There’s been a lot of noise about Blockchains and Bitcoins lately. Surely, it has nothing to do with marketing? Wrong! That is exactly what is buzzing in the marketing circles these days.
If you are not yet up to speed on bitcoins and blockchains, here’s a quick primer. A bitcoin is a digital currency. And when bitcoins change hands - virtually speaking that is - it is recorded in public ledgers known as blockchains, which can never be modified. Pretty water tight, wouldn’t you say?
But why should we, as marketers, care about all this? The information held by these ledgers or databases are 100% accurate at any point in time because no one can access them to make changes. For brands, this means that their content cannot be falsified. As for customers, they believe in it implicitly and are confident their information is secure. This trust factor means higher sales conversions and cross selling opportunities for brands.
While the technology is complex and marketers still need to work out how to effectively leverage it, we are going to look at some possible marketing applications to help prepare for the future...the early bird and all that. So, let’s dive right in to learn what bitcoins and blockchains hold for us in the future, shall we?