If you are keen or already in the field of cryptocurrency, you might have encountered a term called blockchain. We will talk about almost everything related to blockchain here and how it helps in a field like digital marketing. Let us now understand what the term blockchain actually means.
What is Blockchain?
Blockchain is a way or a system of recording and storing information in such a way that it cannot be altered at all.
A blockchain is basically a digital ledger that is duplicated and distributed across the entire network system.
Think of a situation where you are transacting an amount of money. So, the information is recorded in such a way that it appears as though someone else has made that transaction.
Though this might be suspicious to some people, the reality is that even though the transaction information is available to blockchain users, the identity of the users remains incognito.
Another example is, think of a situation where you and your client are getting down to money transfer. In most cases, you would have to rely on middlemen like banks. The banks serve as a host to your information and may even lead to data leaks. With blockchain technology, this is simply not possible.
Blockchains are also used in DAOs. Learn more about DAOs.
Implementation of Blockchain Technology in Digital Marketing
Blockchain is starting to change every aspect of digital marketing.
While AI and analytics have made businesses big, blockchain technology could make it even bigger. The consumers are also getting good benefits like consumer’s search preferences and what he/she is likely to buy and this directly and indirectly benefits the businesses.
Every industry wants to make the most out of blockchain technology. As per some reports spending on blockchain technology will grow from $1.5 billion to $15.9 billion by 2023.
Exit intent popup is the future of blockchain technology. Any investors or experts or beginners should start implementing these exit intent popups as these are known to increase conversion rates by up to 53%.
The next thing would be that blockchain technology would elevate even higher by using things such as exit intent popups.
Pros of Blockchain in Digital Marketing
All these decades, data was the thing that drove the market (and still is). Blockchain technology aims to change just that.
Blockchain technology offers security, transparency, accessibility and unmonitored data flows. Blockchain technology returns the data to its respective users. Blockchain is forming a direct interaction between consumers and brands.
Blockchain technology eliminates the middlemen using smart contracts instead of paying a burden to the middlemen like Google, Facebook and so on.
Content is a necessary part of a business when it comes to marketing and promoting. This blockchain technology allows content creators like bloggers to get compensated directly from blockchain transactions rather than relying on the middlemen for this.
The thing about blockchain technology is that it is much more reliable than the methods currently at use. It benefits the consumers by returning their data and benefits the businesses by being more trustworthy as trust is the reason behind all successful businesses.
Exit intent popups, with the implementation of the new blockchain technology can lead to even more sales than the current levels as it builds trust among the people. So, yes exit intent popups and blockchain technologies do mix well.
Here is a small list of all the pros to sum it up:
- Data is neither stolen nor sold
- Offers security, transparency, accessibility
- Data is returned back to the user.
- Prevents frauds
- Completely eliminates the middleman
- Strengthens monetization of content.
Cons of Blockchain in Digital Marketing
The thing is that blockchain has cons too.
Data can be controlled sometimes
If a company owns more than 50% percent of the nodes, it can easily control the data traffic.
Not Economically Profitable
The cost is quite high when it comes to implementing blockchain in digital marketing. Most of blockchain require a hyperledger feature which is really hot in investing.
Consumes too much Energy
Blockchain technology consumes too much energy. By this, I mean mechanical and optical. The miner needs to oversee every problem and that requires a lot of energy. And it is not good when it comes to digital marketing.
The conclusion is that blockchain technology is really the future in digital marketing. But it comes with its own new problems which can be solved and must be too.
Exit intent popups come with an additional feature of blockchain technology. These can boost sales unlike the one which has no exit intent popups at all.
Armen Baghdasaryan is an experienced digital marketing specialist who is always keen to keep up with the latest updates in the industry and come up with the best marketing solutions.