One of the problems many companies must face is retaining consumer trust, which we discussed in a recent article. Brand storytelling can then ascend to a completely new level. Brands need to understand and consider blockchain technology.
Brands gain trust through transparency, which blockchain content marketing can provide in a way that other tactics don’t. In today’s environment where trust in brands and data is faltering, we can encourage an opt-in marketing culture and expand our brand narrative with audiences on a one-to-one basis.
What is Blockchain Technology?
The blockchain is essentially a way for digital information to be stored and distributed on a giant network of individual computers. Think of it as the ultimate peer-to-peer network. Massive amounts of information can be transmitted and appended without compromises in security. Think of the blockchain as the place where all the data is stored across thousands and thousands of servers that no single organization controls.
Cryptocurrencies use this type of technology, but it can also be applied to content and ad delivery.
As Raghav Haran writes, “one of the reasons a website displays Google banner ads on their site is because Google is a source of trust. If a company is “vetted” by the Google Display Network, then it’s likely a credible business that won’t damage the brand of the host website. Google also handles the processing of transactions so that the website owner is paid fairly for clicks generated on the advertiser’s ad.” As such, it the middleman between the advertiser and the website owner with the user as the end goal. For facilitating this transaction, they take a cut of the profits. What if you could cut out Google entirely?
Current Blockchain Companies in Action
There are a few noteworthy examples of brands establishing themselves in this space already.
One example is the Papyrus Project decentralized advertising space “aiming to provide open source infrastructure for the entire industry.” Their goal is to rip out the inefficiency in the existing supply-demand chain, and enable a fair exchange of value between users, publishers and advertisers. The company is seeking to build a decentralized “reputation system” for all ad market participants, which will provide increased transparency.
On the consumer end of the spectrum, the Brave browser is the next step in ad-blocking software: it’s able to block trackers and intrusive ads, and can even choose to allow ads that respect your privacy. This technology is already attempting to put control in the hands of the audience, and reward brands who want to play that game. The browser software is attempting to use what’s called Basic Attention Token (BAT), with their aim being to bring the digital marketing model back to the simple framework of users, advertisers, and publishers.
How Can Blockchain Tech Influence Marketing?
Fact: over 60% of Millennials said they were willing to share their personal info with brands. What if brands and marketers could negotiate directly with the viewers rather than through the networks, avoiding all the controversies that might arise from that?
What if we could not only create a world where people opt-in to viewing ads and view them willingly, but even get rewarded similar to how the previous platforms were? We could pay viewers for choosing to view ads targeted to their interests, delivered directly to them.
In a blockchain ecosystem, everything can be tokenized and everything can be decentralized. Instead of everyone using the same platform to access and distribute content on some massive server farm in Silicon Valley, every user acts as an individual server and part of the platform for content. Everyone shares the workload of making sure the content can exist and be accessed. YouTube will not be the one-stop-shop for video and control the central marketplace, deleting videos whenever it wants.
The evolution of the current tech is tokenizing user behavior to offer a sort-of credit system between advertisers and the consumer, which completely removes the massive middlemen managing big media. As we continue to decentralize our world for fear of conglomerates abusing their power, blockchain tech is inevitable. Get on board!