The first sector that saw quick change due to blockchain technology was finance and many of them have only seen the surface level of purchasing and selling cryptocurrencies, it has attained deeper implications into the financial market.
Different companies can create “tokens” and raise funds for their businesses by enabling the investors to purchase and sell shares of a stock. The investors can now conduct business 24/7 without paying any significant fees. However, it is not only applicable to finance rather, blockchain technology and cryptocurrency marketing will make waves into the digital marketing world as it gets better adoption in future.
How blockchain technology began?
Blockchain technology had been invented by an unknown person known as Satoshi Nakomoto for the sake of using it as a new digital currency, particularly Bitcoin.
Simple way to know blockchain technology by relating it to Google Docs
Suppose, a document has been copied by tens of thousands of times in different computers and that computer network is made to update the doc on a daily basis.
On the other hand, while editing a document in Microsoft Word, you cannot ask your co-worker to edit the particular document unless you are sending it to them for revision work. Now, if they want you to do further revisions on that same document, then they need to save their version before sending it to you.
This is situation when you need to wait till you receive the document before making any edit to it. Only one person is allowed to make the edits at a time. However, in case of Google Docs, several people are allowed to make edits in the same document and at the same time. You do not need to wait for your friend to make his edits and then send it back to you. Thus, you both can edit the same document at the same time.
The blockchain is quite similar to a “shared document.” It consists of blocks of identical information that is being stored across its network and it cannot be managed by one person.
The blockchain platform enables minimal human errors and ensures that every transaction being made is a secure and validated one. Thus, it can easily be understood why the financial sector had been the first one to capitalize on this specific technology.
But it also has implications for the other industries, just like marketing.
Companies revolutionizing marketing with the help of Blockchain
BitClave is a cryptocurrency marketing agency that has been built on the blockchain based platform. The principle of BitClave is that the businesses have to pay higher fees to middlemen such as Google and Facebook so that they can eliminate this role by using smart contracts.
A smart contract is a program that controls transferring of currencies automatically between the two parties. In case of BitClave, consumers have complete control over their data without being forced to hand it over to an advertiser. They can prefer selling that data to businesses and select different advertising services.
Polymath has an important role in the security token space. On the blockchain based platform, there are two kinds of tokens – utility tokens and security tokens. The utility tokens such as Bitcoin, Ethereum and Ripple are exactly what most people are familiar with.
Security tokens are an important part of the blockchain ecosystem and crypcurrency marketing strategy. These tokens are usually issued by the companies that get their value from an external asset —a private equity firm or a venture capital.
OrionCoin is managing the world associated with loyalty and reward programs. Companies use loyalty programs for increasing the retention among customers. For example, a credit card company might give you travel rewards points or a retail store might offer points to the customers who want to purchase some products.
OrionCoin uses the blockchain to supply companies and their customers with loyalty points, which they call it “ORC.” Thus, customers can do business ORC for cash, which means they can spend on whatever purchases they want to make.
Rouge is using the blockchain based technology to bring a change on the coupon industry. The brands can generate unique coupons and keep a track of them. Since the date is coded into the coupon, the expired coupons will not be available online. Coupons generated from Rouge blockchain can be used only once and so, the individuals cannot create duplicate coupons and hack the system.
The blockchain provides additional value to the coupons since it offers trading opportunity on the secondary market. The customers are willing to share promo deals by means of a trading marketplace where there are new customers.
According to experts of a blockchain marketing agency, the blockchain will interrupt a lot of industries in future by removing middlemen and enabling different players to interact by means of smart contracts. The companies are leveraging the blockchain based technology for increasing transparency and lessening friction, and the marketers can leverage these tools to get more customers at nominal cost.