Block Chain and Digital Marketing – Why should you be paying attention? – Digital Marketing Expert. Infusionsoft Australia | Digital Junkies

Block Chain and Digital Marketing – Why should you be paying attention?

“What the Blockchain?” might have been your first thought after reading our headline today. And rightly so. Our ever changing technological landscape is always pumping out new trends that jumpstart internet forums and many a tweet or two! With so much buzz right now focused on AI or VR, you might not yet have heard about Blockchain and what the fuss is all about and how it will affect you and your business.

 

What is Blockchain?

Blockchain is a digital method of economic transaction record keeping – or more basically – it’s a ledger. What makes Blockchain different though is it’s bulletproof security and complete transparency. Anyone within a given network is free to openly view records, however no one can delete or edit these existing records. While the concept is still very much emerging, it has been most commonly associated with the use of cryptocurrency whereby transaction details can be added to a ledger, a receipt is generated as proof of purchase and a token or coin generated. While the use of this technology continues to rapidly expand into different industries and for different purposes, it will most certainly help to shape the way that digital marketers work in the not-so-distant future.

Top 2 ways Blockchain will disrupt the digital marketing industry

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1 . Data Collection

It’s no secret that personal data is one of the most highly traded commodities today. Our information is being bought and sold to advertisers, predominantly through the giants of Google and Facebook, every second of the day. Simply by accessing the internet through traditional gatekeepers and web browsers means that your data is being recorded including what you’re looking at and who you’re talking to (among many, many other things). Blockchain could be the solution that many consumers will turn to for privacy and transparency.

An excellent example of this in practice is Blockstack, a network built on the technology of Blockchain that claims to be ‘a new internet for decentralised apps’. Through this platform, an individual users data remains only with them rather than existing on servers owned the the applications you are using. An easy way of looking at it is like comparing visiting a site or app to inserting a key into a lock: you hang onto that key and when you are done and exit, you take out that key and lock the door behind you. There is no log or record kept of who used that lock and when.

This type of process would completely disrupt the world of digital marketing as we know it today. A marketer without all of the data currently available today would need to rely on gathering data directly from prospects or by customising the user experience to exactly what your audience is looking for. The Blockchain could even allow users to voluntarily decide what type of content and ads they would like to see.

 

2 . The new era of digital display advertising

Display ads could soon be a thing of the past as digital advertising continues to evolve with the support of technologies such as Blockchain. Display ads can be clunky, intrusive, annoying and at this point, they’re not fooling as many people as they once had success in doing! Now, we’re not saying display advertising will cease to exist, we are simply saying that it’s likely this type of advertising will evolve into something new to cater for a better user experience.

The Brave Blockchain is tackling these issues head on and have developed an accompanying software known as a Basic Attention Token (BAT). Brave and BAT are aiming to break up the current monopoly on digital ads by allowing users, publishers, and advertisers to trade on the value of online attention. This is how it works:

  • Advertisers purchase ads using BAT, this could be made up of normal display ads, push notifications or landing pages. Brave is aiming for fewer but higher quality ads in their ecosystem of transparency.
  • Audience members can opt in and are compensated for their time and information with BAT. The user can decide on what type of ads they’d like to see and not only does this provide the advertiser with much more quality information, but the users can learn about products or services that are actually interested in. If a user volunteers to get ads, they are compensated with a portion of the advertisers spend.
  • Publishers are then compensated by both consumers and advertisers under BAT’s revenue sharing program. Publishers receive a larger portion of ad spend than consumers. They can also charge BAT for access to premium content and subscriptions.

This is a total win – win for all parties: Marketers get better ad performance, data and targeting, publishers get more revenue and control over ads they display and users get fewer, better-quality ads related to their interests – without compromising their personal data, thanks to blockchain encryption.

What should you do now?

It’s important to remember that Blockchain is still very much an emerging technology with a huge number of projects still under development. With that being said, given the current climate today and the importance of data protection, we can only imagine this type of technology will continue to become far more prevalent in the next few years. This could dramatically alter the way that you can go about attracting buyer attention so it’s a very important variable to consider as we move into new technological frontiers.

If you need help understanding this technology, we’d be happy to talk you through it in more detail. Please don’t hesitate to get in touch with us here at Digital Junkies – we’d love to chat!


 

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