Did you know that the global blockchain technology market is estimated to accumulate $20 billion in revenue by 2024?
You may be familiar with the use of blockchain for supporting cryptocurrencies such as bitcoin. This is actually only one use of blockchain.
Blockchain technology is revolutionizing advertising. It is providing opportunities that have never been available to small and large businesses everywhere.
Are you involved in advertising? Check out our guide to the benefits of blockchain advertising right here.
1. Transparency in Advertising Statistics
It can be difficult to know whether advertising statistics are correct or not. A marketing company may boast incredible click rates. Later, however, customers may find that these clicks were fueled by bots and not human beings. It is thought that in 2016 bots cost companies $7 billion in damage.
When it comes to transparency, Blockchain changes everything.
Blockchain is transparent and encrypted. This means that companies can physically see the source of activity. They can then learn whether the claims of advertising companies, are genuine or not. Encryption means that the record is unchangeable. It is safe from those who would tamper with it.
The added trust that this brings will likely encourage more to take up advertising. The market as a whole stands to boom.
2. Remove the Middleman
The clarity that blockchain brings has other benefits. Sections of advertising on websites have long been delegated to third-party companies who then sell this space to customers
Blockchain provides such clarity that customers will be able to see the viability of advertising space. This would be directly from the website owners. They will see the value of purchasing this space rather than negotiating with third party companies. Third-party advertisers could, at least in this field, be eliminated.
3. More Accurate Advertising
Blockchain is loved for its accuracy. It is both open and incorruptible. This provides a unique opportunity for advertisers. Previously, they may have gleaned information from customers online behavior over a period of time. However, this may not be entirely accurate and requires some margin of error.
Since blockchain is an accurate record it provides accurate date – and as much as the customer is willing to provide. This leads to more pointed accurate targeted and efficient advertising.
4 . Transparent Purchasing
Many people complain each year of purchasing an item only for a fake edition to be delivered to them. A fake item may have been purchased by the customer, or phoney materials may have been introduced further up the supply chain.
The clarity of the digital ledger system that is blockchain again comes to the rescue. Its flawless record-keeping will show who is responsible for the inferior quality product and at what stage it was introduced.
This provides not only a sense of trust for the consumer but creates greater confidence in the brand.
Currencies based on blockchain are capable of running thousands of transactions per second. This may not yet have overtaken the speed of some transaction technologies run by large banking institutions.
However, larger corporations invest and apply cryptocurrencies transaction speed will continue to grow. This is expected to outperform other technologies in the near future.
The speed of sales of advertising and other fast transactions will then take place solely over blockchain platforms.
Brand management is crucial in 2019. We all know that influencers are the image of a product or service. If they can portray the product in the right light, sell it with their experience, the customer base will follow.
However, how many of these influencers are actually as qualified as they appear? How many influencers are actually as influential as portrayed? How many are a pretty face with an army of bots that support their popularity?
Blockchain technology clarity gives the real story.
The result of this? Real influencers, whose voices are worth listening to will remain. Those with less of a claim to genuineness will not.
7. Beat the Fraudsters
Google cracked down recently on a fraud scheme that involved over 125 Android applications. The source of the fraud? Advertising. Advertising fraud is still the thorn in the side of the major players.
Working with law enforcement agencies and machine learning technologies are having an impact. However, more and more leaders, such as Google, are looking to the blockchain for the answer.
The lack of invisibility that has hidden advertisers in the past would no longer be possible in the world of the open ledger.
8. Correct Supply Chain Issues
The supply chain of most businesses is more complex and international than perhaps ever before. The sourcing of micro-parts from distant countries allows the cheap construction of smart technologies.
However, bringing together the parts that make up your products is not easy. Doing so according to the needed timetable is challenging and requires great communication.
Advertising may make large promises about product availability. However, blockchain technology will mean those promises can be fulfilled.
9. Smart Contracts
The New York Interactive Advertising Exchange recently started smart contracts based on blockchain.
These smart contracts are agreed and recorded on the blockchain. Transactions take place automatically when criteria have been fulfilled. Since each party has a transparent view of the record, they can observe the constrict being fulfilled. This takes place without either party having to action any part of it.
10. All-Round Customer Experience
As we have seen blockchain provides an unprecedented level of honesty. This can only lead to a more pleasant customer experience. The technology and concept provide a level of confidence not seen before. The removal of the middleman in transactions provides control that did not exist before.
Trust between the consumer and the advertising industry will skyrocket. It will grow thanks to customers seeing the integrity behind the advertising claims.
Blockchain Advertising and Much More
Blockchain advertising is changing the game for business owners everywhere.
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