We have often associated blockchain with digital currency. The reason is, blockchain technology has not been fully explored by other industries to associate it with them. Blockchain is a decentralized distributed database which stores information as a chain of blocks. It is a secure source because it is decentralized, and users have access to the registry.
However, there is a huge potential for marketers to access the blockchain and use it for marketing activities. In this article by Alexandr Khomich (CEO of Andersen Lab), he explains in detail how blockchain can be used efficiently for marketing purposes which can help eliminate several current issues such as data breaches, fake reviews, copyright infringement, etc. Alex lists down four major theses that describe the impact of blockchain on marketing. Companies like Nestle, Uber and Kodak have already implemented some of these practices in their marketing activities.
The article also talks about how users can be rewarded for viewing ads, which can help companies use their advertising budget effectively. In addition, enterprises can track where their advertising budget goes and whether it is rationally distributed between sources. Marketers can also evaluate the effectiveness of marketing campaigns by analyzing metrics such as market conditions, consumer reactions, competitor actions, etc. Blockchain can collect and integrate data from different sources and quantify them for marketers to measure the success of a campaign.
With time, we might be able to explore more use cases of blockchain in marketing. However, even now, many companies have not fully realized their potential. It could be partly because of a lack of understanding of technology like blockchain and users not fully relying on it. But with changing times, it is not far that these practices will be followed by companies in all industries.