During our trip to better understand the future of digital advertising, we have explored the thrust to privacy, brand marketing and implications of a biscuit future. Among these topics, opportunities have emerged for digital marketing specialists to deal with consumer data, confidentiality and security, as well as verification.
Here we explore how Blockchain's technology could provide a solution. Digital transformation is essential for businesses, and the main main principles of trust and transparency can have an impact on almost all digital advertising, including digital advertising.
"Blockchain" in marketing?
According to Euromoney: "Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).
Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash".
Say that again?
In other words, Blockchain is a way to store unknown (immutable) data because several people can access this data.
Most people think about financial services when they intend to talk about Blockchain because one of its first applications was Bitcoin. However, virtually all of tangible or intangible value, patent cars and money - can be tracked and traded on a network of blocking blocks, reducing risks and reduction costs.
Imagine a grocery list on the family fridge. Everyone can see it, then everyone knows when there has been a change, like adding milk or ice cream. If there's a discrepancy that wasn't originally agreed upon, anyone can call it out, and all changes are recorded.
In digital reality, each change of data is recorded as an additional "block" added to a chronological string ", creating a" blockchain ". Trust is extremely important in modern marketing, and blockchain applications can provide solutions to a number of business problems through their transparency.
Imagine a blockchain like a grocery list where everyone can see and make changes.
Consumption data collection is the spine of digital advertising. To follow the online customer journey and offer targeted promotions. And for consumers, data collection contributes to personalized Internet experience, social media and other free digital applications.
Marketing specialists who adopt the technology to raise the relationship between advertisers and consumers will prosper. Blockchain offers a solution in its decentralization, effectively eliminating the need for a third party intermediary.
How so? The user data can be securely stored on the blockchain in an anonymous and immutable way, but still accessible to everyone.. In this way, consumers can take back ownership of their data. Marketing specialists can request access to a user's "key" to follow ads and consumers can trust what their data is secure because technology is confidential.
Platforms such as Loyyal offer "Blockchain-As-Service" (BAAS) to reduce the costs of configuring and exploiting a loyalty service and focus consumers for "reinventing how customers' incentives are created , rewarded and managed ".
Enhance privacy & security
Like the number of data violations in the news grows, consumer confidence in commercial practices shrinks - which ultimately affects the bottom line.In fact, 87% of respondents to a McKinsey survey on data collection reported not doing business with a business if they were concerned about its safety.
Blockchain's technology addresses the problems of privacy and security through transparency and encryption. The Blockchain data are transparent in that it is decentralized; That is to say, no one has authority over its validity because it can be seen by everyone. At the same time, modern cryptographic techniques can be used to prove that the data is legitimate without having to disclose specificities on the data themselves.
Blocking and blocking platforms like Pharmaledger are particularly prevalent in industries where privacy and safety are of utmost importance, such as financial services and health care. For marketers, decentralized applications and intelligent contracts (ie paper) built on Blockchain using open-source networks such as Hyperdger Foundation or Consensys Quorum can allow consumers to control their data. As a key that provides ad-hoc information and immediately returns to your pockets (digital).
Smart contracts built on Blockchain can allow consumers to control their data as a key that provides needed information and returns to their digital pocket.
Combat fraud and reduce cost through verification
According to a Forrester report, up to 56% of all digital display dollars in 2016 were lost from fraud from sources such as automated bots. And, AD fraud is expected to increase to $ 50 billion worldwide during the next decade. In addition, digital advertising costs can increase due to inefficient advertising, such as continuing to display ads for a product already bought by a consumer. We see that customers face challenges such as catching fraudulent items in online markets or fraudulent transactions in affiliate marketing.
Blockchain can help solve these points of expensive pain thanks to its transparency by validating and permanently analyzing every stage of the consumer course - guaranteeing that a real person saw an ad on a legitimate website.
In the physical world, companies take advantage of the characteristics of Blockchain to track products, such as how LVMH, Prada, and Cartier were associated to develop the Aura Blockchain consortium. Its technology allows consumers to access the history of a product and proof of their authenticity at each step of the value chain.
In the world of digital advertising, we have seen companies join to build transparency, trust and responsibility solutions for the advertising ecosystem. For example, Mediacean was associated with IBM to create a Blockchain consortium for the digital media supply chain, bringing together some of the world's largest advertisers, agencies and editors to provide a "overall, timely and timely" view of the supply chain to "tackle the opacity of the rapid proliferation of intermediates".
In the physical world, companies like LVMH are taking advantage of the characteristics of Blockchain to track products and combat counterfeit goods.
Linking it all together
In short, the technology behind Blockchain has the potential to transform the digital advertising industry by providing transparency and trust to consumers. In fact, Gartner predicts the added value of Blockchain to exceed $ 3.1 billion of $ 2030.
"Blocking technology will be applied in many areas because it is trust, credit, security: data security and data confidentiality." - Jack My groupfounder and founder of Alibaba
"Blockchain technology will be applied in many areas because it is trust, credit, security: data security and data confidentiality." - Jack my co-founder ofANT Group and founder of Alibaba
In recent months, we have explored how marketing specialists could adjust their data strategies and "rethink" digital advertising - the depreciation of third party cookies to brand marketing. We look forward to strengthening the way in which new innovations such as Blockchain technology can be an integral part of the digital advertising toolbox for modern marketing.
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