Blockchain technology is
rapidly becoming the new normal in various sectors of the economy. In fact,
Acropolium reports that the tech is now being utilised by 81% of the leading
public companies in the world. Well, one of the sectors that is underdoing massive
transformation because of this tech is the digital marketing space. Actually,
the "Blockchain In Media, Advertising, And Entertainment Market Size &
Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report
shows that the market size will grow from USD 0.84 billion to USD 25.29 billion
between 2023 and 2023.
One of the blockchain
platforms that have been making significant impact is the Solana platform.
Well, we know that you have already come across the Solana coin; whether you've
interacted with it or just heard crypto enthusiasts speaking about it.
Actually, the Solana USD price
has been going up over the last few days making it a good investment. Anyway,
we shall not really be talking about the coin here but the blockchain platform.
The Solana blockchain has gained a huge reputation because of its versatility and superior capital efficiency. Actually, research by CoinGecko rates Solana as the most popular blockchain of 2024, with a 49.29% interest in the Blockchain Ecosystem in 2024. That's a report that monitored the global traffic share between January 1 and March 18, 2024. But enough of that: This platform has become common with digital marketers for a good number of reasons. We will be discussing how Solana and other blockchains have been making changes in the digital marketing world.
Combating ad Fraud
One of the biggest problems
facing the marketing
industry is ad fraud. Actually, a study has shown that
approximately USD 50 billion is lost to fraud every single year. How crazy!
With blockchain technology, marketers are being able to solve for fraud because
of a number of reasons.
- Blockchain
platforms like Solana can be able to track ad impressions and ensure that
they are actually genuine.
- A blockchain
like Ethereum has been used to create smart contracts where you can only
release payments when a number of conditions are met. For example, only
when an ad is clicked or when a sale is actually made.
A good example of an already happening situation is the partnership between Telefónica Tech and Adwatch. Well, Adwatch uses blockchain to monitor ads in their campaigns from source to destination and ensure that no ad is altered. The TrustOS platform that has been developed by Telefónica Tech has enabled Adwatch to increase the impact of their campaigns by 20% for the same budget. Well, according to Jese Luis Cusado, the CEO of Adwatch, blockchain is here to stay, and it is one of the technologies that will provide the traceability that digital advertisers need.
Offering Transparency to Consumers
One thing that consumers really value is transparency, and that's exactly what blockchain provides. With this tech, clients will be knowing who has access to their data and how they got it. Blockchain is inherently immutable and transparent, meaning that all parties involved can easily access the terms of agreements and verify compliance in real-time. This transparency improves trust among stakeholders and also ensures that the marketing practices are done without any fault, adhering to all the ethical standards.
Offering Data Security to Marketers
The nature of blockchain
offers data security within
marketing operations. This happens because of the decentralised nature and
encryption. By decentralisation we mean that data is stored across a computer
network in pieces or blocks where everyone in the network has access to the same
information.
Because the data is
decentralised, it is nearly impossible for an individual or group to alter
or control it. Any transaction you make goes into a block which is linked
to the previous one. This creates an immutable and transparent chain of blocks.
But again, let's dive deeper into understanding how data security is achieved
using blockchain.
You see, when you are
saving data in a traditional database that is centralised, there is a central
authority that manages transactions. But now, this makes them an easy target
for cyberattacks. However, since blockchain is of a decentralised nature, data
is distributed across multiple nodes, removing the chances of single point of
failure.
Encryption is another stronghold of blockchain that ensure marketing data remains safe. Since you know that information is stored in the network in blocks, now, you can understand when we say that each block gets a special digital signature. This means that only people with authorisation can be able to see whatever is in the block and change anything concerning it. All in all, Sensitive marketing data is protected from unwanted alteration or interception by means of cryptographic security.
In conclusion
We can boldly stand and say
that blockchain technology is causing massive disruption in the digital
marketing industry but in a good way. In the next few year, we are most likely
to see more functions of blockchain being implemented on this sector even as
more businesses embrace the technology.
