Is Blockchain creating a new future for Digital Marketing?
Today, advertising is a multi-billion dollar industry organizations are constantly gathering data on buyers non-stop through Amazon, Facebook, Google and what nots. Be that as it may, about 50 percent of the advertisement movement is produced by robots. In almost all spheres of daily living, businesses and individuals alike are seeking ways to create a better financial base that they can rely on for several years to come. And while a number of factors have played a significant role in the revolution, technology has always seemed to be at its core with more and more institutions stepping up to provide any form of aid or funding to facilitate and conceive new inventions capable of transforming financial liquidity. For most people, Blockchain technology happens to be a whole new concept but there are some who are struggling to catch up with the ever-changing advancements and embracing them as an excellent form of financial security. It definitely passes as the first good thing to grace the financial technology world in a long time. The latest impact it has had is on digital marketing. brands are now paying colossal amounts of money to reach out to customers even though there’s no certification that the ads will expand deals sooner or later These situations could change intriguingly once these organizations decide to target a singular client in specific.
The Relevance of Blockchain to Digital Marketing:
The highlight of the fintech revolution is a decentralized digital lager of transactions all of which take place in across a P2P network of computers. This is what most of us have come to know as blockchain technology. This lager securely and permanently records the history of all exchanges taking place between the associated peers and is visible to everyone connected to the network. The potential impact that blockchain technology has on regulatory enforcement is quite profound as it examines its applications in contexts that either act as a vehicle for cryptocurrencies or as an ideal verification tool. Using blockchain as a tool for verification promotes compliance to set regulations and could potentially reduce the cost of enforcement. Given the unique nature of cryptocurrencies and their ability to conceal and preserve the identities of investors can greatly complicate the ability of the regulators to curb against certain forms of unlawful conduct. So why is blockchain technology important to the world of fintech technology?
1.0 It Promotes Regulatory Compliance:
Considering its numerous applications, blockchain technology provides for the ability to preserve transactions and historical records. The information preserved in a blockchain can automatically be downloaded every time a computer joins the specific network on which it has been stored. The ability of parties to enter into smart contracts that employ coding on the blockchain to define the terms of the contract and automatically execute it when these product deliveries or terms are met is a bonus. Similarly, it can help facilitate due diligence when it comes to third-party business arrangements, acquisitions and mergers. This means that companies can work with third party vendors abroad in obtaining certifications of compliance. When blockchain technology is employed as a tool for preserving records, compliance with terms of the involved contracts is important as it has potential to improve regulatory efficiency greatly. This is vouched by lowered costs and expedition of the time that law enforcement authorities or regulators spend on trying to promote legal compliance. This means that regulators could employ blockchain technology to verify the fulfillment of the applicable reporting or licensing requirements by the companies involved quickly and more accurately. With blockchain technology, they can also assess their strengths while monitoring their programs.
2.0 Initial Coin Offerings and Cryptocurrencies:
Blockchain technology is in the same way applied significantly as a vehicle for cryptocurrencies. Cryptocurrencies, unlike fiat currencies do not exist in any physical form — all transactions are carried out and recorded in a blockchain. This means that they are backed by neither a central bank nor government. Additionally, holders of cryptocurrencies maintain their anonymity and can securely access their wallet through a private key. This element of anonymity increases the risk of any fraudulent transactions thus complicating the regulators’ role in identifying the perpetrators of several forms of unlawful conduct. There’s also the issue of the sale of tokens or coins digitally via ICOs which also takes place in the blockchain. Initial Coin Offerings allow companies to fundraise through token sales which can be redeemed either for services or goods. The virtual nature of cryptocurrencies tends to make it difficult for authorities of law enforcement to view them as assets, which should subject them to seizure and forfeiture. How Is Blockchain Technology Important in Digital Marketing? Dependency on digital marketing is often based on one’s own creative business leadership and does not include a third person. It eliminates the need for ad services provided by people and creates a direct connection between the consumer and the business. This is a channel that is so much more affordable as compared to the use of traditional media yet even more effective as it allows people to reach every business. The digital marketing strategy employs unique techniques of communication that are so much different from traditional forms of marketing. It’s no longer a secret that digital marketing is mostly popular at the present time in all fields of blockchain development as a service be it in an e-commerce or IT setting. This way, its offers are tailored to the specific preferences and needs of the client. Digital marketing is now based on a user-friendly platform that makes it easy to manage areas that only need planning, managing and optimizing where only a certain skill can be employed to utilize the technology effectively.
When blockchain technology is applied as the mechanism for record keeping and verification or digital marketing, it has significant potential to reduce the time and costs associated with compliance with regulations and its enforcement. If companies wish to realize this prospect, both companies and the government need to work in tandem in order to address all regulatory concerns to root out any sort of illegal financial transaction.
Undule Amon is an independent digital strategist and the Director at Duxte Limited, a marketing agency specializing in Website design in Tanzania that prides itself on efficient service and happy customers.