Blockchain can be a difficult concept to understand due to its technical complexity. Essentially blockchain is a public record that protects personal details and is in theory tamperproof. Since this type of security and preservation of transactions is being considered one of the most significant technological advances in the history of the internet, it’s certainly worth taking a deeper dive into understanding what it all means and how it will affect our lives and our work.
The decentralized ledger that is blockchain is poised to change a multitude of industries dramatically. As a digital marketing company, we, of course, are asking ourselves, how will blockchain alter digital marketing?
- Advertising Will Become More Transparent (and Make Advertisers Jobs Easier)
The current job of validating and analyzing every unique customer journey is no easy task. The implementation of blockchain will actually create an advantage for advertisers in their ability to track and confirm their results. In a world where ad data means everything, the ability to have accurate information is essential. Great results create happy clients! Even better for advertisers could be the dissolution of their own issues with the processing of payments or fraud within the ad exchange environment itself. There will be transparency in not only in measurements of a marketers work but in publisher to advertiser transactions as well.
- Keyword & Analytic Data Never Seen Before
Due to sophisticated algorithms, it is difficult to evaluate the current position of particular search terms accurately. The factors affecting keyword position can change at any moment, factors such as their location or device type. Blockchain, however, can track average keyword position across a myriad of factors using data from users that are incentivized to joining a specific network. Results from the potentially infinite amount of nodes gathering data at fast speeds will result in an increasingly accurate assessment of keyword positioning.
- The Necessary Fix For Display Advertising
Blockchain trades in value and compensates its users with whatever form of currency or amount they deem worth trading. This essentially means that new platforms will be able to be created where a user can “opt-in” to view ads and be compensated for it. Our current ad system is sometimes strategic but can feel invasive and obtrusive like they are endless spammy and clogging the user experience. Allowing a user to opt-in will effectively make them invested in what they are seeing, which is also rewarding for the advertiser.
There are currently two blockchain powered browsing companies that offer this model to consumers, Brave and BAT. They have put this model to the test and are reaping the rewards for this innovative concept. They charge the advertiser for the ability to have their messages shown, and the consumer for access to their platforms premium content. According to Hubspot, “It’s a win for all parties: Marketers get better ad performance data and targeting, publishers get more revenue and control over ads they display, and users get fewer, better-quality ads related to their interests – without compromising their personal data, thanks to blockchain encryption.”
- No More Room For The Middleman
The decentralized nature of blockchain will extend into marketing and media buying in a way that has the potential to be a significant win for everyone (except the middleman). Agencies are already looking to the future to capitalize on this shift, it will no longer be advantageous to be managing media buy.
Soon, there will be full-scale digital analytic suites dedicated to blockchain. This software will provide enhanced data at a much faster rate that will give more value than we’ve seen before. Companies have already developed a blockchain for ad insertion orders while others are testing out blockchain-based advertising networks.
- Fewer Privacy Concerns Mean More Trust in Advertisers
The very concept of decentralization puts the power back in the hands of the users. There is no risk of data collection or data being left behind on a server that is vulnerable to being sold or hack. Instead, the users are the deciders of their destination and the information they choose to share. This increased power and control will create a much more trusting environment where users are far more likely to feel comfortable sharing their personal information. This leaves brands with a great opportunity to better understand their customer base and strengthen brand loyalty.
While there is a debate about the extent or speed with which these advances will occur, there is little debate about the enormous effect the development of blockchain technology will have on our world. We can’t know for sure which of these Those agencies who are smart enough to recognize the impending storms of change will most likely be the ones to survive and thrive. Digital Marketers and SEO specialists have an opportunity to adapt and be a part of this technology revolution that is likely to change the internet as we know it today.