How blockchain will change marketing

LEAD: Mr. Aquarius, kCan you explain how blockchain technology will change the way a marketer works in practice?

Erich Wasserman: Blockchain must not force marketers to fundamentally change their work processes. Rather, it is an infrastructural technology that adds value by eliminating the waste of advertising money through discrepancies and adfraud, ensuring more transparency of data and processes, and showing whether and how individual actors in the supply chain really value that Create marketing and increase the efficiency of work processes. It also eliminates the significant burden of detecting and balancing inconsistencies between subscribers along the supply chain.

Properly designed and deployed, Blockchain will enhance existing marketing tools and drive a new innovation boom that will improve the relationships between advertisers and consumers. This will provide Marketer with many new opportunities and, consequently, new methods in dealing with their technology solutions and cooperation with partners.

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LEAD: If a marketing company wants to integrate blockchain technology, how should it start?

Wasserman: Since Blockchain is an enabling technology, marketers should make sure before implementation that they can really benefit from their existing processes and relationships. For example, tools that enable transparency are meaningful only if the parties using these tools really intend to be transparent. Many blockchain advocates simply apply blockchain solutions (or simulations of solutions) to digital marketing campaigns without first obtaining the necessary acceptance, cooperation, and support from everyone involved.

However, if participants within a blockchain do not intend to behave differently with this technology-for example, by providing financial or performance data-this lack of involvement is also made visible by blockchain technology.

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Erich Wasserman, Co-Founder and Head of Strategic Business Development at MediaMath (Image: MediaMath)

LEAD: What effects does Blockchain have on the marketing industry?

Wasserman: Despite the great successes and promising prospects of digital marketing, the industry still faces fundamental challenges. In too many cases, advertisers lack transparency and visibility about their spend, inconsistencies between stakeholders, inventory does not meet quality standards, and / or a loud minority of “black sheep” exploit the weaknesses of the Internet infrastructure from making any profit without any claim. At the same time, consumers are becoming increasingly aware of the impact on privacy and economic value, of the digital data they generate, and are calling for participation in the commercialization of that data. Careful handling of consumers’ trust is more important than ever.

If built in the right way and taking all stakeholders into account, a digital marketing technology layer that embodies consistency, trust, and transparency (which, incidentally, are also the key features of Blockchain and related technologies) will enable us to finally meet these long-standing challenges to manage something. But that’s not enough. We can and should use such technologies to create even more meaningful business outcomes against which we can compete; to increase the efficiency, simplicity and effectiveness of marketing and to optimize the billing and payment of campaigns with new, flexible solutions.

LEAD: Where do employees or customers perceive the change and what are the advantages / disadvantages of doing so?

Wasserman: Properly designed and deployed, Blockchain technology will dramatically reduce the administrative burden of complex campaigns, eliminate inconsistencies, and increase the flexibility and efficiency of payment options. Fighting fraud and disclosing value chains in the supply chain can also help marketers make the most of their marketing budgets.

LEAD: What developments will Blockchain take in about five to ten years?

Wasserman: Blockchain and other crypto technologies will solve the structural challenges posed by the growing architecture of the AdTech industry and enable a new innovation boom. With a new level of marketing technology the blockchain can provide, marketers will be able to engage consumers in a more interesting and effective way.

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Blockchain technology will become the next big digital revolution after the invention of the Internet. But hardly anyone can explain what the Blockchain actually is. She will fundamentally change many areas of life – not least marketing. LEAD explains – as easy and understandable as possible.

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