While there are some people out there who are experts on blockchain and everything cryptocurrency, there are others who don’t even know what blockchain is or that it relates to cryptocurrency at all. This article is a must-read for those who don’t know about blockchain, especially those who own small businesses. 

Even though blockchain is still relatively new, it is projected to take the digital marketing world by storm. It is already affecting larger enterprises and will soon make its way down to becoming relevant for small businesses. Taking the time to understand what blockchain is and how it can help your business is one of the best actions you can take as a business owner.

 Learning about blockchain now while it’s still new will only get you ahead of your competitors, and as you will soon learn, blockchain marketing can help not just your company but consumers as well.

What Is Blockchain/Blockchain Marketing?

A blockchain is a digital transaction ledger that stores your data in a peer shared network across multiple computers or servers. Since the data is stored across multiple servers, it is much harder to hack. On top of that, the data is also encrypted using cryptography, so only the sender and the receiver can view the transaction details. 

This is vastly different than the process of storing your funds with a traditional bank, where all of your financial data would be stored on one central server. With blockchain, not only is your risk of fraud and hacking substantially reduced, but the need for verification from third parties is also eliminated. 

While this is what blockchain is at its core, the main use of blockchain for businesses, especially smaller businesses, is with blockchain marketing. Blockchain marketing involves promoting cryptocurrency or blockchain-related services to your consumers. While this might seem like it’s not worth the risk, this has been shown to help businesses grow. 

How Can Blockchain Marketing Help Small Businesses?

There are four major ways that blockchain marketing can help transform small businesses:

1. Reduces Ad Expenditures

Did you know that in marketing, ad expenditures are one of the biggest expenses companies have to face? This is mainly due to the number of mediators that take a cut out of each profit. In most digital marketing campaigns, the mediators supply the side platforms, facilitate ad exchanges, and pay fees. This means that publishers only make thirty-sixty cents per dollar after the mediators get their cut.

This is not the case with blockchain. Blockchain marketing eliminates the mediators entirely so that the publisher gets a much more significant percentage. As blockchain marketing gains popularity, this will definitely shake up the industry as a whole and the strategies of those mediators. 

2. Increased Security

Probably the most obvious way that blockchain marketing helps both businesses and consumers alike is the fact that it drastically improves payment security. If a company has inadequate payment security, it will be harder to build trust with consumers. 

Ensuring that all transactional data is safe and secure is an essential part of blockchain marketing. Blockchain is used in marketing to facilitate encrypted transactions to advertisers. You can also allow cryptocurrency-based transactions with your customer transactions, so they have more payment options.

3. Protects Publishing Rights

Another way that blockchain marketing can help a business build trust with consumers is by reducing online content theft. Blockchain-enabled code can even be used to create “smart contracts” that keep track of licensing or legal agreements to help protect publishing rights. These “smart contracts” can also be used to purchase licensing rights from content creators.

4. Customer Data Is Protected

The last way that blockchain marketing can help businesses is by protecting customer data, even from the business they have a transaction with. A lot of companies have gained access to their customer’s data so that they can use it, information like phone numbers, email addresses, and even financial data. While this can allow companies to market to their customers more personally, many people think that a company knowing all of their information is invasive. 

Blockchain protects customer data from everyone, so no one but the customer can access it. In a blockchain-based advertising system, the customer would get to choose when to release information in exchange for personalized advertising or content. If they decide to release information, they would also get paid. This would cut back on needless advertising all over the internet while also keeping companies happy by giving them access to the customers who choose personalized ads or content from them.  

While blockchain technology isn’t being widely used yet by the general public like cryptocurrency is, as the popularity of cryptocurrency grows, blockchain is sure to follow.

Want to keep up to date on the latest in digital marketing? Shift Refresh is a US-based digital marketing agency that helps businesses smash their competition and emerge as a leader in their respective industries. We are ready to help your business not only grow but thrive. To learn more, call us at 1-888-467-3249 or visit our website https://www.shiftrefresh.com/.