The face of Digital marketing changing with Blockchain - Part 2

Introduction

So, now if you see Gandhi speaking about how he won the freedom for India, or if you see Newton taking one of the classes on gravity and physics, don’t be surprised. Although the innovations keep emerging, Google stays on the top of the list of Silicon Valley Giants. Now, one of its employees has developed a software which can spot fake videos.

Blockchain and Digital Marketing

So I guess you might have had enough of the research on what is blockchain. Now as discussed earlier, we are going to discuss how it will affect Digital Marketing. If you are not aware what blockchain is, I guess you haven’t gone through the previous article on blockchain. Throughout the most recent couple of years, digital currency has developed, both in esteem and fame. Even though it was engineered in 2008, it wasn’t till 2017, when it became a big thing because Bitcoin touched the heights of $20,000. Numerous industry pioneers trust digital money, its ability to change finance and marketing forever and ever. Be that as it may, as cryptocurrencies like Bitcoin start being more commonplace, digital money may introduce a few issues for digital advertisers and marketers hoping to gather buyer information.

For those readers out there, who require a brief lesson, cryptocurrency is a kind of blockchain innovation, or shared system, by which computerized cash is sent and acknowledged, in addition to other things. Most of you may know about Bitcoin because it has been a buzz since last year. What makes digital currency not quite the same as the customary financial framework we utilize today? The answer is this: transactions are made, confirmed, secured, and upheld on a decentralized record, and thus reduces the risk of fraud. Same thing goes for data transfers.

This implies digital currency can be sent and got anonymously and safely without monetary organization brokers and charges. The still unknown nature of cryptocurrency is the thing that may shape the eventual fate of marketing and advertising, and how social networking can impact its development.

Cryptocurrency and Social Media

Social media influences our lives day by day. A few people even trust that if something isn’t drifting via social media, at that point it basically isn’t going on. This is the reason social networking and media enjoys such a huge part in the value and success of cryptocurrency. Individuals intrigued by and holding Bitcoin, which is as of now the most well-known and significant digital currency, can get pretty much any data on it by means of social channels. Facebook, Twitter, and particularly Reddit have helped dispatch Bitcoin into the standard. Indeed, even Facebook is thinking about cryptocurrency as a speculation opportunity.

Similarly as online networking can help advance cryptocurrency, it can likewise add to market value change. For example, when Tether, an advanced cash framework, was hacked a year ago for over $30 million in tokens, the news went viral. Bitcoin and Ethereum dropped in esteem, the previous by 5.4 percent. This is part of social media’s role in the future of global adoption of cryptocurrency. That influence may work inversely, too: If mainstream acceptance is achieved, this could result in another generation of social media networks. And social media is a platform where the influencers are going to rock the stage. So cryptocurrency and blockchain can usher us into the world of influencer marketing where traditional digital marketing will become a tale to tell.

Is Cryptocurrency Changing Digital Marketing?

Because of the decentralized distributed system of the blockchain, it will be more challenging to collect customer data without the customer knowing it, and even collecting the data openly will be costly. Without rich and timely buyer information, digital marketing strategies, which we currently are using, can be difficult to target.

Utilizing cryptocurrency for the transactions is likewise another progression toward online obscurity, something numerous internet users are striving for. As indicated by Pew Research Center, "86 percent of internet users have taken steps online to remove or mask their digital footprints — ranging from clearing cookies to encrypting their email, from avoiding using their name to using virtual networks that mask their internet protocol (IP) address." The smaller the digital footprints, the less buyer information advertisers can aggregate to distinguish groups of customers looking for the specific product or service and harder to get key demographics, predict consumer behaviour, test the strategies, etc.

In short, because of the anonymous transactions taking place, it will be hard to get all the information to target the strategies without getting in touch with the customers directly. So, what is beneficial to the normal internet users, it might cause a hiccup for marketers. Future consumer data which is collected directly from the customers is going to get costlier than the data from the analysis they are getting now. The digital marketing pitfalls blockchain and digital currency are presenting are driving marketers to go straightforwardly to the source for buyers’ data removing middlemen and softwares. Paying clients directly for their data is one system, yet it is a costly one.

While social media can play a part in the rise and fall of cryptocurrency and blockchain, the opposite is true too. Because if marketers are going directly to the customers and collecting the information, why would they pay social media intermediates like Facebook, Instagram, and big players like Google? New channels will be rising, as seen from platforms like Steem and Earn.com. These platforms let marketers connect to consumers directly in order to collect the data about their interests and personal information. While these platforms have potential, consumers might ask for payment for their personal information. From a business perspective, these are the customers who will truly be interested in your products rather than paid people clicking on ads or bots. So no need to waste money on clicks not beneficial to you.

Blockchain's role in the future of social media and digital marketing is still a huge uncertainty. The influence social media has on the growth and value of digital currency may be flipped upside down, paving the way for new crypto-minded social networks. Digital marketers, on the other hand, may need to shell out more consumer research dollars to get the data they need to achieve success in their digital marketing strategies. This puts much of the power back into the hands of consumers, yet another twist to blockchain adoption. But in both cases, the future could be valuable for everyone. Because even the marketer is also a consumer after all.