When you hear the term “Blockchain,” you might think of Bitcoin, the digital currency (or cryptocurrency) that everyone is obsessed with lately.
And at first, it might seem like this emerging technology is only a threat to the banking industry. But it turns out it’s something digital marketers ought to pay attention to as well.
What it means for digital marketing
First, what, exactly, is Blockchain? In the most boiled-down terms, it’s a large-scale peer-to-peer network that allows users to transfer money without the involvement of a bank.
In other words, no middle man. (For a more detailed explanation, check out this article from The Motley Fool.)
But how can this possibly threaten digital marketers?
While “threaten” may be a strong word, we can definitely expect some major changes to how we do business in the future. According to this excellent piece from Single Grain, Blockchain will allow advertiser and client to make financial transactions directly (instead of through a third party, as is customary now), creating “a tidy decrease in extra costs and an increase in your profit margin.”
But Singe Grain raises another, more unsettling possibility: Blockchain could also force marketers to “earn the customer’s permission in a way that’s completely different than before.” For example, the website says, the customer may have the power to charge marketers – through micropayments – for access to their data.
Let that sink in.
What you can do
As it turns out, plenty. Though the possibilities of Blockchain are only beginning to be understood, there’s a lot you can do to jump on the train before it even pulls into the station.
If you’re curious about Blockchain and what it could mean for your digital marketing strategy, we’d love to talk – so contact Fluency Digital for a free business consultation today.