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An Overview of Blockchain Technology

Ian has a great experience in digital marketing. Blockchain Technology.

Bitcoin blockchain

Bitcoin blockchain

Introduction

Consumer centered marketing is essential to any organization which is aiming to achieve its goals and missions. Marketing helps the company learn about its customers and know the customer's perspective on its products. The marketing is often done by using strategies that may differ from one company to another through the main objectives and hazards faced during and after marketing, regardless of the communication method used. Advancement in technology has triggered small firms' growth by making many services that were initially done manually accessible at any place provided there is internet access. The improvement of the internet initiated by emerging technologies has affected traditional marketing techniques making companies adapt to new, more digital marketing. In this publication, we will discuss blockchain technology.

Blockchain Overview

Overview

Blockchain is defined as a decentralized digital system. It helps record information so that the data can't be accessed or tampered with by unknown people, making it hard to hack or cheat the system. Despite the growing demand for blockchain applications, more significant academic research shows how marketing technology will enhance transparency in marketing processes and logistics operations. In this section, we will discuss the characteristics of blockchain technology.

Education and training on blockchain technology are limited, while the benefits of using blockchain are irresistible. Thus, many companies adopt blockchain technology with the little knowledge they have; hence, blockchain technology will disrupt the organization's marketing and overall functioning when the system may fail.

Firstly, blockchain technology consists of peer-to-peer communication, which changes the marketing structure by removing the intermediates between the company and the customers who process and filter the data fed in the system and add some cost. By creating data portable data records, blockchain technology improves the data quality and enhances data accessibility. From the consumer-centered perspective, blockchain technology can evolve customer relationships by promoting and improving data security and information transparency.

Blockchain technology has aided disintermediation and has altered the way organizations supply their products and services. The emergence of new technologies has replaced traditional marketing methods and made traditional intermediaries like information brokering and traditional personnel advertising. I returned by the blockchain technology. The growing social media has caused businesses to rely on social media to promote their products because the social platforms help the company reach many people in a shorter time than traditional marketing techniques. These social platforms include Facebook, Twitter, and YouTube to get many people. When these social platforms help managers and people owning businesses reach many people. They still gain an advantage by locking these people in the forum. As a source of income through these advertisements hence fostering disintermediation.

The use of technology though it is advantageous, comes with some dangers like fraudsters who use technology techniques to commit fraud. Blockchain technology also helps in reinforcing trust and privacy protection, which is essential in marketing. In this paper, we will discuss how the blockchain has enhanced privacy protection.

Blockchain Technology in Privacy Protection

Privacy is a significant issue that controls people's anxiety and confidence while using an online technology service. The research shows that buyers will always worry about their confidentiality. This worry arises from incorrect and insecure handling of customer information in the firm hence violating their PII. Privacy issues arise because cookies usually capture the user's data and store information systems. However, the introduction of technology has enabled and enhanced the easy identification and processing of data using data mining techniques. This process causes another problem to arise, that is, disclosing the online shopper's information. To overcome these threats, customers insist on the confidentiality of their data.

This fact is confirmed by a survey conducted and confirmed that 85% of online shoppers usually request their information to be deleted from the system since they don't trust their security and privacy. It is the reason why some customers provide wrong information in the websites to defend their privacy and data security. However, blockchain technology enhances privacy protection by allowing customers to use end-to-end encryption to encrypt their information. The information cannot be opened or accessed by anybody else in the communication channel. The data will only be read by the targeted individual who has the passkey to open the document, or he/she has to scan a QR code to open the form.

How Blockchain Benefits Entire Marketing

The blockchain will benefit the entire marketing positively when enhancing privacy protection. All customers will have trust and grow confidence in the organization's services since the advertisements are secure, and the information provided is encrypted. Confidence in customers means that they order services and products free from the websites without fear of information insecurity. When a customer is satisfied with your services, he/she will recommend friends, and that way, the company will have a vast marketing network.

The blockchain purpose of enhancing privacy protection has various benefits to the organization. To blockchain technology to work effectively, it depends on the nature of technology itself. Blockchain stores are not data in any database; therefore, no attack attempt will be successful since fraudsters will phish no data on the website.

This act of not storing data in the database will protect the entire organization from functional consequences, which may occur when the customers report any case of information insecurity to the responsible authority, leading to the firm being charged. The privacy protection will promote free interaction between the customers and the service providers; it will also help maintain the customers since the customers are the critical element in any organization for it to be successful. So, keeping them should be the priority, and this can be achieved by ensuring privacy protection.

The Blockchain Technology Empowers Figital Marketing Security by Privacy Protection.

Blockchain technology applies data privacy laws to grant individuals the right to offer individuals a chance to control their data and choose whether to protect their data from external attacks, leading to crimes like money laundering. The right to be forgotten entails data correction and data erasure whenever an individual feels to conflict with blockchain technology transactions. So this means that although the blockchain enhances the protection of personal data requirements, it's not fully effective. It is expensive and complicated.

Conclusion

In the above text, we have discussed how blockchain technology will help in evolving global marketing.

This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

© 2020 Ian Muiruri