Impact of Blockchain technology on marketing and advertising in 2022
October 15, 2022
Technological innovation has brought disruptive technologies like blockchain technology and the metaverse into mainstream business. At the forefront of blockchain adoption is the digital marketing and advertising industry. Here are a few ways that blockchain has impacted the advertising sector in 2022.
Early on, some social media platforms were said to inflate video views and ad analytics to cause additional fees for advertisers. Because of its decentralized nature, blockchain technology will stop such abuses and make advertising data transparent to all parties involved in real time.
The lack of a transparent working system in the influencer marketing space gives room for a lot of fake followers, intrusive engagement, and problems for clients tracking their return on investment. By integrating smart contracts and decentralized tools into the core ecosystem to improve transparency of data, payouts to influencers will only be triggered and executed when certain predetermined tasks have been satisfactorily completed.
Loyalty and rewards programs
The current executions of loyalty programs pose problems for users in tracking their loyalty points and for businesses, where unforeseen liabilities may arise on their part.
What blockchain technology could provide is a streamlined interface that will enable businesses to jointly grant customers the ability to use their points with any brand on that blockchain network.
With the help of smart contracts on the blockchain, businesses can minimise the risk of advertising fraud and provide greater assurance to the participants.
A few benefits of using blockchain powered digital marketing and advertising include
- Enhanced data security through data encryption
- Maximised digital advertising by eliminating third party ad companies.
- Intake of only precise and focused information from exclusive and trusted consumers
- established trust and image building through transparency of firm processes
- ability to accept alternative payments in the form of bitcoin and other cryptocurrencies
Here is an interesting read on the potential of blockchain technology in other industries