The blockchain technology has created quite a buzz last few years. People are talking about this technology, bitcoins and cryptocurrencies and how these would change the landscape of many industries. Now, what is this new technology actually? The blockchain is a decentralized database that stores encrypted records. This system is unhackable. Every transaction stored in the blockchain is done in bitcoins.
A huge number of computers verify the information on each block and come to a consensus. So, information that is stored in the blockchain doesn’t need any verification by a third party like banks or other institutions. The business sector will experience huge change because of the blockchain technology. This technology can be very useful in marketing. Affiliate marketing and multi-level marketing (MLM) have been used as a means of promoting products for a long time now. The blockchain technology can make these types of marketing strategies more efficient. This technology will be useful in the following ways.
These are digital contracts that can be made between two parties. The details of the contracts are stored in the blockchain. So, whenever marketing dealings take place, these smart contracts can be used to make the deals. These smart contracts will be useful in tracking the activities of the parties of MLM and affiliate marketing. For example, if a person clicks on a referral link then a smart contract will be formed and the activity of the person will be recorded. The data that is stored in the smart contract cannot be manipulated.
Use Of bitcoin
Bitcoins will make affiliate marketing cheaper. In transactions, bitcoins will be used instead of the paper money we use today. So, there is no hassle of currency change and other problems. Even if this is true, with the many cryptocurrency investment opportunities emerging daily, we have to consider that not all opportunities are sincere and transparent. While most promise to multiply your earnings without any extra time invested, others work by investing your money into mining these precious coins. One such cryptocurrency with several investment plans is USI- tech. Before investing, make sure you do your research in understanding how USI Tech works like a ponzi.
Prevent Loss Of Information
Traditionally, all the information related to affiliate marketing are stored in a centralized database. If the server goes down accidentally, then there is a chance that all data will be lost. So, companies will lose both valuable information and money. In case of blockchain technology, all the information are stored on numerous computers.
As the database in blockchain technology is decentralized, the breakdown of servers won’t have any effect on the data stored. The information in the central database can be prone to hacking or human error. But information stored in the decentralized database in blockchain technology is free from hacking and errors.
Easy Ad Verification
No auditing company is needed to verify your ads. The verification will be done automatically using the blockchain technology. So, you will save a lot of money. You won’t become a victim of ad fraud as the advertisements recorded on blockchain cannot be tampered. The technology will also ensure that the ads are being delivered to the right place.
The entire ad campaign can be tracked. So, you will know how much money was spent on making the ad, how many people have viewed the ad and what is the conversion rate, etc. The advertisers will be able to measure the actual performance of their ads.
The popularity of blockchain technology is rising. It will act as a scalable platform for MLM opportunities in future. This technology offers smart contracts, secure payment methods, and transparent activities. Transactions will be faster as there won’t be any intermediaries. International payments can be made easily with bitcoins. Transactions can take place very fast without the interference of banks. So, the overhead costs of transactions will be very low. The information stored in the blockchain is accurate and timely. You can access it from any part of the world. Data is free from any malicious attacks once it’s in the blockchain.
Marketing is a field that is full of third parties. The blockchain technology can cut down these intermediaries and provide services directly. In case of network marketing like MLM and affiliate marketing, those who make referrals can be paid directly. This will make the payment process quicker and hassle-free. The advertising and marketing industry will change drastically once blockchain technology is widely implemented.