Digital marketing is constantly evolving, and blockchain is impacting the digital marketing industry each and every day. In this blog post, we’ll take a look at how blockchain technology is impacting the digital marketing industry, and what it means for marketers.
What is Blockchain and how does it affect the digital marketing industry?
A blockchain is a digital ledger. Currently, corporations use databases to track what ads were served to users, how much money was spent, and how many people viewed the ads. This information is private to each company and is not accessible to other digital advertising companies.
With the blockchain, Data is stored in a distributed database that keeps a continuously growing list of records called “blocks.” The blockchain ledger is shared and owned by all participants on the network, and transactions made on the blockchain are verified and authenticated through a consensus mechanism.
The distributed database enables all the parties with interests in digital advertising to have transparency, accountability, and trust. It allows advertisers to know exactly how much money was spent on a specific ad and how many people viewed that ad.
Advantages of Blockchain technology
Blockchain is the ledger in cryptocurrencies like Bitcoin. It allows transactions between two individuals to be recorded and verified. This ledger is often compared to a spreadsheet, and is called Distributed Ledger Technology (DLT).
Blockchain records transactions using blocks of information. This information cannot be altered or deleted. Every individual on the network has a copy of the ledger.
For decentralized networks, like blockchain, there is no risk of downtime, and censorship is not possible. Unless someone wants to hack into the entire network, no one can alter the information.
Blockchain’s ability to store information securely makes it ideal for sensitive data. Healthcare information, such as prescriptions and medical records could be stored using blockchain.
Blockchain’s decentralized nature means it’s free from censorship. Countries that censor information will not be able to access the information stored using blockchain.
Blockchain gives users more control over their data and eliminates the need to trust a third-party for data storage.
Importance of having a dedicated Blockchain team
Businesses who are seeking to join the world of blockchain will face many challenges along the way. There are a number of things that businesses will need to do to ensure that their team is prepared for the changes that blockchain will bring.
Before your business starts using blockchain technology, you will need to think about how your team is going to adjust to the technology. Blockchain is new, which means your team will need to learn new skills that will allow them to work effectively with the technology.
In order for your blockchain team to adjust to the changes that result from blockchain, you will need to allow them to learn new skills and abilities. They will need to be open to this technology and ensure that they understand how it works before they start using it. This will involve lots of trial and error, but you will benefit from their better knowledge of the technology after they have learned it.
As you can see, blockchain technology is impacting the digital marketing industry in meaningful ways. This technology offers marketers an opportunity to increase transparency, efficiency, performance, and trustworthiness. I hope you found this information helpful.