Governments across the world especially in Asia Pacific have started to accept blockchain digital. This is a technology that has been used by many to spearhead digital innovation. It has continued to create a myriad of opportunities in the business world. However, the question of what crucial role this technology will play in the world of digital marketing remains.
The blockchain is the technology that has formed a foundation for many cryptocurrencies like Bitcoin and Ethereum. In addition to that, the technology utilizes a structure like a long excel sheet to carry out executions in a somewhat disjointed network. Blockchain technology can process large files of data. Notably, these records are secure and most importantly, not erasable.
Blockchain has its benefits in the field of digital advertising. For instance, blockchain can be used to free duplicitous promotion inventory. This way, transparency is enhanced in the digital market space. The vice president of technologies and data at Mobfox: Naomi Neumann reckons that the ability of blockchain to remove brokers has provided an opportunity to add value in advertising. In addition to that, Neuman went ahead to point out that blockchain technology possesses the potential of tracking data and transparency. Moreover, the future of the technology is in direct deals made from media transactions.
On the other hand, Nasdaq’s New York Interactive Advertising Exchange’s vice president Ben Feldman points out a few aspects set to make blockchain standout. Features like verification of deliveries, accounting and contact creation linking are just but a few of the numerous process under blockchain technology. Furthermore, the technology provides a means to audit the data at any time. These include most of the aspects of the current digital marketing encompassing direct sold campaigns. It will allow marketers to know when an impression is due to delivery and the cost implications of the same.
Brand marketers have a chance to embrace what blockchain technology is bringing to the table. Not have a middleman will be a hard thing for many brand managers to accept. However, looking at the way technology is changing and transforming things, it will be beneficial to businesses regarding transparency and security of data. Although blockchain has a lot of useful features, it is not complete. Marketers will still need a way to do the bidding, method targeting, and verification. Above all, the secure means of transferring value among parties in an encrypted manner makes blockchain a trustworthy technology in the digital marketing arena.
Dil Bole Oberoi
