If you’re interested or already working in the world of cryptocurrency, then you might have heard of a term called blockchain. We’ll discuss nearly everything that is related to Blockchain Marketing and how it is beneficial in areas such as digital marketing. Let’s look at what blockchain actually signifies.
What is Blockchain?
Blockchain is an instrument for recording and storing data in a way so that it is not able to be changed completely. Blockchains are basically digital ledger that can be duplicated and distributed over the whole network system. Consider a situation in which you’re transferring a certain amount of money. This means that the transaction is recorded in as to appear like someone else completed the transaction.
While this might seem suspect to some however, the truth is that, even though transactions are available to blockchain users however, the identity of blockchain users remains hidden. Another suggestion is to think of a scenario in which both of you have to get involved in transferring money. In the majority of cases you’ll need to rely on middlemen such as banks. Banks serve as hosts for your personal information, and could result in leaks of your data. Blockchain technology makes this isn’t possible. Blockchains are also utilized in DAOs. Find out more about DAOs.
Implementation of Blockchain Technology in Digital Marketing
Blockchain is beginning to transform the entire process of marketing through digital technology. Although AI as well as analytics has helped make businesses bigger Blockchain technology is likely to help make them even more successful. Consumers also get great benefits from the data about their preferences in terms of search and what they will likely to purchase and, in turn, indirectly helps businesses.
Every business wants to get the most of blockchain technology. According to certain reports, the amount spent on blockchain technology is expected to increase between $1.5 billion up to $15.9 billion by 2023. Exit intent pop-ups are Blockchain technology’s future. Anyone who is an investor, expert or novices should begin implementing these exit intent popups because they can boost conversion rates up to 53 percent.
The next step is the blockchain technology will rise further by using features like exit intent pop-ups.
Pros of Blockchain in Digital Marketing
For a long time it was data that powered the market (and remains). Blockchain technology is designed to alter this. It can provide the security of transparency and access and unrestricted data flow. This technology can return the information to the users. Blockchain technology is creating an immediate connection between brands and their customers.
Blockchain technology removes middlemen with smart contracts, instead of putting fees to middlemen, such as Google, Facebook and so on. Content is an essential component of a company in terms of marketing and promotion. Blockchain technology allows content creators such as bloggers to be paid directly by blockchain transactions, instead of using middlemen to do this. The benefit of the blockchain is it’s much more secure than techniques currently being used. It is beneficial to customers by redistributing their information and also benefits companies by being more reliable because trust is the primary factor behind the success of any business.
Exit intent pop up sand the use of the latest blockchain technology, could lead to greater sales than present levels, as it helps build trust with the customers. Therefore, the exit intent pop-ups and blockchain technology can work well together.
Here’s a short list of the benefits to summarize:
- Trustworthy
- Data is not stolen or traded for
- Transparency, security, accessibility
- Data is returned at the request of the client.
- This prevents frauds
- Eliminates the middleman completely
- Increases the monetization potential of content.
Cons of Blockchain in Digital Marketing
The problem is that blockchain also has its cons. Sometimes, data can be controlled. If a business owns over 50% on the network, they will be able to effectively control data traffic.
Not Economically Profitable
The cost is extremely high when it comes down to the use of blockchain in digital marketing. The majority of blockchain applications require a hyper ledger feature that is extremely popular in investing.
Consumes too much energy
Blockchain technology uses too much energy. In this context, I am talking about optical and mechanical. The miner has to manage each and every issue, which requires lots of energy. This isn’t good in the realm of marketing via digital channels.
Conclusion
Blockchain technology may be the future of digital marketing. However, it also has new challenges that could be resolved and must be addressed. Exit intent popups have an another benefit that is a result of the blockchain tech. They are able to boost sales in contrast to those that do not have exit intent pop-ups in any way.
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