Top 5 Applications of Blockchain in Marketing & How They Change Marketing

If there is one kind of technology that has burst upon the marketing scene and proliferated in the past decade, it is blockchain. Blockchain technology has applications far beyond that domain. The application of blockchain in marketing, for instance, has expanded its use cases, and the list is nowhere close to being completed.

Nearly every aspect of marketing now has some space in which blockchain technology can be utilized. What’s more, multiple studies demonstrate that using blockchain for these applications improves their efficacy significantly.

A complete understanding of blockchain can be rather difficult to obtain. Engineers and computer scientists have spent years and years trying to understand blockchain technology and to code using this technology.

Blockchain technology is essentially a decentralized ledger, decentralized being the keyword here. Several computer devices store parts of the database in the form of nodes. Each exchange of data is stored in entities, which are known as blocks. Each block’s contents comprise the stored data, the timestamp, and a hash code, primarily preceding the block’s location.

Application of Blockchain in Marketing

1 Influencer Marketing: Blockchain technology can be of great aid in analyzing the data generated by every individual customer's promotions and thereby assess their efficacy as an influencer.

2 Affiliate Marketing: Blockchain can be used to introduce smart contracts, making it very easy to track the number of users brought in by each affiliate. This will save brands from investing in affiliates that do not bring any evident value. It can also introduce the use of cryptocurrency to make payments, thus simplifying transactions.

3 Loyalty Program: With blockchain in marketing, multiple brands can tie up and form an alliance with a common reward points system. Once this system has been created, reward points from one brand can be used with another, leading to a win-win situation for the brands and the customer.

4 Targeted Advertising: The technology helps brands create Ethereum tokens, which can be used as payment only if the advertisement hits a target customer and the customer interacts with it. The payment process is completely automatic and works by a formula, so all the parties involved earn and spend as per the performance of the advertisement.

5 Ad Fraud: Blockchain technology can be used in this regard to remove all the middlemen involved in a transaction. Only the brand and the advertisement publisher are involved and are in direct contact, and payments are made automatically.

Blockchain holds great promises for every marketer. Blockchain technology offers great opportunities for marketers to get ahead of the competition. Blockchain is a disruptive technology that is revolutionizing various industries and creating a tremendous positive impact in the digital marketing sphere.

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