Blockchain for marketers: three things to know
With the rise of cryptocurrencies, blockchain marketing has received a boost and marketers are turning to it seriously.
Econsultancy columnist Sean Donnelly has shared a comprehensive article highlighting the use and impacts of blockchain for marketers.
Donnelly says, “It is only by trying to properly understand blockchain that modern marketers will be able to evaluate its use cases as they arise, or legitimately dismiss them. Until recently, blockchain innovation has been focused mostly on fintech but there is a lot of investment into blockchain-based marketing technology. Blockchain can impact marketing in several ways:
- Service provision between companies and their customers
- Digital advertising
- Social media
1. Service provision between companies and their customers
Blockchains can remove the need for intermediaries in certain kinds of transactions. According to Adam Helfgott, CEO, of MadHive, “Today we use banks and other arbitrators of trust to say who owns what. Bitcoin is a protocol that uses a mashup of cryptography including message signing, hashing and a distributed ledger to keep track of who has what – without an intermediary. Blockchain being taken from the bitcoin experiment is attempting to apply this to every aspect online where trust is mediated by third parties who either charge for that trust or are simply untrustworthy.”
Often cited examples where blockchain can be used to remove the need for intermediaries include platform businesses like Airbnb and Uber”.
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