Sunday, November 08, 2015

Blockchain (bitcoin) and digital marketing

As the hype around bitcoin is waning, the chatter around its underlying technology, blockchain, has only been increasing. Bitcoin was one application of blockchain but it also has multiple other applications. As blockchain is mostly a financial technology (fintech) concept, I was wondering if it could have any applications in digital marketing and came across this article:

A lot of this is still an idea/concept and still many years away from any practical usage. At its most basic level, blockchain is a technology that holds information/data in a distributed manner rather than with a central authority. For consumers, think about your personal information being held across properties/websites/apps in a distributed manner such that no specific property has all the data. So brands who want to reach you wont have to go to a FB, google or twitter to get your information but by using the blockchain technology, they would get specific data/information on you that would help them market and target certain products towards you. The article gives some cool examples on how this could work in practice (auto insurance, CPG firms etc.).

Again, important to note that this is nascent stages for this technology and we are still years away from practical usage. Most of the blockchain applications used today are in the fintech space and are challenging institutions that are central repositories of power and information. Bitcoin, which was probably the first application of blockchain is today challenging the power of central banks by helping people transact without using money (but by using bitcoin which has no central authority or regulator). Similarly, think about a world where digital marketers dont need to go to google, FB or twitter to get information on a consumer!

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