain?
Simply put, blockchain is a digital ledger. This technology is instrumental in recording transactions involving bitcoin, or really any other crypto-currency. With blockchain, transactions are recorded chronologically, but they’re also made available publicly.
What Is Blockchain Used for Today?
Even though blockchain is predominantly known for its uses in the financial industry, it actually has a lot of flexibility. For example:
- Database Use: Blockchain is known as digital gold, and for good reason. Its technology allows for it to be distributed across a network of computers. It’s virtually indestructible, and the database itself is continuously shared and reconciled, so all changes are shared and nothing gets lost. The result is a perfect technology for database usage, and not just for a financial database.
- Documents: Prior to the creation of blockchain and similar technology, documents used to be shared over email. One person on the team would write a Word document (for example), email it to a collaborator, then wait until the collaborator emailed the document back with the changes on it, in order to finish it up. Not only was this completely inefficient, it didn’t allow for any sort of dual collaboration. No more than one person could work on a document at a time. However, thanks to blockchain technology, the process of editing documents is much easier and collaborative.
- Crowdfunding: Once techno-geeks realized the versatility and the indestructibility of blockchain technology, they deployed it for crowdfunding applications such as Swarm and Koinify, thus decentralizing the process.
How Can Blockchain Be Used in the Future?
Blockchain for marketing isn’t, perhaps, readily apparent, but some digital marketers believe that blockchain can be used extensively in the marketing future. For example:
- For verification of ad delivery: There is a lack of accountability, today, in ad marketing and delivery. There’s really no way to tell if ads have been delivered, or if they have, if they’re going to the right place. But with blockchain technology, not only is there complete transparency with regard to the ad delivery process, there’s a way to make sure that it goes to the right place. Best of all, deploying blockchain technology in the ad delivery verification process can save businesses a lot of money and increase their bottom line.
- Marketing: Artificial intelligence and predictive analytics — where other things similar to what a customer just bought are suggested — is currently being used to increase merchant sales. There is an increased belief that blockchain can help with creating marketing like this, that’s much more natural, and immersive, than traditional digital marketing.
- Consumer Data Management: We are living in the age of privacy concerns. If you want to protect your customers’ data from potential hackers and other ne’er-do-wells who could use the financial information provided in a bad way, consider blockchain technology.
In short, if your company isn’t using blockchain technology, you are missing out on a viable and profitable tool for data management and a digital currency ledger.