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Applications of blockchain technology: areas and real-world examples

Blockchain technology finds its application across a wide variety of fields. Although the banking and financial sectors are usually in the spotlight, there are a huge number of examples of blockchain use beyond traditional markets.

According to a Statistica survey, research into blockchain's possibilities in the telecommunications, media and technology sector is in full swing. About 40% of respondents noted that they know about blockchain or have already started studying this technology. 39% stated that they are already experimenting with blockchain, and another 12% are successfully using this technology in their business.

Since for many people blockchain is a synonym for finance, they ask the question — how can this technology affect marketing. Is there a place for blockchain in marketing? It turns out, yes, there is. Blockchain can affect how marketers collect and use data, how they address customers and how they manage advertising. Here is a look at how blockchain affects digital marketing.

Keyword tracking

Keyword tracking is a real challenge for marketers. First, the algorithms of search engines change quite often, so marketers have to constantly change course. Second, tracking keywords across different devices is quite problematic, as is trying to decipher local or national search. Deciphering an organic search results page is rather difficult, so marketers create their reports based on guesses and assumptions.

Using blockchain, they can get real numbers when tracking keywords. A tracker built on blockchain can take into account all the inconsistencies for which marketers must make allowances when compiling reports. This type of technology can track keywords across all devices anywhere. This information can be used to fine-tune advertising campaigns more accurately.

Changes in social media

Companies such as Sociall are changing users' attitudes toward social media. This decentralized network allows users to interact without traditional external surveillance.

Another platform called WildSpark — the first tool created by Synereo — offers its clients a new way to "pay attention." Essentially, they monetize viral content, relying on the fact that only the best and highest-quality content will end up at the top. The platform's website states that WildSpark "is the highest level of development of the attention economy on which all existing social networks are built." WildSpark allows content creators and curators to benefit from the value they generate.

These changes in social media benefit users, who gain the ability to control their data. They also reward creators of quality or viral content. This changes the rules of the game for marketers. First and foremost, they must understand how relevant and in-demand decentralized social networks are and whether their customer base will use them. Second, brands must offer full transparency.

Despite the fact that some marketers fear they will fail when trying to collect data — especially against the backdrop of the relative ease of obtaining data from popular social networks — blockchain will simply change the way they will access it.

Quality data for marketers

Today data collection is carried out in a wide variety of ways. Many obtain data from different sources, pile it all together and build an advertising campaign based on what they end up with. This method is not very good, which is why many companies make decisions based on incorrect data.

Since blockchain transactions are decentralized, marketers will have to turn to the source of the data they need: the user/consumer. Marketers can pay for this data. Despite the fact that its cost will be significantly higher, the return on such investments will also be at a good level. Thus, marketers will have at their disposal reliable data obtained from its direct sources.

Think about it: consumers who provide a brand with their data are already interested in the company. This greatly simplifies the processing and use of data. Therefore, yes: it will require more effort and expense at the initial stage, but in the end result marketers will gain access to a larger number of potential customers.

Fighting fraud in the advertising space

Marketers are aware that click fraud is extremely widespread in online advertising. AdChain is a company that is trying to combat this with the help of adChain Registry, a smart contract on the Ethereum blockchain. Ad impressions and clicks are genuine because they are recorded on a reliable blockchain. The company intends to solve the problem of the lack of transparency and advertising fraud. The platform provides data transparency, which is so lacking in the advertising space today.

More transparency for consumers

Blockchain-based technologies provide transparency for consumers as well. The latter know who stores their data and how it got there. For marketers this means that there will be more and more data. It is possible that they will have to pay extra to obtain it, but this information will be reliable and high-quality. The marketing industry is only beginning to adopt blockchain, but its possibilities within it are endless. More details: https://letknow.news/publications/kak-blokcheyn-mozhet-pomoch-marketingu-16160.html

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