Blockchain is really a technology that's blossomed at an amazing pace. When Bitcoin was launched, blockchain technology was limited to cryptocurrencies. Today, more industries are exploring the benefits that include this technology. Marketing is among the industries that is benefiting massively from blockchain. This technology is solving major hiccups which have been facing the marketing industry.
Moreover, every business desires to begin a strong online presence in today's highly competitive digital market. As a result, businesses want to make sure that they are ready using their marketing strategies. That is where blockchain is arriving handy as a technology that may change the marketing and advertising industry. Blockchains can be programmed in a lot of the programming languages of your option i.e. C/C++, Java, Python, Solidity, etc. If you're looking to master these languages, you can find community recommended best programming tutorials on Hackr.io. For ex. listed here are the very best tutorials to master Java. To know more about Blockchain, one can always refer to many online blockchain tutorials online and get a good grip on it. Continue reading for more information on Viral marketing for blockchain.
Blockchain is comparable to a database. Blockchain comprises of multiple blocks that are linked to one another to form a chain. Each block has information stored in it. The information stored in these blocks can be distributed to desired users in a peer-to-peer (P2P) network.
Blockchain is secured using cryptographic technologies to prevent unauthorized people from tampering with the data. The information stored in the blocks follows some algorithm centered on consensus. Which means that once data is stored by mutual agreement, no users are permitted to edit, delete or add data in the blocks.
Each time a transaction is manufactured, be it contractual agreements or exchange of information or money, the transaction is done as a block. The block must be validated by all users within the P2P network and upon validation, a permanent digital record is established. Once done, the block is included with the chain.
The technology behind blockchain has made it fully auditable and transparent. It does not have a main point of authority and also lacks an individual point of failure or control. Thus, transactions made applying this technology are fully secure and transparent. Influx Group
Blockchain and the Marketing Industry
Blockchain technology has changed today's marketing industry. Here are some ways whereby blockchain can increase your marketing strategies:
1. Targeting and Engaging the Right Audience
When it comes to online advertising, most advertisers hardly manage to focus on the proper consumers despite having their behavioral data. Most marketers have lots of consumer data and they still pay exorbitant fees to middlemen associated with advertising. Despite doing all this, they are still unable to engage and target the proper audience.
Blockchain is available in handy as a successful means of getting the proper audience to see an advert. Blockchain creates a decentralized search engine where advertisers easily reach their target audience. Through blockchain, advertisers also can compensate target customers using tokens when they provide their private data to advertisers. Whenever a person clicks on an advert, they get paid. People only see the ads they indicate curiosity about, in a way that only the proper audience is targeted and engaged.
2. Preventing Ad Fraud
Ad fraud is increasingly becoming a serious issue for marketers and advertisers. Spending money on fake impressions and clicks is really a common trend today. Therefore, ad fraud distorts analytical data and this affects marketing strategies and decisions.
Blockchain technology is available in to show clicks in advertising platforms in real time. Additionally, it assists marketers through renting out their advertising platforms and attracting quality traffic. In this manner, clicks are authenticated, thereby preventing ad fraud.
3. Creating Reward Systems and Loyalty Programs
Customers remember when they are made to feel special. Loyalty programs work well with sales for they make customers feel special. Blockchain can be used to generate an unforgettable experience for customers. Gift cards can be attached on blockchain, thereby developing a safe platform for maintaining and issuing loyalty programs and gift cards.
If customers accumulate gift cards and are unable to redeem or use them, they'll have a poor experience about the brand. With blockchain, gift cards can be converted into digital wallets or coins, which makes it easier for customers to utilize or redeem them. Moreover, different gift cards and coupons can be combined and redeemed in one transaction. This concept can save marketers a large number of dollars within their marketing strategies.
4. Crowdsourcing and Data Collection
Good data is very powerful to marketers. Despite having dozens of marketing tools and trying out different marketing strategies, most marketers continue to be unable to obtain accurate and quality customer data. It's only customers themselves who can provide accurate data.
But how would a marketer get customers to talk about their data? That is where crowdsourcing and blockchain is available in handy as an easy way of encouraging customers to talk about their data. In return, they acquire some compensation, which makes it a win-win situation for both parties. In this manner, the data obtained is highly relevant and authentic.
5. Decentralizing E-Commerce
Blockchain is decentralizing how consumers buy things online. The technology can be used by marketers to generate decentralized marketplaces where traders can sell their products or services right to consumers without the need to utilize expensive third-party platforms.
6. Influencer marketing
Consumers tend to trust what other consumers say about a brand as opposed to just what a marketer asserts. Blockchain is which makes it possible to make the most of Influencer marketing for cryptocurrencies. Through blockchain technology, marketers can have the ability to authenticate the identity of influencers, validate their followers and get yourself a guarantee on their investment.
7. Eliminating the Need for Middlemen
Marketing involves finances and this means transacting through banks. Blockchain technology comes with digital wallets and eliminates the requirement to carry out transactions through banks. Blockchain ensures that transactions run smoothly and reduces the expenses associated with transacting through banks that become middlemen.
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