Updated : Dec 27, 2018 in Uncategorized

Impact 2019: Blockchain Technology in Digital Marketing Industry

In this Edition with our collaboration from SkWebDesigningSolutions; SEO Orlando FL, we discussed one of the hottest topics in the sector: Blockchain technology and its role in the digital transformation of companies.

blockchain digital marketing

As a professor, Pablo Rodríguez, Director of IT and Training at SkWebDesign, previously and progressively introduced the main concepts essential to understand Blockchain technology, its operation and its main application areas, especially in financial transactions , including:

  • Differences between digital money, virtual currencies and criptomonedas (as Bit Coin and ethereum -the alternative to BitCoin-, among others), and its market capitalization.
  • Portfolios or purses, mining and exchange of crypto currencies.
  • Tokens : payment systems that substitute real money, such as chips from a casino, designed to be used in a specific environment while that environment is underway (such as VISA or PayPal) and BAT (Basic Attention Token).
  • Software and mining platforms.
  • Route of evolution from the beginning to the present.
  • Crypto currency storage and cryptography.
  • Exchange for trading (traditional, direct trading or brokers ).

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The impact of blockchain technology in digital marketing

Next, José Alberto García Coria , director of an important Innovation Center and passionate about Blockchain technology, disruptive technologies and “Agile” approaches, transferred students some of Blockchain’s main applications to business , encouraging future vision of the possibilities of application of this technology to digital marketing to the future specialists that are being trained in the Master.

The advantages of Blockchain technology reside in a distributed registry system shared among the participants of the business network, intelligent contracts with commercial terms executed with transactions, consensus in transactions (when approved by the relevant participants), as well as security and privacy, allowing for secure transactions with adequate visibility.

impact of blockchain technology in digital marketing

According to Coria, there are multiple Blockchain applications; finance (foreign trade, foreign exchange payments or loans), public sector (asset records, citizen identity or medical records), retail (supply chain, loyalty programs, information exchange between suppliers and retailers), insurance (for a better processing of claims or detection of the origin of risks), and industry (manufacturing flow, traceability of the parts of a product, monitoring of maintenance …).

One of the reference platforms for Blockchain technology is Hyper ledger , created by the Linux Foundation (non-profit technological consortium established to adopt the growth of Linux), emerged as a collaborative effort to advance blockchain technologies for companies, in which More than 200 organizations participate.

However, as Coria says, the revolutionary is not Blockchain technology, but its scope and application possibilities in a large number of sectors and uses, many of them to be discovered. Therefore, Coria motivates the students of the Master in Digital Marketing to enter in this field.

Keys to identify a good case of use of Blockchain technology

Before considering using Blockchain technology it is essential to assess whether your application will make sense for the use case. For this, the 3 keys are;

  • That solves a business problem.
  • That there are some identifiable participants in that business.
  • That there is a need to build trust among the participants and in the transactions.

Once we are clear that the use case is appropriate we will start with a minimum approach as a Minimum Viable Product (MVP) to scale the participants and application scenarios using methods of continuous improvement with the method Plan – Do – Check – Act , testing the applied technology and checking on the fly its operation with continuous feedback.

The Design Thinking methodology applied to Blockchain projects

It is an approach that draws on the sensitivity of design thinking and its method of solving problems or irregularities to meet the needs of people ( pain points ) in a collaborative way among all the participants, being technologically feasible and marketable .

As practical examples, we review the case we.trade , a blockchain-based project where all information is shared in real time between global banks, thus forming an exchange system, “fostering efficiency and eliminating intermediaries”, as well as the Ever ledger case , in the sale of diamonds.
In short, Blockchain technology has multiple uses in Digital Marketing, some still to be discovered, and for that reason it is important that digital specialists know how to take advantage of it in their online strategies.

Some of its uses can range from achieving greater security in online purchases, strengthening digital reputation, gain transparency and traceability, lower costs in transport, logistics and payments (ecommerce) , track contracts and products, and even support product quality stamps, among many others.

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Final Words

Finally, as in all subjects taught in the Master in Digital Marketing, not only was the theoretical part made known, but it was also put into practice by having the students create their own Blockchain technology using specific tools. All a great discovery for the future professionals of the Digital Marketing, that now will count on the essential strategic knowledge to detect the possibilities of the Blockchain technology that will benefit their companies.

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