The fact that bitcoin has become increasingly more mainstream has our attention. Whether the digital currency takes off is anyone’s best guess; however, it’s not bitcoin that’s peaked our interest as much as the promising technology it has introduced us to…blockchain.
Blockchain revolutionizes the idea of safe, secure, commercial transactions. Some have called it Internet 2.0; others have compared it to cloud computing on steroids.
So, what is blockchain? Authors of the 2016 book titled Blockchain Revolution offer this definition:
“The blockchain is an incorruptible digital ledger of economic transactions programmed to record not just financial transactions but virtually everything of value.”
Blockchain technology is extremely difficult to compromise since there’s no centralized location to access the information stored. It promises smart contracts, global and secure payment systems, token-based communities and transparent records. These attributes increase trust universally and make it particularly appealing in a world where safety, security, and convenience remain priorities.
Trust is one word that can define marketing success or failure. In 2017, the highly regarded Edelman Trust Barometer revealed a global implosion of trust across all segments of society from media to government to NGOs and businesses.
For marketers, blockchain means the ability to track then verify a product’s supply chain with the scan of an app. As a brand ambassador you’re no longer a storyteller; instead you become a documentarian. Now, instead of a sales person, think about your role as a public informant verifying the truth. Instantly, your credibility rises and consumer trust for your product increases.
Although the peer-to-peer bitcoin might be the most recognizable application, it is blockchain that has us keeping a keen eye on its potential impact on marketing. The hype will grow as experts struggle to identify the benefits and how blockchain can change business.
Consensus is that it WILL change business.