Blockchain was big news in 2017 largely due to the huge spike in cryptocurrencies and especially Bitcoin. As people gain a greater understanding of what it does, its value to marketing technologies is also emerging and is likely to take hold in 2018. Blockchain technologies have the potential to disrupt how digital advertising is measured and delivered as long as the systems can overcome their current speed restrictions.
Blockchain tech is frequently described as a shared spreadsheet or ledger than is maintained simultaneously across thousands or even millions of computers, with no central data storage. Fans of the technology cite its efficiency as a global network of value exchange, the fact that it has no single point of failure, its very high level of security and its ability to generate value for its community of keepers.
An interesting white paper from blockchain firm Consensys points to three inherent “fairness advantages” of blockchain tech:
“Everywhere is the same, because a blockchain has no center.”
“The record is permanent to protect transactions, [offering] extremely strong cybersecurity.”
“Nobody is in charge of the global blockchain as a whole, [although] local blockchains can be run by a sovereign entity or a company.”
Bitcoins have achieved celebrity status, but ultimately their chief value in the evolution of digital commerce and business may be that they introduced the world to blockchains. It will be interesting to see what their influence on the global marketing picture will be.
Stay tuned for next weeks intallment of our Marketing 2018 Mini series!
