Recent use of blockchain in cryptocurrencies is leading experts to believe that its uses may go far beyond the crypto market. This technology could be utilized in many different ways, particularly in digital marketing and advertising. While it is still early, the possibilities of blockchain have caused quite a stir in the digital world.
What Is Blockchain?
As defined by Don and Alex Tapscott, “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
BlockGeeks released an article that breaks this definition down in many different ways. This article quotes several experts in an attempt to break down the technical jargon in a way that makes it easy for every reader to understand the concept of blockchain.
Specialist William Mougayar explains blockchain by comparing the differences between a typical Word document and a Google doc. The major difference between the two is that the Word document can only be accessed by one user at a time, while the Google doc can have multiple authors editing it simultaneously. Mougayar goes on to explain that many systems in today’s society are like that of the Word document, and the blockchain is revolutionizing this system with its Google doc qualities.
The most notable qualities of a blockchain, as given by BlockGeeks, are:
- It cannot be controlled by any single entity
- It has no single point of failure
This means that no one can alter or corrupt the data within a blockchain. This keeps everything honest and transparent, which as we have discussed in our article, “The Importance of Transparency in Digital Marketing”, is incredibly important to consumers. The entire concept of using the blockchain in digital marketing and advertising is to create a better experience for the consumer.
Consumers are the center of the marketing world. Without them, our efforts would be meaningless. That is why blockchain is such a game changer. It provides ways in which to enrich the consumer experience, and put more power in their hands.
While this may not bode well for major digital advertising platforms like Google and Facebook, it is ultimately the consumer that we have to keep in mind when considering the future of this compelling technology.