Blockchain advantages for marketers and consumers | HBR Report
Despite the high impact of blockchain on marketing and advertising, only 8% of businesses use blockchain technology, according to The CMO Survey. Most businesses seem to be waiting to see what happens next. If there is an investment position in it.
This article is a summary of the Harvard Business Review article, which explores ways in which marketers can better communicate with their customers and the Blockchain advantages for marketers.
No transaction costs (as one of the Blockchain advantages for marketers and consumers)
Blockchain makes it possible to eliminate intermediaries and eliminate intermediary transaction costs. For example, advertisers who pay Facebook to access customer information as intermediaries, Blockchain uses micropayments to motivate customers to share their information with them without the need for intermediaries or even fraud.
End of Google-Facebook ads
A study published by Hubspot found that most Internet users do not like pop-ups and mobile ads. Adblocking costs a lot for advertisers.
Blockchain allows people to pay for their attention and engagement so that users can provide their information to advertisers of their choice, and Facebook and Google will be eliminated.
The end of fraud and spam
Micropayments will likewise viably obliterate the present idea of mass phishing spam that weakens the adequacy of advertising for everybody.
This will have the effect of advertising simpler to track and promoting consumptions simpler to legitimize — both are large successes for the calling.
Remonetizing Media Consumption
Blockchain-empowered publication substance will probably permit organizations to improve quality control and copyright assurance.
At present, the burglary of online substances is an inescapable issue, and makers have little response to recover lost monies other than costly claims. Later on, they will naturally and effectively get installments for content utilization.
Better Results for Companies and Consumers
People will have more power over how they share individual data and how they invest their energy associating with publicists.
For organizations, this could mean more elevated levels of power over the nature of inbound traffic for all their advertising endeavors, just as a truly necessary improved comprehension of clients’ conduct.
Advertising and innovation pioneers can use blockchain to reevaluate their client connections. Early activity on this expansive innovation will place organizations in the best situation to profit by what we think will be across the board selection.