Beyond its more well-known usage in cryptocurrencies, blockchain ledger technology has shown to be quite useful in a variety of industries. Blockchain technology, from asset management and monitoring to regulatory compliance, provides organisations with new efficiency and opportunities.
While many of these blockchain services are still in their early phases, incorporating this disruptive technology into your marketing suite can deliver more transparency and trust, less advertising fraud, and increased security and privacy for business and clients.
Transparency and trust are enhanced by blockchain
Blockchain is a decentralised technology that is not controlled by a single entity. Instead, its functionality is dependent on the confirmation and approval of any transaction on its chain by a huge network of nodes.
Data is often kept on a client-server network and relies on a single central database in traditional computing systems. Every calculation and action is funnelled into a single area, and all action items are kept in one spot. Unfortunately, as a “trusted third party,” internet providers wield a great deal of power under this approach.
Blockchain decentralises this approach by hosting transaction blocks on hundreds, if not thousands, of computers around the world. Most crucially, this information is completely searchable and verifiable on a public ledger. Any update to the chain will be immutable with blockchain – stamped, recognised, unmodified, and viewable by anybody in the future. Peer-to-peer networks are quite similar to how this technology works.
Advertising fraud is reduced
According to a Forrester survey, 69 percent of firms that spend more than $1 million per month on advertising report losing at least 20% of their expenditures to digital ad fraud. As a result of these fraud schemes, many businesses are looking for solutions to avoid digital theft and strengthen security measures.
Companies have had to dramatically reduce ad budget expenditure in order to prevent ad fraud losses. Uber, for example, reduced $100 million in advertising expenses to save money. Uber, on the other hand, saw no changes in the amount of conversions or activity after the cut was made. They discovered that their ad budget was still being gobbled up by bogus apps, bots, and phantom clicks after additional examination.
Security and privacy is ensured
Many small and large enterprises have had to prioritise data protection against theft and damage. The cost of data breaches grew from $3.86 million to $4.24 million in 2021 alone, the biggest increase in lost funds in nearly 20 years. This figure is likely to rise as more of our daily business operations move to the cloud or to interconnected devices.
For cybersecurity, there’s blockchain. Every time a new chain is produced, it is encrypted and then linked to the preceding transaction, ensuring that the blockchain ledger is secure. These chains can’t be changed or hacked after they’ve been created.