While blockchain is mainly used by cryptocurrencies today, its underlying concept offers potential for many more types of valuable—and paradigm shifting—business uses. Because no one can modify or erase data stored in a blockchain, it is always a “single source of truth” regarding whatever information is stored within it. For example, the truth about products, companies, and processes can be easily recorded and later verified using blockchain technology in a way that both consumers and marketers will benefit. Here are some possible applications:
Online ad delivery verification – A blockchain records the details of every ad delivered to every consumer ID, adding verification and fraud detection capabilities unavailable today.
Customer data management – A blockchain tracks the use of customer data, providing consumers with complete transparency into how their data is being used, while providing greater data security for the brands using it.
Corporate accountability and transparency – A blockchain stores and discloses the truth about how companies manage their supply chains, legal issues, environmental responsibility, marketing practices—anything that consumers care about and might be skeptical with what companies are telling them.
The possible applications of blockchain are endless, and its uses are currently in the very early stages. Marketers and business executives should be mindful of the latest blockchain developments to find ways to adopt this new technology for competitive advantage.