In the next 10 or 20 years, the development of the Internet will be very different from the present. As blockchain begins to be more widely used among consumers and businesses, Richard Hendricks' dream of realizing a truly decentralized Internet may one day become a reality.
When I first entered the field of e-commerce nearly 20 years ago, there were many uncertainties about the feasibility of online shopping. Does this remind you of the state of the blockchain today?
Since then, I have promoted the development of an affiliated marketing company, as well as the development of my current digital marketing company, and achieved great success. From my experience as a consultant for blockchain-based startups, I have realized the potential of this technology, subverting the market, and providing innovative solutions.
Even in the current iteration, blockchain has created new opportunities for digital marketing companies, such as marketing newly launched ICOs and applying blockchain technology to existing website architectures.
In this article, I want to pay more attention to the impact of blockchain on the entire industry-from content creators to advertisers. Despite all the confusion surrounding its technology, I believe that new blockchain applications will improve the most prominent problems in digital marketing today. But it may take several years to reach this goal.
Eliminate the middleman
Although digital marketing has increased competition in the field of e-commerce, it has also concentrated traffic on a few select websites and advertising networks.
Under a blockchain network, arbitrage will be transferred from an established intermediary to the users themselves. Users will directly sign smart contracts with advertisers to obtain targeted advertisements. In contrast, traditional search engines decide which advertisements are most suitable for users, and pop up and display advertisements with their permission.
To establish a smart contract, users need to agree on how much personal information they are willing to share. The more they use decentralized search engines, the stronger their buyer role will be.
In this model, the need for advertising on Google's display network will become meaningless. Instead, advertisers can bypass the endless charging and arbitrage agreements of networks such as Facebook and Google.
In theory, this would allow advertisers to directly pay users for personal information and obtain approval to provide them with advertising services. Some blockchain-based startups are even trying to reward users who use the network, and these tokens can be accepted by certain retailers.
Increase transparency
Contrary to what you might think, blockchain classification is actually much more transparent than traditional advertising and search engine networks. All transactions that occur on the general ledger (whether they are clicks or e-commerce purchases) can be viewed by the public in the ledger, and it is almost impossible to delete them.
Think about how few digital marketers actually click on and participate in advertisements. I believe that the data attribution model is wrong, and Google’s esoteric algorithm will make tracking links and PageRank of third-party tools more likely to be just guesses. As the transparency of the digital ledger increases, marketers can obtain more relevant user information to help them manage campaigns.
Of course, the premise is to get the user’s consent to have a huge impact on advertisers who can’t always find the customers they need.
Provide better data
Consider how a dynamic organic serp is formed. Between different devices, local and national searches, and frequent algorithm changes, it is difficult to track the trajectory of keyword changes, as well as the search type of your page ranking.
A blockchain-based tracker can be used to track the location of all keywords that have agreed to use the service. From advertisers to content creators, everyone can use this technology and get more accurate campaign data to help test.
Improve network security
Having said that, network security will still be a major issue in every industry. One advantage provided by the blockchain network is to store your personal information from the network. In addition, hackers must also hack all user devices on the network to change the ledger or steal information.
Improve privacy
As mentioned earlier, blockchain actually helps alleviate many privacy issues that currently appear on Facebook and other advertising platforms.
You may have heard that people refer to the blockchain as the "people's network". "Well, by eliminating the role of large media companies as intermediaries, users now have more control over the personal data they want to release to advertisers and publishers.
Even if the ledger verifies the user's identity and host transactions, all personal data that users do not agree to share is still hidden in the network. Since it is almost impossible to crack, the blockchain can protect user privacy.
Increase trust
In the end, all this has greatly improved the trust between users and enterprises. According to the 2018 Edelman Trust Barometer survey report, the trust between businesses and consumers has fallen sharply in the past year, and it is difficult to improve this relationship when the industry is full of fraud and privacy issues.
By increasing transparency, improving network security, and eliminating the intermediary role of companies such as Google and Facebook, we have many reasons to believe that blockchain technology can improve the relationship between businesses and consumers.
to sum up
Will blockchain eliminate the middleman between online media and advertising? Its potential is unlimited. Combined with other technologies, I believe it will completely change everything from currency exchange to governance itself. But so far, don't call it a panacea for all problems.
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