Blockchain continues to live in the shadow of cryptocurrencies like Bitcoin and Ethereum, but marketers and advertisers could benefit greatly from leveraging blockchain's decentralized ledger. Below are the three major ways marketers and advertisers are better targeting customers and increasing ROI through the use of blockchain technology.
Blockchain allows buyers and sellers to become more directly connected. Using a public key on the blockchain, marketers are able to identify and track potential prospects and their buying behaviors.
As new privacy laws are written to supplement the laws already in place, it is becoming increasingly difficult for advertisers to legally collect information from consumers. Blockchain will allow smart contracts to certify rights and privileges such as where data is allowed to be stored, used, etc. This will give marketers the ability to geofence data, thus keeping them ahead of the regulatory curve.
Marketers struggle to verify the identity of the person (or bot) on the other end of a click. The fact that 50-60 percent of clicks are performed by bots dilutes ROI calculations. Blockchain verifies the identity of their ad clicks and increases ROI while cutting down on fraudulent clicks.
Although blockchain is still a relatively new tool in the marketing and advertising space, once it becomes more commonplace marketers will be able to more effectively adhere to regulatory changes, identify users, and prevent fraud.