Blockchain for Transparent Digital Marketing

By CIOReview | Tuesday, February 27, 2018

Blockchain technology, since its conceptualization, has been widely adopted for its flexibility and transparency. Time and again, various technologies are being integrated with blockchain to derive greater efficiencies, and digital marketing in one among the recent and favorite genres.

One of the major ad.ded advantages of blockchain technology favoring digital marketing is the smart contracts feature that enhances the accountability of transactions. Once created, the smart contracts cannot be altered or changed, but only be replaced by another contract. Therefore, entities bound by the smart contract will be unable to tamper with the agreement. This agreement serves as a secure and transparent channel for monetary exchanges and shares. These contracts bare no influence or authority of third-party regulators and hence, is considered as a standardized medium of asset exchanges.

Owing to one of the major concerns of the business world, trust, the transparency delivered through the ledger-based technology is unparalleled. Multinational organizations such as Walmart and IBM have already adopted the blockchain technology to streamline their supply chain operations. Goods and commodities associated with the supply chain can be easily tracked, and diligence is obtained right for the initial stages. Additionally, blockchain technology allows companies to distribute loyal points or rewards based on milestones completed or targets achieved. These rewards points can be exchanged with cryptocurrencies, which are then translated into actual money. All these factors influence the overall accountability of various transactions between two governing entities, providing an optimized route for the exchange of digital assets and monetary transfers.