When most people hear the word “blockchain”, they probably think of Bitcoin or cryptocurrencies in general—that is, if they’re familiar with the term at all. But blockchain is quickly becoming more than just a buzzword and the backbone of cryptocurrency; it is on track to potentially become a core component of many businesses and industries.
We’ve previously covered how blockchain technology has been implemented in various legal companies, IBM’s recent partnerships, and in some U.S. state governments, and that’s just a preview of what is to come. Mainstream adoption of blockchain technology will continue to rise as companies find better ways to complete transactions, reduce paperwork, and work more efficiently.
However, little has been reported so far about implementing blockchain in the marketing and advertising sector. These fields thrive on being ahead of the technology curve and would do well to use blockchain for tasks that require accuracy, transparency, security, and/or verifiability.
For example, blockchain technology can be used:
- To confirm delivery, performance, and engagement of ads.
- As a payment delivery system for third-party contractors and other parties, for the creation and distribution of ads.
- To show consumers how their individual and aggregate data is used.
- During contests or events where voting occurs, to authenticate users and the number of votes cast.
- To create rewards programs for customers, while ensuring customer submissions and points are accurate.
- To eliminate a physical paper trail by creating digital paper trails for contracts, policies, and other forms.
- To purchase rights from content creators.
- To minimize spam, hacking, and fraud, and to increase security and privacy overall.
- For crowdfunding new services or products or in the creation of ICOs.
- To incentivize customers to provide personal data such as interests and plans.
Most people have heard very little about blockchain technology and those who have primarily associate it with cryptocurrency. Businesses who get ahead of the curve will set the standard for blockchain usage in the future. Don’t wait—we’re only just beginning.