The blockchain revolution continues to grow at a rapid pace. At the moment it's still limited to the financial sector, but I am very interested to see how quickly we embrace it in the marketing world.
It is very early to truly understand how blockchain will impact marketing, but the potential it has and the opportunities it could create are worth thinking about - both for advertisers and consumers.
So what would blockchain mean for marketing?
“Blockchain will allow consumers to take control of the ads they see and, hopefully, give advertisers a modern, sophisticated means to producing high-quality leads,” Brian Hart explained in an Inc. article on the matter.
So, blockchain could potentially:
- Provide consumers with greater control of their personal information
- Give consumers the choice who they sell their information to - key after the Cambridge Analytica data harvesting
- Improve the quality of targeting and leads for marketers, increasing ROI
- Allow for greater measurability and less wasted inventory - important amongst the current discussions of viewability and ad fraud.
So blockchain could bring exciting times ahead that will benefit all parties.
The adoption of blockchain is still in its initial phase and more is yet to come in the future. However, one thing is for sure, blockchain technology will completely transform the business landscape especially in the areas of marketing and advertising.