In 2008, Satoshi Nakamoto exploited this notion to establish Bitcoin, a cryptocurrency that allowed anyone to conduct transactions without the assistance of a middleman such as a bank. Several cryptocurrencies, such as Ethereum, Litecoin, Ripple, EOS, and others, have entered the market over the last decade.
Blockchain is a distributed digital ledger that spans multiple nodes or computing devices. Blocks are used to store each validated transaction. The transaction data, a timestamp, and the cryptographic hash of the block before it are all contained in each block.
The following are four ways blockchain technology can help your marketing campaigns.
Considering blockchain is a decentralized, peer-to-peer technology, you can save a significant amount of money right away. The fundamental reason for this is that you are effectively eliminating third parties from the equation. In the name of fees or profit cutbacks, ad networks are known for burning a hole in advertisers’ pockets.
The use of smart contracts ensures that you only pay if the agreement’s conditions are followed. Without relying on middlemen, companies can interact directly with publishers, freelancers, external providers, or consumers and pay them. And, while there are some infrastructure expenses associated with blockchain, transaction costs are virtually non-existent.
It’s discouraging to observe the poor results of your marketing activities as a marketer. Blockchain and Crypto PR agencies can engage directly with the relevant message to the right audience by decentralizing the advertising ecosystem. Furthermore, because consumers are compensated for seeing advertisements, marketers can rest assured that they will get the greatest bang for their cash.
Paperwork-related activities are inherently time-consuming and tiresome. Take, for example, invoicing processing. You must wait for payment after submitting an invoice. Furthermore, the use of a middleman causes the payment to be delayed.
This problem is addressed with blockchain, which allows transactions to take place in real-time. It is not essential to keep separate records because the information is accessible to both parties. Smart contracts, once again, allow for rapid payment as soon as the parameters of the agreement are met.
Building Trust Will Be Easier For Small Businesses
It can be difficult for a small business to stand out, especially if your field has established players. Many people are naturally apprehensive of companies they have never heard of, and the sale of low-quality goods is common on the internet.
Reputable businesses, no matter how little, will be able to swiftly create confidence with blockchain. You’ll be able to show them every stage of the supply chain and prove where your items come from. Customers will be far more eager to buy from you than your competition if they understand what you’re offering.
Despite its infancy, blockchain technology has already found its way into a variety of industrial verticals and departments, including marketing. We’ve explained Blockchain marketing in simple terms to give you a good knowledge of the technology and how it may be applied to marketing.
Marketers must assess and experiment with the many choices and use cases that we saw before to stay ahead of the game.