Blockchain is disrupting a wide range of industries, even though it’s a relatively new type of technology. A recent survey by Deloitte found that 83 percent of respondents see a purpose in using blockchain technology. With this technology being as promising as it is, tech giant IBM is investing more than $200 billion into researching blockchain options.
Below are three blockchain-based firms that are doing compelling work with blockchain right now. Not only are they setting a precedence for how blockchain can be used, but also they’re finding innovative ways to use this technology in the marketing and advertising ecosystem. The end result is improved transparency, security, and accessibility.
1. IBM: Armonk, NY
IBM recently partnered with Mediaocean, a trusted advertising software, and computing services company. Together, the two technology companies launched a blockchain consortium for the digital marketing industry in 2019. The goal of this blockchain solution is to provide transparency and build trust in the advertising landscape.
The novel technology is built on top of Mediaocean’s end-to-end campaign management platform and powered by IBM’s Blockchain platform. It provides visibility into the entire advertising lifecycle, including purchase orders, media, and payments. By recording all transactions, advertisers can better understand where their budgets are going.
For example, there are intermediaries (in addition to advertisers) that charge fees for their services. These fees are included in the contracts, but they’re difficult to keep track of. Some estimates show that intermediaries take between 50% and 60% of the total ad spend, and even rebates and discounts from publishers and media companies aren’t always passed back to advertisers as they should.
With transparent information and greater insight into the advertising lifestyle, digital marketing advertisers can use blockchain to track transactions, manage invoices, and ensure compliance with the terms and conditions. Already, companies like Unilever, Kellogg, and Pfizer are using blockchain and eliminating ad-tech tax.
2. BitClave: San Jose, CA
At one time, obtaining personal data from internet users wasn’t a problem. However, due to increasing privacy laws, there’s more red tape when collecting data from online users. BitClave aims to solve this problem by using blockchain to reward consumers for sharing their personal information.
BitClave uses a transparent ledger called the BitClave Active Search Ecosystem (BASE) that allows users to control their identity and decide who can and can’t access their information. In exchange for their data, marketing and advertising teams can build direct relationships with their customers and supply them with targeted promotions that align with their preferences.
Already, BitClave is being used in a number of industries, including childcare, home rentals, car sales, and auto insurance. It’s a win-win for both sides – businesses can target qualified consumers, and consumers know who is handling their personal information. This leads to improved trust between businesses and customers, greater control over personal info, and more effective, targeted campaigns.
3. Loyyal: San Francisco, CA
Loyyal uses blockchain tokens and smart contracts to help businesses expand their customer loyalty programs. The company offers a Blockchain-as-a-Service (BaaS) platform that is already being implemented in various industries, including travel and credit cards.
Using the blockchain platform, companies can trace their loyalty tokens throughout the entire customer reward process. This allows marketing agencies to track their customers’ shopping habits and preferences and provide them with personalized promotions and incentives. Because these promotions match the individual’s needs, they’re more likely to notice them and take advantage of them.
Currently, Loyyal is working with an airline company to build a digital customer wallet where customers are able to earn tokens for flying. These tokens can then be used on the airline’s rideshare services. With this program, customers are encouraged to choose this particular airline and rideshare service over others. In exchange for their loyalty, frequent fliers earn points and save money.
Final Thoughts
There’s no question that blockchain is revolutionizing the marketing and advertising industry. From establishing contracts to rewarding loyal customers, blockchain is a versatile technology that can enhance the customer experience and provide marketing teams with private, useful feedback that falls within the privacy guidelines. As blockchain becomes more mainstream, it will be interesting to see what other industries it impacts.
