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How Blockchain Is Affecting The Digital Marketing Industry?

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Blockchain

What is Blockchain?

Blockchain term was first coined by Stuart Haber and W. Scott Stornetta in 1991. According to them, Blockchain means “a cryptographically secured chain of blocks”. As per the designs, Blockchains are highly secure and not easy to modify.

According to Wikipedia, “Blockchain is a technology to create and maintain cryptographically secure, shared, and distributed ledger (a database) for transactions. Blockchain brings trust, accountability, and transparency to digital transactions”.

The best thing about this is that Blockchain is not industry-specific, which means you can make the use of Blockchain technology wherever you need accountability and transparency to a system. Whether it’s a health sector, digital marketing training institute in Noida or anywhere, you can use this technology and get a transparent system easily. If we see some industries like banking, insurance, pharma, healthcare, investment firms and financial institutions, then they often lack trust. To solve this issue, use of Blockchain technology in these industries can definitely bring trust to the system.

Through Blockchain, many business facets could be affected. Its impact can also go beyond finance and currency to affect the marketers. The Blockchain is a digital technology that is rapidly growing and making its impact in different industries such as digital marketing. Blockchain helps keep the record of the transactions on peer-to-peer networks. The record list grows continuously and is stored in a secured manner in a decentralized system.

Now, it is also adding a new revolution to the consumer-business relationship. Take a look at some of the biggest impact:-

  • Data Privacy

Blockchain can affect and make changes in the consumer’s data sharing. Generally, companies have every customer profile based on products purchased, searches made, visited sites and various other things. Leakage or hacking of data can be prevented through the use of Blockchain technology. Through which, users can control the data and could know how much data to share. This simply means that a company can no longer access the data and will have to look for different methods in order to collect data from the consumers.

  • Digital Advertising

Digital marketing still has a long way to go. Most of the consumers face an irritating issue and that is ad overloads. For branding and promotion, companies always send users a lot of advertisements. They do this because they don’t know the taste of their target audience and just believe in sending loads of ads hoping they are of the user’s interest. To overcome this issue, Blockchain-based companies are creating apps such as Basic Attention Token (BAT). This will bring changes to the communication between users, advertisers and publishers.

The steps comprise are:-

  • The advertisers can buy ads using apps on the brave platform
  • It depends on the user what kind of ad they want to see
  • In case if a user sees an ad, then a small portion of the amount which was paid to buy the ad by the advertiser will be paid to them
  • As the consumers receive a commission from BAT, the publishers are also get paid and the amount they receive is larger as compared to what consumer receives

Blockchain, thus assures the online marketers and institutions such as digital marketing training institute in Noida, that the transactions are secure with improved cyber security.

  • Cryptocurrency

These are basically new currencies in the digital world that basically work on Blockchain technology. These are not physical coins but are used digitally where these are stored in an online wallet. The value of these currencies gets affected by demand and supply just like the real world.

Blockchain provides a lot of opportunities in the digital marketing industry including digital marketing training institute in Noida. Among many of these, one of this is the eradication of depending upon an intermediately in online marketing such as Google or social media sites. Marketers rely upon these middlemen for transactions and launching ad campaigns, but with the use of Blockchain, there is no need to rely upon them. This gives a significant growth in the income of the digital marketers.

 

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