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The current Blockchain market is valued at 3.67 billion $ and it is expected to grow at a phenomenal rate of 82.4%! About 90% of the banks in USA and Europe have started investing in blockchain technologies since 2018
Today I am going to tell you all about the use of Blockchain Technology in
marketing. Blockchain technology is sth used extensively in cryptocurrencies.
1. How is blockchain technology more effective?
In an age of increasing data breaches like the 2016 US Election data scandal, users are more concerned about the data that the apps are sharing. The blockchain technology is completely removing the ability of companies to use user data without their permission. For example, if you are using the services of an E-Commerce website ‘A’, you are consenting A to use your data to give you better products. However, A might share your data with companies B and C without you consent and without informing you. The blockchain technology here changes everything. When you share your data with A, the information gets recorded on the public ledger and if A shares your data with B and C without your permission then that transaction also gets recorded on the public ledger, thereby increasing transparency and security.
2. How is it useful for companies or marketing agencies?
a. Till date, companies are relying heavily on the user data provided by apps like Facebook and google. However, due to rise of fake followers, bot accounts, the reliability and accuracy of the data is reducing and as a result, companies are making losses in billions.
Also due to the increasing presence of these middle men, the actual money earned by the company is reducing.
b. With the presence of blockchain technology, it verifies each and every activity that is happening and the companies can directly interact with their consumers, thus increasing the quality of products.
3. Is it a win-win situation for the user and the company?
Yes. Since there are no middle men, the entire process becomes transparent, thus increasing brand loyalty. This means better retention. On an average it costs a company 5 times more to acquire new customers than retaining old ones. Since the middle men is eliminated from the system, companies can pay users for sharing their viewing ads.
4. How do I ensure that company will pay me for my data?
Since the entire process is happening on blockchain, the transactions can be carried out using smart contracts. Smart contracts is nothing but a computer program that executes the deal between two or more parties. Say I agree to share my data with a company in exchange for a given amount on a specified date. So the smart contract will wait for me to approve sending of my data and the company to deposit the money. Once this happens, the data is sent to the company and I get my money. If for some reason, one of the parties doesn’t fulfil the contract the contract is cancelled at that instant. Since all the contracts are stored in the blockchain, once its formed, its impossible to alter its condition. Thus ensuring a transparent and fair transaction.
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