{"id":25957,"date":"2018-03-07T14:14:40","date_gmt":"2018-03-07T13:14:40","guid":{"rendered":"https:\/\/mention.com\/blog\/?p=14213\/"},"modified":"2018-03-07T14:14:40","modified_gmt":"2018-03-07T13:14:40","slug":"blockchain-marketing","status":"publish","type":"post","link":"https:\/\/mention.com\/en\/blog\/blockchain-marketing\/","title":{"rendered":"5 Ways Blockchain Promises to Transform Marketing"},"content":{"rendered":"<p>Marketing is a risky business.<br \/>\nWe\u2019re always looking for new means for capturing an audience, to enthral our clientele in ways they\u2019ve never seen before. Some companies put shirtless dudes with big muscles on horses, others create blogs with great writing and engaging content, (<em>wink wink<\/em>).\u00a0But, whether it\u2019s a passion for the job or trying to get your boss off your ass, marketers are constantly fighting tooth and nail to get an edge.<br \/>\nFor many, blockchain is that edge.<br \/>\nWhile blockchain is best known as the tech that makes bitcoin\u00a0tick, innovators from banking to the banana industry are building off of it\u2019s vast potential. Seriously, bananas have their own cryptocurrency now. No, I\u2019m not joking, and yes, I\u2019m excited.<br \/>\n<img decoding=\"async\" class=\"aligncenter size-large wp-image-14221 lazyload\" data-src=\"https:\/\/mention.com\/wp-content\/uploads\/2018\/03\/bananacoin-blockchain-marketing-1024x576.jpg\" alt=\"bananacoin-blockchain-marketing\" width=\"660\" height=\"371\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 660px; --smush-placeholder-aspect-ratio: 660\/371;\" \/><br \/>\nWe\u2019ve heard a ton about the large scale applications of blockchain technology. Security, transparency, and speed are the benefits lauded by any company sticking &#8220;blockchain&#8221; onto its name\u00a0to make bank on the recent boom. But what about more practical applications?<br \/>\nCan blockchain change the way we think about marketing? Those big ideas and concepts can be realistically utilized to help marketers reach a customer base in a way that\u2019s never been done. By leveraging the secure and transparent nature of blockchain, marketing departments may never be the same.<br \/>\nSo what is the blockchain?<br \/>\n<span style=\"font-size: 35px; font-weight: bold; margin-bottom: 10px;\">Blockchain, simplified<\/span><br \/>\n<iframe title=\"What Is Blockchain?\" width=\"660\" height=\"371\" src=\"https:\/\/www.youtube.com\/embed\/6WG7D47tGb0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><br \/>\n<em>\u201cAnything that you can conceive of as a supply chain, blockchain can vastly improve its efficiency &#8211; it doesn\u2019t matter if it\u2019s people, numbers, data, money.\u201d <\/em>&#8211; Ginni Rometty, CEO of IBM<br \/>\nA blockchain is what\u2019s called a \u201cdecentralized distributed ledger,\u201d which is a record of transactions that\u2019s multiplied and dispersed among a network of users. These users can be individual computers or entire servers around the world, that are connected and secured through encryption, hence their use in cryptocurrency transactions.<br \/>\nEach block contains a timestamp, and the transaction data of the entire ledger. This means that no one person holds all the cards, but they\u2019re spread out all fifty-two-pickup style. The safety, speed, and cost-effective nature of this style of recordkeeping is what attracts everyone from Warren Buffet to banana farmers.<br \/>\nWith all this talk about finance and currencies, you might be thinking that there\u2019s no way marketing could use this tech effectively. Well, you\u2019d be wrong. Here are just a few ways that blockchain technology could revolutionize marketing.<br \/>\n<span style=\"font-size: 35px; font-weight: bold;\">1. Editing<\/span><br \/>\nEveryone\u2019s used Wikipedia. The open-source online encyclopedia is the fifth-most visited website in the world, running entirely from user-edits and donations that it annoyingly asks you to give a few times a year. I don\u2019t know why it needs to interrupt me when I\u2019m clearly neck-deep in research about sloths, but what can you do.<br \/>\nThe site runs pretty smoothly, aside from Satan being called Chad Kroeger\u2019s Dad and and the first law of thermodynamics being changed to \u201cnot talking about thermodynamics.\u201d But what if these (admittedly hilarious) hiccups could be fixed, or even avoided?<br \/>\nWith blockchain technology, <strong>marketers could work collaboratively on a writing project with the ability to see when an edit was made, who made it, and where<\/strong>. On top of that, the document would be decentralized, meaning that no single user has full ownership of a particular project. Workplace equality, anyone?<br \/>\nGoogle Docs and other cloud-based platforms have taken care of the collaboration half of this equation, but <strong>the issue of centrality and tracking still need to be addressed<\/strong>. Applications like CryptPad\u00a0have begun the process of integrating blockchain technology into writing and editing programs to pick up where others left off.<br \/>\nCaleb James DeLisle, a developer on the CryptPad project, <a href=\"https:\/\/blog.cryptpad.fr\/2017\/07\/07\/cryptpad-analytics-what-we-cant-know-what-we-must-know-what-we-want-to-know\/\">describes the process of information collection<\/a> as wanting \u201cto know everything about <em>people<\/em>, we want to know how <em>people <\/em>use CryptPad, why <em>people<\/em>\u00a0use CryptPad and how we can make their experience easier. However, we don\u2019t want to know anything at all about <em>you<\/em>.\u201d<br \/>\nThough anonymity and encryption might not be high on your priority list, <strong>the potential of the blockchain to change the way we collaborate on written marketing projects is huge<\/strong>.<br \/>\nYou can even figure out who and when your coworker made that gross joke about your Mom.<br \/>\n<span style=\"font-size: 35px; font-weight: bold;\">2. Smart contracts<\/span><br \/>\nIf you\u2019re in marketing, you\u2019ve probably hired a contractor, or been one yourself.<br \/>\nContract employees are generally hired for a specified term or to complete certain tasks like writing, taking photographs, washing your car, anything really.<br \/>\nBut, what do you do if your windshield\u2019s still dirty? What if they used an innovative car-washing method that you want to steal, but you can\u2019t get the licensing rights?<br \/>\nOkay, that\u00a0went a little far. But, smart contracts can solve these issues. According to Robert Aitken, a frequent Forbes and Financial Times contributor, smart contracts are \u201ccode that can keep track of terms of agreements and automate the steps towards each term\u2019s fulfillments.\u201d<br \/>\n<img decoding=\"async\" class=\"size-large wp-image-14219 aligncenter lazyload\" data-src=\"https:\/\/mention.com\/wp-content\/uploads\/2018\/03\/smart-contract-blockchain-marketing-1024x609.png\" alt=\"smart-contract-blockchain-marketing\" width=\"660\" height=\"393\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 660px; --smush-placeholder-aspect-ratio: 660\/393;\" \/><br \/>\n<a href=\"http:\/\/www.businessinsider.fr\/us\/what-is-blockchain-2016-10\">Image source<\/a><br \/>\nBasically, <strong>instead of confirming that your car was washed manually, smart contracts automatically verify that it\u2019s clean.<\/strong> (Last one, I promise)<br \/>\nEspecially in the digital space, marketers benefit from this blockchain application in many ways. For example, in terms of ad enforcement, <strong>marketers could outline a smart contract breaking down the terms of an agreement<\/strong> between your company and a publisher.<br \/>\nOnce your number of impressions has been met and the fees are paid, the contact\u2019s fulfillment is automatically confirmed, and your payment to the web publisher is released. Pretty slick, right?<br \/>\n<strong>Smart contracts can also be used to purchase or license rights from content creators<\/strong>. If you\u2019ve ever used a song, photograph, or written piece for a marketing campaign, you\u2019re sure to have encountered some issues with copyright or licensing.<br \/>\nIn the age of Google Images and Reddit, this issue becomes much more widespread.<br \/>\nRecently, Kodak announced that they\u2019re working with a company to offer <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-01-12\/kodak-ceo-plans-to-seize-blockchain-moment-and-win-over-skeptics\">a blockchain-based service<\/a> that pays photographers whenever a company or individual uses their images.<br \/>\nThis way the creators get paid, and your marketing department doesn\u2019t have lawyers breathing down their necks.<br \/>\n<span style=\"font-size: 35px; font-weight: bold;\">3. Performance vs. time<\/span><br \/>\nWouldn\u2019t it be great to be able to work on a marketing campaign to completion without anyone pushing you to get it done as fast as possible?<br \/>\nBut it\u2019s understandable, right? It\u2019s hard for your marketing director or manager to track the effectiveness of a project aside from the time spent on it. <strong>Some people assume that more time spent means a better product<\/strong>.<br \/>\nBut, this isn\u2019t true of everything. Especially milk, and mullets.<br \/>\nBut seriously, <strong>how a marketing campaign performs is always more important than the time spent on it<\/strong>, but performance is very hard to track. If a marketer wants data on the performance of a project, or any leads or conversions that come out of it, it takes a lot of time and collaboration with intermediaries. Affiliates, ad networks, and more in-betweens that connect the producer of the content to its audience.<br \/>\nEven worse, the <strong>data \u201cdegenerates\u201d with every intermediary<\/strong>. Who owns that data? Who can take credit for how well (or badly) a campaign did?<br \/>\nLack of transparency can even make you vulnerable to fraud and other issues. Jeremy Epstein, CEO of NeverStopMarketing\u00a0and author of a new book on blockchain in marketing, notes that \u201cif we can coordinate around this new database that nobody owns, [blockchain] <a href=\"http:\/\/www.dmnews.com\/digital-marketing\/when-and-how-blockchain-will-affect-marketing\/article\/676804\/\">can address this<\/a>.\u201d<br \/>\nIf every participant in the marketing campaign has a copy of the performance information, there can be no doubt as to who contributed to performance. Plus, <strong>if no one fully owns the information, there\u2019s no need to worry about tampering<\/strong>. \u201cIt changes the conversation,\u201d Epstein says, \u201cfrom who owns the data to who gets it the fastest.\u201d<br \/>\nThe ability to track performance-based data is a major update to marketing strategies. Marketers everywhere can rejoice in the death of the timesheet.<br \/>\n<span style=\"font-size: 35px; font-weight: bold;\">4. Targeted advertising<\/span><br \/>\nHave you ever been talking about buying something, just to suddenly have ads popping up on Facebook, Twitter, and Google for it? Slightly terrifying, right?<br \/>\nWell, as marketers know, this is an advertising tactic used by big-name companies such as these through \u201cdata-collection\u201d processes. What companies like Google do is stockpile information about your searches, and target ad campaigns on the basis of your likes and dislikes.<br \/>\nThough it doesn\u2019t always work, it can work so well that it\u2019s a bit creepy.<br \/>\nThe current method of data-collection has sparked many internet privacy campaigns, and even some lawsuits. With blockchain technology, <strong>marketers can not only beat out the big guys like Google and Facebook, but can get the information legally, and transparently<\/strong>.<br \/>\nThe idea is to <strong>have internet users compensated for giving out their information and allowing advertisers to target marketing campaigns<\/strong> to them.<br \/>\nDaniel Newman, CEO of Broadsuite Media Group, <a href=\"https:\/\/www.forbes.com\/sites\/danielnewman\/2017\/11\/14\/4-ways-blockchain-will-transform-digital-marketing-and-advertising\/2\/#7660aed053cc\">notes that<\/a> \u201cin the past, advertisers gained information about customers from various disparate sources.\u201d However, \u201cusing blockchain,\u201d Newman continues, \u201cadvertisers will now have the ability to build a customer profile directly from the customer &#8211; gaining all the information the customer is willing to share in one swoop.\u201d<br \/>\nHow this\u2019ll be done is a bit vague for now, but a few companies are getting a head start. BitClave in particular has created <strong>a blockchain-based search engine that, when used, allows businesses to reach out to them for compensation<\/strong>.<br \/>\nThe ability to incentivize users for their data, and have them consensually give it, <strong>gives marketers from smaller companies a leg up over giants like Facebook<\/strong>.<br \/>\nThough this tech has a ways to go, it\u2019s bringing the data-collection conversation into the present, and is revolutionizing the way we interact with our audience.<br \/>\n<span style=\"font-size: 35px; font-weight: bold;\">5. Validating pay<\/span><br \/>\nHave you ever worried about payments? Paying a contractor, freelancer, or other firm can be costly, time-consuming, and plainly unsafe.<br \/>\nEspecially in the affiliate marketing arena, it may be confusing to figure out who gets what pay, when, and why. <strong>If you wait too long figuring out the logistics, you risk upsetting or losing a partner,<\/strong> or drawing legal fire.<br \/>\nIf I weren\u2019t paid on time, my head would fly through my ceiling. If I still have a ceiling, or a roof for that matter.<br \/>\nIn these ways, money is the facilitator and maybe the most volatile part of your job as a marketer. Whether you\u2019re receiving or dolling it out, payments are a sensitive subject that desperately need an upgrade. <strong>Because blockchain began in currency exchange, implementing it in the marketing space could upend how we work financially<\/strong>.<br \/>\nPayments could be sent across the world on the blockchain without the use of slow, fee-garnering banking systems like SWIFT. Coupled with the transparency to see who did what, marketing professionals are avoiding hassle at every turn.<br \/>\nAdd to that smart contracts to automate the payment release process, and <strong>you&#8217;re saving the time it would take to manually release and process a payment<\/strong> to a partner that\u2019s itching to get their money.<br \/>\nMany payments processing companies are helping businesses large and small adapt to the blockchain revolution. <a href=\"https:\/\/www.veem.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Veem<\/a><u><\/u>, a B2B payments processor, is currently using blockchain technology to help small businesses send and receive global payments securely, quickly, and at low-cost.<br \/>\n<strong>We are to fintech what Shopify is to ecommerce. <\/strong><strong>What\u2019s not to love?<\/strong><br \/>\nIt isn\u2019t surprising that a technology originally created for processing funds is still best applied in that space. But, many people don\u2019t realize that this technology isn\u2019t just meant for processing cryptocurrencies. Any asset in any area can be exchanged, tracked, and encrypted.<\/p>\n<h2>Conclusion<\/h2>\n<p>Marketing needs a facelift. With its huge potential in these areas, blockchain technology will revolutionize the way we deploy, consume, and understand marketing campaigns. But, these are only a few possible avenues for the blockchain to take.<br \/>\nWhere the blockchain ends up is a mystery. But, with the leaps and bounds it\u2019s made so far, we can go anywhere.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marketing is a risky business. We\u2019re always looking for new means for capturing an audience, to enthral our clientele in ways they\u2019ve never seen before. Some companies put shirtless dudes with big muscles on horses, others create blogs with great writing and engaging content, (wink wink).\u00a0But, whether it\u2019s a passion for the job or trying &hellip; <a href=\"https:\/\/mention.com\/en\/blog\/blockchain-marketing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">5 Ways Blockchain Promises to Transform Marketing<\/span><\/a><\/p>\n","protected":false},"author":191,"featured_media":27533,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[315],"tags":[],"class_list":["post-25957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-marketing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Blockchain Promises to Change Digital Marketing<\/title>\n<meta name=\"description\" content=\"Blockchain is just about the hottest topic in business. 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