Blockchain and Digital Marketing – between Opportunities and Promises
After the economic crisis of 2008, experts in the digital marketing world set to work on the development of new security systems in order to give a new image to financial institutions as well as to the marketing and online transactions sector. This led to the birth of blockchain technology. Today, more than ever, the digital marketing industry is plagued by problems with authentication, false influencers, false images, fraud, etc. How can blockchain be an effective solution?
Whoever invented it, blockchain technology seems to establish itself as a new standard for managing exchanges on the web. Originally used in Bitcoin transactions, the technology is now being leveraged by most digital marketing agencies. Let’s see how marketing and advertising could benefit.
What is blockchain?
It is a distributed database, without centralization, which securely records transactions between users. Originally, these were Bitcoin transactions (digital gold) but any type of exchange can be stored through this. It’s not about storing files, it’s about transactions.
Each recorded transaction relates to a programmable currency, representing the unit of exchange. Bitcoin is the best-known application, but any quantifiable exchange can be managed by a blockchain.
How does it work?
There is no centralization of security by a third party. Any computer can be part of a blockchain, without its failure jeopardizing the data. Each constituent of this network is conventionally called a node and contains a blockchain client.
When actor A initiates a transaction for the benefit of actor B, the transaction is added to a block
Each block is validated cryptographically by the nodes of the networks
The block is added to the chain of valid and visible transactions (blockchain)
And B then receives the transaction.