Blockchain is a familiar name that comes to our mind. It is the technology behind the exponentially rising cryptocurrencies. What some of us could be unfamiliar with, is the diverse uses it can be applied to. One of its applications could be in the form of social media. This can be illustrated in the following ways:
Blockchain can be estimated to bring about a certain kind of value to the information we are being provided. It does have the potential to disrupt the way information is exchanged on the internet.
Blockchain can change the world of online ads as we know it
When we look at online advertising, blockchain-based systems could change the way ads are looked at in terms of purchase and delivery of those ads. Let us look at how this can happen.
A common problem with online advertisements is the presence of bots who take the space of actual consumer in order to spike up interest and ad spend. This has led to incremental losses over the past few years. For those of us who might know how this happens, let us take a case in example of Instagram. Instagram is based on the number of followers you have and allocate a budget based on how many followers you are able to gather. How will blockchain technology change this?
We are aware that blockchain means an encrypted path between the sender and receiver and because both parties need to be authentic in this scenario, you will know exactly who your targeted audience is and who is not, literally saving millions in ad spend each year.
It has been estimated that ad tech middlemen have created a huge nuisance by literally deciding the fate of the advertising industry. Blockchain would mean the elimination of the notorious middleman, as companies will be able to pay the consumers for viewing their ad. This means that companies are actually going to value actual and authentic consumer impressions and not just imprints that could easily be left behind by bots.
Another thing that is going to be hugely beneficial is on the consumer front. There’s no redemption from spending a huge ton of money on a product of your choice and then realize that the product is not authentic. This means putting more power into the hands of the consumer as he or she can now know where they are purchasing the product from, check the credibility of the point of purchase and ensure that there is absolutely no chance that they are getting fleeced in the name of authenticity.
There are a few dangers associated with the idea of blockchain technology, which means that it is going to risk the role of super giants like Google and Facebook, which could be a tough one to swallow. Having said that, at the heart of blockchain technology lies customer empowerment and this is worth fighting for.
The idea of blockchain has the ability to disrupt the digital marketing industry on many fronts. As an advertiser, it is critical to watch out for these developments to know where to put your opportunity and vitality.