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Blockchain, ever since its inception, has transformed each industry and business that it has stretched itself to. It has not only disrupted the existing business paradigms but has enabled the development of revolutionary business models.
“The global growth of Blockchain in Media, Advertising, and Entertainment is expected to increase at a CAGR of 71.4% between the years 2021 and 2026.”
Advancements in digital technologies have substantially leveraged the global media and entertainment spheres where Blockchain has made an advent into the industry being a prominent technological disruptor.
The major traits of the technology: transparency, security, immutability, and decentralization, have pushed Blockchain to be the most ingenious one yet to hit marketers in every possible industry.
The marketing and advertisement industry is all about gaining, analyzing, and then processing customer data. It’s of no surprise now that a user’s data is unknowingly used to deliver an enhanced personalized experience through Ads. Say, the query searched on Google seconds before is prompted as advertisements on other web pages in the form of marketing ads.
Marketers prioritize delivering personalized omnichannel experiences to boost customer engagement; however, leave a concerning aspect about data privacy unattended. This is where Blockchain can reduce data piracy, secure transactions, and eliminate the need for intermediaries.
Let’s see how Blockchain can evolve the current marketing and advertising structure, benefitting the consumer as well as organizations.
Undoubtedly, blockchain technology is known for rendering security and authenticity and when it comes to data protection, it plays its part well. As companies practice to pull data from customers while they encounter an ad, blockchain is changing this segment by removing that part of users and eliminating the trading of space for potential ad sales.
Brave Browser uses this technology to change the way users interact with online advertising. Instead of pelting users with digital ads, they opt-in users to view ads and interact with them using Basic Attention Tokens (BATs). They aim to trade the value of online attention.
#Lower Ad Spendings
Costs involved with advertising are exponentially high, a marketer has to take out a special budget separately to get his ad running over the internet, and it is fairly unknown whether the investment made would pay back advantageously.
As Blockchain is peer-to-peer, so at first it can eliminate the costs related to intermediaries and help save money. Generally, the ongoing procedure for advertising involves paying charges for processing your ad (processing cost) and then paying a transaction fee when a product or service is sold.
The Brave browser blocks invasive ads and tracking and uses Basic Attention Token (BAT, a decentralized currency) to reward consumers who voluntarily view ads, one can say users can opt to earn via BAT by viewing advertisements that further provide marketers with better click-through rates.
#More Transparency and Authenticity
Consumers today are skeptical about so many things and definitely seek transparency in each service and product they desire for.
In the case of an order delivery where consumers can track their order from manufacturing to shipping to delivery just because of the blockchain features, the same principles can also be deployed in the advertising industry.
Blockchain-enabled advertisements would help consumers to know who has their data and how this data is being used and provide robust data to marketers for better decision-making.
The display of advertisements involves a number of third parties and each step is accompanied by expenses. This makes the entire advertising process costly which is only due to the existence of middlemen that interface between advertisers and publishers.
With Blockchain integration, intermediaries are decoupled, connecting advertisers and publishers independently and thereby, allows direct media buying and selling. This adds to cost-cutting and rewards publishers handsomely.
#Improved Data Security & Secure Transactions
Data security is the biggest challenge to face in any industry or business and when people buy or sell online data security becomes the foremost and crucial segment to be addressed.
Witnessing trails of data leaks and scandals with Google and Facebook, the big giants, users fear to reveal their private or financial information to stay away from risks or wonder whether their data is posed to be exploited in any way.
Nevertheless, blockchain with its decentralized architecture ensures that the user data is verified and is publicly visible with all the involved parties being anonymous. Moreover, no transactional data can be modified or tricked unless the changes are approved by all the parties involved. Thus, blockchain’s immutability shields users’ data for better security, keeping their particular details veiled or anonymous.
Advertising has Reimagined the Future with Blockchain, Have You?
The transformative potential of Blockchain is loud and clear. Blockchain already has enormous applications being implemented in diverse industries, giving businesses an upper edge over those who haven’t tapped into its capabilities.
Making a difference in the advertising industry, Blockchain is unveiling its worth, every now and then, with endless possibilities to get extracted and synthesized for consumer benefits and data safety.
If your business aims to serve the consumers in all the righteous ways, get Blockchain Technology integrated within your business idea to establish a strong customer base and fuel growth of business whether its media, healthcare, finance, trading, automobiles, or any other. Experts at CodeGlo will assist you in how Blockchain can be best put to use to minimize complexities, prevail transparency, save time and money.