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Have you ever heard of the word “Blockchain?” If not, you probably are lagging behind.

What is Blockchain?

In short, Blockchain was supposedly invented by Satoshi Nakamoto (known as an unidentified person or a group of people) who was active in cryptography forums and offered an innovative solution to the shortcomings of financial and other interaction systems.

Blockchain allows everyone to access the entire database and its history without the intervention of any third parties and that transactions happen directly between parties visibly, without going through one central node. Every node in the system can store and forward information to the rest of the network. On the other hand, users can either choose to remain anonymous or prove their identity. The system is extremely safe because once transactions are registered in the database, they cannot be altered anymore: they become part of the chain and are permanently linked to all previous transactions.

As a marketer, you need to make use of Blockchain technology

Remember how you used to record authentic customer data (marketing automation platform, your company’s social media channels, mail campaign tools, etc.)? We all agree that the process is extremely complicated and time-consuming because it often involves multiple databases, legacy systems, and different intermediaries.

As a customer, every click, website visit, and online purchase leaves your digital fingerprint. In addition to this, you have no idea what they will do with your data, how they will (ab)use it, and where it will go.

This problem could be solved by Blockchain technology!

As a marketer, you really want to keep up to date with customer in every possible way in order to reshape your relationships with them. Blockchain could give you access to validate customer data, allow perfect segmentation, and error-free targeting. In that way, you’re always 100% sure you are using your customers’ data with their full consent. Wouldn’t you feel more secure communicating that their data is safe with you, just like the way Apple is proud to tell iPhone users about their maximum security features?

As a customer, wouldn’t you like to be addressed with messages that are only relevant to you? Wouldn’t you like to fully manage your private data?

Summarily, using Blockchain technology can help you:

  • Manage and update your personal data centrally
  • Control your online privacy
  • Decide who to share data with
  • Embed contracts, from which actions can be automatically triggered when certain conditions are met
  • Collect data from all the transactions you’re part of, tracing exactly who does what with your information
  • Sell your data with different monetization models: auctioning, fixed price, etc.

The use of Blockchain technology has many promising benefits for the future. This will also allow us, as marketers, to build transparent and frustration-free relationships with our “beloved” customers, empowered by mutual trust.

ABOUT AUTHOR

Talia (Queen) - IIB Council Blog Author

Ngan Quynh Le

Ngan is currently a Senior Digital Marketer for IIB Council. She is now managing all social media channels of IIB Council. Previously, she graduated from the Marketing Honours degree. She has extensive experience in Digital Marketing, especially Social Media Marketing.

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