Blockchain technology can be equated to an Excel sheet with access points where users can update their data together and in real-time. Blockchain, therefore, allows information to be stored and distributed while preventing copying and modification. This data can then be put to multiple uses, the most well-known of which is Bitcoin. Bitcoins are only one possible and definitely the earliest use of Blockchain technology.
In the foreseeable future, how can communication be developed through collaboration in the context of marketing?
With Smart-Contracts, crowdsourcing of ideas becomes a tangible reality. Blockchain allows us to create a network of content creators, unrestricted by geographies or time zones. You upload a brief – one of your creators/colleagues accesses it and responds with ideas and the process starts. The information uploaded is incorruptible and ensures credit where it’s due and encourages transparency and collaboration.
With access to ‘Real’ Consumer Data – Social media platforms like FB and Instagram allow usage in exchange for a consumer’s personal data. Online advertising is based on consumer data where currently the consumer has no say in what gets released to advertisers. In the future, Blockchain will allow all of social media users the ability to manage and control/release their online activity data.
Influencer and Blogger Marketing – Currently, there is no third party regulating terms of agreements and costs, leading to operational and budgetary issues. With Smart-Contracts, the terms of understanding can be automatically enforced across all stakeholders. Payments will be made upon delivery and on time.
Intellectual Property Rights – Copyrighting of work and ownership will become seamless since everyone sees who makes a change in the system. Blockchain will facilitate the sale of creative work online. So advertisers and agencies can source relevant work transparently and efficiently, whenever desired.
Augmented Reality-based Research- Blockchain will allow research respondents to experience products using AR, record their experiences and get paid online in a transparent and seamless manner, thus changing the face of primary research.
While the above ideas are fascinating and appealing, adoption of Blockchain in the communication business is probably not going to happen anytime soon.
