The Blockchain is a fairly new technology that is used to store and distribute digital information. Blockchain delivers transparency, privacy, and accessibility of monetary and data transactions in digital marketing.
It can optimize digital marketing for consumers, allowing businesses to avoid exorbitantly expensive digital advertising efforts. With this newly released technology, people may own their data and sell it to advertisers and marketers directly.
Today, data drives the market. Blockchain technology has the ability to return data ownership to digital advertising data owners. It facilitates a direct flow of data between consumers and brands. The surveillance for monitoring user activity is of a high calibre, resulting in increased customer data usability and confidence.
Based on a leading study's findings, it's estimated that by 2023, global spending on Blockchain solutions will have increased from 1.5 billion dollars in 2016 to a whopping 15.9 BIllion by 2023! Almost every industry is interested in making use of Blockchain. In 2018, the financial industry accounted for more than 60% of Blockchain's global market value which will most likely increase by 2023.
Let's take a look at a few significant ways in which Blockchain benefits digital marketing.
3 Exciting Benefits of Blockchain in Digital Marketing
Enhanced Advertising Campaigns
It is now possible to connect merchants and marketers, allowing for data transparency, clicks and interactions, preventing fraud and eliminating the intermediary, all through the use of Blockchain technology.
It can be tough to optimize digital advertising efforts because of faulty data. But, with Blockchain It is possible to monitor marketing campaigns in real-time and get reliable stats for your campaigns.
Improved Fraud Detection & Prevention
Authenticated digital outlets can be registered on a Blockchain network and tested against the registry to prevent fraud. Only those who have been granted access to the data will be able to see it.
Digital advertising, bots, click farms, and ghost websites are all possible places where fraud might take place.
There is a greater danger of data breaches and cybersecurity issues when a third party is involved, as well as human error.
The use of Blockchain technology in digital marketing by major corporations is aimed at decreasing fraud in their digital advertising efforts. Since the beginning of the year, some leading organizations have seen a 21% increase in website traffic.
Better Credibility & Trust
Blockchain is preferred by businesses because it is able to securely verify, store, and communicate data across multiple parties, hence establishing confidence. In the last few years, blockchain has proven to be a very effective tool for generating trust.
Small firms may find it challenging to gain traction in a sector that already has a slew of established players. Customers will be more inclined to buy from businesses that can confirm where their items come from and display the supply chain, thanks to Blockchain technology.