Block chain in Marketing

Even in this modern era, people are reluctant to embrace change and they often see it as a burden, rather than an advantage. But in today’s digital age, this picture is beginning to change and people are adapting the changes. The latest technology that has evolved is the Block chain technology.

What is Block chain?

The recent sensation world-wide is “Bit coin”, which is the raison d'etre of Block chain Technology. Basically it is the brainchild of a person known by the pseudonym “Satashi Natamoto”. The important feature that makes Block chain technology a great success is that it allows digital information to be distributed and shared but not copied and hence the backbone of internet was created.

Now a days people demand for “digital truth”. The kind of digital truth that the Block chain provides is distributed, immutable and survivable. In block chain, the digital records are stored in a sequentially grouped dependent manner. Therefore, when we attempt to change a transaction in any one block will require altering all the subsequent blocks which is practically infeasible by design and will be computationally hard too and also another block will be added within minutes. And the concept of decentralisation or distributed database, in which information held on a Block chain exist as a shared and continually reconciled database which isn’t stored in any single location, therefore no centralised version of any transaction exists for a hacker to corrupt, so becoming inevitably fault tolerant, transparent and incorruptible. The use of this technology has taken roots in almost every field like crypto currency, insurance, banking, payments, energy sector etc.

How Block chain can be used in Marketing?

1. Customer Targeting: Due to the transparency of Block chain technology, the middlemen in digital marketing will be removed thus enabling brands to better target customers.
2. Privacy: Block chain gives control over how much the user wants to share their personal information. This will reduce the privacy concern from the user’s side thus encouraging advertiser’s social responsibility. Users will more willingly give their personal information if you ask them permission first.
3. Influencer Marketing: Block chain will help to know if the influencer’s followers are real or just bots. This will reduce the number of influencers but will retain the high quality and genuine influencers.
4. Transparent Advertising: Between advertisers and users, there are many middlemen. But this decentralisation will make everything transparent therefore there is no requirement of middlemen. This makes the marketing game just between the user and the advertiser.

Thus Block chain is not only used in crypto currencies but can be used in various other fields also. By including Block chain technology in digital marketing strategies, ads will become more powerful and profitable.

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