Blockchain and Digital Marketing Possibilities
Blockchain, when we hear this what comes to our mind are ingenious inventions of modern technology. We associate blockchain with cryptocurrencies, finance, and digital ledgers. The blockchain is considered as the brain that made these things exist in the modern era. But blockchain basics is not only for digital currency or finance. Blockchain can be an advantage to other areas of the digital world. That is marketing and advertising.
Blockchain was used to allow the distribution of technology but restricted for copying. It became the backbone of the internet. It was mainly developed to help in finance, digital ledger, and cryptocurrencies. But now, the tech community is looking for another area to put it to use. Digital marketing and advertising are just the first ones who have the potential to use this kind of technology.
The blockchain, in general, is an incorruptible digital ledger of economic transactions. It can be programmed financial transactions as well as anything virtual and of value. The blockchain is a distributed database. The storage device for the database does not share a common processor and they are not all connected. It maintains a growing list of ordered record that is called block. Each of the blocks is timestamped and linked to the previous block.
Blockchain is Durable and Robust
The blockchain technology is durable and robust. Information is shared across a network but because of its built-in robustness,
- It cannot be controlled by a single entity.
- It has no single point of failure
Blockchain is Transparent and Incorruptible
The blockchain is a consensus technology. It manages to check on itself every few minutes. It does self-auditing of the digital value and reconciles all transaction that happens within interval time. That group is called the “block”. It results in the following properties:
- Transparency – the data is embedded within the network so it is made public.
- It cannot be corrupted – trying to corrupt the blockchain will mean overriding the entire network.
Blockchain is a Decentralized Technology
Anything that happens to the blockchain is a function of the network. Blockchain technology is used to manage a database that records transactions. Anything can be managed by the network and not just one central authority. With blockchain being decentralized, the network will be able to operate on user-to-user.
Who can Use Blockchain Technology
Currently, blockchain is used by cryptocurrency, digital ledger, and finance. But soon, it can operate for marketing and advertising.
Enhanced Security with Blockchain Technology
Using blockchain technology eliminates the risk of the data being held centrally. This is done by storing the data across the network. Blockchain technology does not have centralized points that are vulnerable to hacking.
Blockchain Technology Offers Second Level Network
The blockchain technology offers a new layer of functionality. The users can transact directly with one another.