THANK YOU FOR SUBSCRIBING
Capitalmarkets CIO Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Capitalmarkets CIO Outlook
Today, digital marketing is a significant part of any enterprise. In order to thrive in today’s marketplace, firms should be able to publicize online platforms, including social media. Experts anticipate major changes in the world of digital marketing. As a new technological breakthrough, blockchain is designed to make changes to the way digital marketing takes place across all systems. One of the big changes in digital marketing to support blockchain technology is the sharing of consumer data. Data protection is a significant problem in all online actions, and Facebook has recently ended up in another conflict due to the lack of privacy for users. The problem goes far beyond Facebook, as websites instantly gather consumer information.
Blockchain could affect many aspects of business and communication, but much of the discussion to date has focused on its impact on banking and financial transactions. From the advertiser’s perspective, it can be costly and difficult to understand and manage. Inventories are also almost entirely controlled by two profit-making companies: Facebook and Google. The problems with online advertising from the customer perspective are well documented such as display ads are intrusive, annoying, and can drain the battery and bandwidth of your mobile device. The Brave blockchain browser with its associated BAT (Basic Attention Token) tries to solve all these problems by changing the way users interact with ads. Brave founder Brendan Eich has indeed found his niche in the tech world during his time at Netscape he created JavaScript in the 1990s and is Mozilla’s co-founder.
Check This Out: Top Marketing Tech Companies
People from the entertainment industry have also started undertaking blockchain projects that ideally remove the need for external applications or platforms such as Spotify and iTunes. One project, Tao, promotes the idea that music bands sell crypto tokens to their fans directly. Consumers buy music, live shows, and goods in return for tokens. Bands can also set conditions on blockchain tokens, which would determine when tokens are not valid anymore. Now, musicians could directly market their fans with a blockchain system, as imagined by Tao. They could be fairly paid and taken control of their own digital marketing instead of losing money on mediators.
Before blockchain technology, marketers had very little information about how publishers used their advertisements. Transparency is vital for ad fraud and the high cost of publishing ads. The transparency of blockchain allows advertisers to identify exactly who sees their advertisements, to ensure that they are marketing to real people, not bots.
The influence and importance of blockchain technology remain unknown. Industry analysts can foresee how blockchain technology affects digital marketing, but it will most likely take a while to penetrate the digital marketing realm.
Read Also
