The blockchain is a series of blocks that records data in hash functions with a timestamp and link to the previous block. These blocks are stored anonymously with other stakeholders in the network eliminating points of vulnerability which cybercriminals can exploit. The blockchain considered a buzzword, has potential applications in the digital marketing landscape.
The marketing automation space is said to undergo a digital transformation with the arrival of the blockchain technology. It will empower marketers with more tools in their inventory to nurture relationships with their clients and potential customers, based on trust and understanding. Earlier, data was recorded in a traditional database, but the blockchain implements a distributive ledger and consensus algorithms to store information in a redistributed manner.
With the help of the blockchain technology, marketers will be able to mark particularised groups of end-users for advertising. It can only provide ads if the particular user has permitted to see such advertisements around specific content. This proves very useful in the marketing automation space as it is helpful to boost conversion rates and also decrease ad wastage at the same time.
Tokenized marketing is also becoming a popular method for marketers to instill confidence and trust in customers, and the method proves as a win-win situation for both parties. This also allows companies to create marketing datasets and also build consumer trust in the process. A U.S. startup Coupit is building an incentivization platform that is driven by the blockchain technology. The platform seamlessly allows marketers to play digital ads to specific groups consumers that have opted for it.
See Also: Top Blockchain Solution Companies