Friday, July 1, 2022
Data-driven marketing

What do marketers consider blockchain?

Even a cursory dip of the toe into hype surrounding blockchain will make you aware that we’re currently predicting that the technology will revolutionise everything to care from shipping that is global.

In fact, the sheer hype that has built up around the ledger technology that is dispersed can lead confuse people about what the technology does.

Blockchains, or distributed ledger technologies, are dispersed databases which are managed through networks. Data can’t be altered retroactively once listed.

With respect to enterprise, blockchains are basically business networks that are smart and tamper-resistant ledgers of company action.

What does any of this have to do with advertising? Well Emerging Insider Communications requested 600 entrepreneurs what they believed about the marketing potential of blockchain.

Areas of software

88 percent of respondents believe that blockchain technology has the capacity to favorably disrupt the present marketing ecosystem.

Specifically, marketers are interested in seeing how the technologies can be applied to:

– loyalty programmes (24 percent)

– advertisement verification (23%)

– making consumer information more transparent (21 percent)

– CRM (15 percent)

However, only 15 percent of respondents felt like they understood enough about the technologies to describe it to their customers. That is despite 40% reading a related article in the past month, highlighting the fact that technical jargon is very likely to be a continuous issue.

Challenges

Technical terminology and abstract concepts have been highlighted as a significant challenge for both marketers and their customers.

While 72% believed that their agency lacked sufficient understanding of the capabilities of the tech, 48% considered blockchain’s terminology is confusing for audiences.

Can this generate opportunities for those that have a good degree of knowledge? 36 percent of respondents thought that thought leaders and specialists will rise to prominence in the marketing sector.

35% believed that they should be exploring the technology now, will 52% were happy to wait and track developments.