What The Heck Is Blockchain?

Blockchain is a digital, incorruptible ledger used to record transactions. It was originally introduced in 2008 to secure and record bitcoin transactions. However, it only gained popularity in the past few years. Blockchain is a heavily secure peer-to-peer review database that eradicates issues that come when dealing with third-party systems like security and lost transactions. It uses “blocks” and “hashes” to timestamp. Miners all must agree on the transaction before the block is validated and added to the chain of blocks; hence the attractiveness of how secure it is. The possibility of implementing this technology into marketing strategies will offer an accurate and easier way to target an audience. 

But What Does This Have To Do With Marketing? 

We’re getting there just hold on! 

Fun fact: About 35% of Chief Marketing Officers do not trust their own data that is being collected in order to run campaigns and target selected segments according to a study conducted by the marketing data analytics platform Adversity. 41% of data analysts don’t trust the data being collected either. By using blockchain to secure the transactions of their consumers, CMOs will have access to incorruptible data sets. This leads to more accurate consumer profiles and better targeting. Combine this with machine learning and more AI technology to give the consumers exactly what they need. Bottom line: They’re getting data they trust. This, also, offers a more accurate view of the Customer’s Journey. CMOs will be able to have a better understanding of how, where, and when the customer makes purchases.  

Customers Benefit, Too!

It could be a two-way street. There are 2 huge issues customers are concerned with lately. Making sure their data is safe and understanding what they’re buying and where it came from. In today’s day and age, the average consumer is more informed than before. They want to do their own research sometimes on a product. 

Blockchain allows for the ultimate transparent experience for consumers. When buying a product with blockchain one will be able to see all of the details that come with that product. There will be an authenticated list of blocks with hashes that can elaborate on the details like where that product has been and/or what it is made of. The security firms will get by using blockchain is a huge plus to relay to consumers. Data breaches will be a thing of the past for companies. The customer can feel safer shopping when blockchain is used. 

With the explosion of IoT tech and NFTs, one can only see the need for blockchain to increase, in the future. And the future looks bright!

Sources: 

• https://www.prnewswire.com/news-releases/a-third-of-cmos-dont-trust-their-marketing-data-according-to-adverity-research-301424555.html
• https://www.marketingdive.com/news/how-blockchain-can-deliver-a-digital-ad-trifecta/609403/
• https://whatis.techtarget.com/feature/A-timeline-and-history-of-blockchain-technology