The Blockchain is a technology that allows the transfer of data in a completely secure way thanks to a very sophisticated coding. It is often compared to a company ledger where all money inflows and outflows are recorded. Of course, in this case, we would talk about a book of digital events.
To talk about Blockchain is to talk about the technology (the information coding system) that is behind Bitcoin. However, its function goes further. It also serves to create other cryptocurrencies that are based on the same principles, but have other properties (policy, algorithm, etc.).
The Blockchain contributes to a great novelty. And it is that this transfer does not require an intermediary to verify and approve the information, but rather it is distributed in various independent nodes that record and validate it. Thus, once the information is entered it cannot be deleted, only new records can be added. Furthermore, it will not be legitimized unless the majority of them agree to do so. The latter is considered mission impossible.
How country blockchain work?
1. Transaction
Two parties, Maria and Juan, decide to exchange a unit of value (a digital currency, such as bitcoin, or another digital representation of some other asset, such as an educational / professional degree) and begin a transaction.
2. blocks
The transaction is sent with other pending transactions creating a "block". The block is sent to the network of computers participating in the system.
3. Verification
These computers (also called "miners" in the Bitcoin block chain) value the transactions and, through mathematical calculations, indicate whether they are valid, based on agreed-upon rules. When they reach a "consensus" the transactions will be considered verified.
4.hash
Each verified block of transactions is temporarily sealed with a cryptographic "hash." Additionally, all blocks contain references to previous block hashes, thus creating a chain of records. Such a chain will never be classified, it is considered impossible.
5. Execution
The unit of value is moved from Mary's account to John's account.
Uses of Blockchain in Digital Marketing
Now that we know what it is and how it works, it is time to discover what its uses are in Digital Marketing and take advantage of it in our strategy.
More security in online purchases
The Blockchain provides full confidence when making transactions. Goodbye fakes. With the products within the chain of blocks, it could be traced from its manufacture to its recipient. In this way, we could verify that what we bought is not a copy. This makes the brand stronger and would eliminate the consumer's possible fear of buying something counterfeit.
This is already being done. As an example, we have the Volpone company and its Blockchain-certified wine. Just scan a QR code on the bottle and you will have the exact information from the cultivation of the grapes, each transaction made by the suppliers and the final customer.
Trademark Responsibility
Until now, if a company intended to do something, we could only trust their word or turn to a professional (either a lawyer, a notary, etc.) to be sure that it was carried out. This changes with the Blockchain and its smart contracts, that is, they are automatically fulfilled once the parties have agreed to the terms. These cannot be destroyed. A piece of paper can be stolen, disappear, burn, etc. With Blockchain the “company promise” is responsible and public.
Is this the end of trolls?
Think for a moment that to use the Internet we would have to use a unique and universal card or key. A key that would replace all the previous ones that we used to navigate, for the bank, social networks and other personal data. If all this information were in a blockchain network, anonymity in social networks (said trolls) and all those who pretend to be others to attack their competition would end. This would increase user security.
The user sends
The current debate regarding Blockchain and digital marketing focuses on what to do if the user wants to charge for offering their data or for receiving an ad. And it is that, of course, in the universe of the block chain each user is the owner of their data. So, for example, if a brand wants to send a message to a user, they would have to ask them. The consumer will set a price for the transaction. And the user would have to pay, but not the medium in which the ad is displayed. As a result of this, you would have a more loyal user (especially if he has decided to offer his data).
Blockchain uses today
The refugee crisis
In 2017, the United Nations Environment Program (UNWFP) sent over 10,000 cryptocurrency vouchers to thousands of Syrian refugees. Some vouchers that could be exchanged in the markets participating in the project.
This was all made possible by a startup launched by Ethereum developer and co-founder Gavin Woods himself through data signing company Datarella. In 2014, the Syrian crisis became "the greatest humanitarian emergency of our time". Today the global refugee crisis continues to grow. Blockchain can mean the opportunity to bypass international bureaucracy and uncertainty. Thanks to Ethereum technology, it gives refugees direct access to these donations. Thus, for the first time, a great step is taken by including them in a dialogue aimed at resolving this international crisis.
Prevent voter fraud
Cybersecurity and voter fraud have been of exceptional concern since the 2016 US election. And the truth is that it is not the first time that the legitimacy of the voter has been questioned. Blockchain technology has the ability to provide an impossible to crack electronic vote counting system. This system can secure an election during voter registration as well as account for voter identification and ensure that votes cannot be tampered with at a later date.
In the same way that the Blockchain works with cryptocurrencies, it can also create a public and permanent ledger for the votes counted. This promises a future of fair democratic elections around the world. In fact there is already a startup working on this called Follow My Vote.
These are just some of the uses that Blockchain is currently having in society. However this goes further. Here are examples of Blockchain and its uses in digital marketing.
"The block chain is an incorruptible digital ledger of economic transactions that can be programmed to record not only financial transactions, but virtually any transaction or information that is of value."