Advertising has become a billion-dollar industry and companies such as Google, Facebook, and Amazon have invested big in it. The market is forecasted to grow further. However, nearly half of the traffic is generated by bots. Companies spend huge amounts of money to generate more traffic and reach the target audience. But the current method doesn’t necessarily assure sales conversions.
Experts believe that this scenario will change if companies manage to reach the target audience directly. In this regard, technologies such as Block chain and Smart Contracts have already disrupted the market. Experts are betting big on Block chain technology which they believe can truly disrupt the current landscape in more ways than we can imagine.
Reach Directly to Consumer:
Block chain has already taken the advertising market by storm. The USP of Block chain is that it allows information to be stored and transferred but it cannot be edited or copied. Block chain, because of its decentralized system provides very high level of security for data.
This technology totally negates the need of middle men. For example, currently businesses run their ads on Facebook and Google and both these platforms make money from these ads. Block chain companies such as Bitclave however do not just focus on search data privacy but also gives its users access and full control over their data.
Bitclave uses the Ethereum Block chain technology and hence negates the need for middle men or ad service people, thus creating a direct connect between consumers and businesses. This is the strongest USP of Block chain. It negates the need for middle men in all transactions.
In Block chain, when a user searches for particular information, they can select the amount of data that they want to be revealed to advertisers. In this case unlike other marketing services, the user will be compensated for their data. So instead of selling it to advertisers a user sells it directly.
Smart contracts provide a transparent, conflict free method to exchange money, shares or anything of value. Smart Contracts are computer programmed contracts that are operated with the Block chain technology thus making them irrevocable contracts which can be only be replaced by a brand new one.
Such contracts make cross promotional marketing very efficient. In this age of bloggers, vloggers, and social media influencers who use platforms like such as YouTube, WordPress, Facebook, and Instagram to promote partner brands, there is hardly any regulation by any third party to determine the cost, and terms and conditions of the contract.
Smart Contracts help in enforcing obligations by both parties involved and ensures that the payment will be made only once the deliverables are met. For example, if a blogger who committed to posting one article never posted it on their blog the smart contract will not release payment till the obligation is met. Each contractual milestone has to be completed one-by-one in order to move on to the next one. Smart contracts reduce the risk of conflicts and breach of trust.